Homines libenter quod volunt credunt
Posted in incentives on Jul 29th, 2008
A report to be released Monday by the Transportation Department shows that over the past seven months, Americans have reduced their driving by more than 40 billion miles. Because of high gasoline prices, they drove 3.7% fewer miles in May than they did a year earlier, the report says, more than double the 1.8% drop-off […]
Posted in Economic Illiteracy on Jun 3rd, 2008
Don Boudreaux sent a fantastic short letter to the USA Today: Re your editorial “One bright sign emerges in a gloomy housing market” (May 29) and the general dismay about falling real-estate prices and rising gasoline prices: What principle of economics suggests that markets are working well when the price of one asset (say, housing) […]
Posted in Price System on May 26th, 2008
Americans Driving At Historic Lows Eleven Billion Fewer Vehicle Miles Traveled in March 2008 Over Previous March WASHINGTON — Americans drove less in March 2008, continuing a trend that began last November, according to estimates released today from the Federal Highway Administration. “That Americans are driving less underscores the challenges facing the Highway Trust Fund […]
Posted in Economic Illiteracy on Jan 13th, 2007
A colleague and I have just published this column in our local paper. Surprising that it got in, but nor surprising is the intial reader reaction – not one comment in the economics or the issues we raise, rather a plea to “give him time” before railing on him. Typical in this country – it […]
Posted in Price System on Aug 26th, 2005
What follows is my most recent reply to the continued uproar about high gas prices in my local paper. For a previous take, see here. Dear Editor: Shouldn’t someone do something about $2.60 gas? Just think of the horrible things this does. It’s encouraging greedy oil companies to increase their investments in petroleum production – […]
Posted in incentives, Price System on Aug 8th, 2005
Dear Editor: Please allow me to respond to the myriad complaints I read and hear about gas prices and market pricing in general. The most recent letter to the editor on this matter contains three errors in economic thinking that are extraordinarily common and if paid heed to could result in the implementation of pernicious […]
