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Category Archive for 'Price System'

I’m going dataless for the moment, but I suspect my guesses here are close. If you were to, right now, take 1 additional trip in your car and compare the risk of injury or death to taking 1 additional trip on a bicycle and 1 additional trip on a subway or 1 additional trip on […]

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Picking up on a theme from two years ago, let’s consider again the argument in favor of progressive (re)distribution of income from the wealthiest to the poorest.  The argument I made back then was that on basic behavioral grounds, the assumption that taking a dollar from the rich and giving it to the poor would […]

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Score another one for the importance of peer effects (in crime). Again, where is the cognitive dissonance when it comes to neighborhood based government schooling? Question for readers: do you think if we eliminated the neighborhood restrictions on schooling that the government schools would end up less segregated (not just by race by other socio-economic […]

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Happy Festivus

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If this is a particular hobby horse of yours, that companies produce shorter-lived and shoddier products than they “could” … explain housing, and the modern car. Explain oil rigs. Explain school buildings. Explain professional photographs. Explain Advil. In the intellectual climate we seem to be operating in, the most likely answer to these I would […]

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I’d  like my readers and students to briefly examine the economic literature to determine what the “consensus” is on these two questions. What is the economic incidence of the payroll tax and other “benefits” that are mandated to be paid by employers to employees? For example, the total payroll tax amount imposed by the government is 15.3%, […]

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I wonder how, in the long-run, people will respond to this. On the one hand, the favorite trope of many is that markets fail, particularly insurance markets, because of the asymmetric information problem. On the other hand, there are always going to be huge concerns about privacy when it comes to the many solutions like […]

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Priceless

Tim Taylor talks about Keynes’ view on secular stagnation, investment and the government’s role in managing aggregate demand: Keynes begins by stating: “It seems to be agreed to-day that the maintenance of a satisfactory level of employment depends on keeping total expenditure (consumption plus investment) at the optimum figure … The problem of maintaining full […]

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The NY Tiimes today reports on a new “study” of chemical contamination due to gas drilling in Bradford, PA (not too far from us here in Rochester): An analysis of drinking water sampled from three homes in Bradford County, Pa., revealed traces of a compound commonly found in Marcellus Shale drilling fluids, according to a […]

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It’s Virtually All Non-profits

I highly recommend almost anything written by George Stigler. Don B. posted this quote the other day: … is from page 14 of George Stigler‘s entertaining 1988 autobiography, Memoirs of An Unregulated Economist: A large number of successful businessmen have gone on to high administrative posts in the national government, and many – I think most […]

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