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Daily Archive for May 6th, 2014

When Students Take Over the Economics Profession

Posted in Economic Illiteracy, Market Failures, Price System on May 6th, 2014

Maybe we’ll get less of this economic nonsense? Here’s the latest from Vox: The simple danger is that monopolies tend to charge high prices. I am sure lay readers don’t see the problem with it. But if I actually put a single question on a Intermediate micro final exam that asked, “what is wrong with this comment?” […]

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Rent, Takings and the 5th Amendment

Posted in Classical Liberalism, Property Rights, You Can't Have it Both Ways on May 6th, 2014

I promised last week that we’d have an interesting post on the “problem” of rent. Not sure about the interesting part, but here is the post nonetheless. First, a generic observation about property rights. For any economy to operate, we must have some institution of property rights that is reasonably well functioning. “Well-functioning” actually has […]

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