Topic: Economic Education

open gate

Adding Detail to Paul Romer’s Simplistic Plan for Reopening America

– July 17, 2020

“Romer has in fact not thought this plan through very deeply, and his response to critiques seems to be that they shouldn’t do so either. His is a superficial plan that relies on magical thinking.” ~ James E. Hanley

READ MORE
leftover food

Who Owns Leftover and Abandoned Bar Food?

– July 17, 2020

“Figuring out the exact property rights isn’t worth the hassle: it’s too little and too rare to care about enforcing whatever legal right might be applicable in various jurisdictions. In practice, the ownership of leftover food is up to the social norms in the country you’re in, or even the attitude of the staff at the particular establishment you’re visiting – an informal institution, guided by vague and constantly negotiated social interactions.” ~ Joakim Book

READ MORE
politician lying

The Sordid History of Scam Science

– July 17, 2020

“We have to return to teaching people how to research and think for themselves and not just mindlessly jump on #bandwagons while falling for gross rhetorical tricks.” ~ Robert E. Wright

READ MORE
path, mountains

A Keynesian Path Would Be the Wrong Path for the U.S. Economy

– July 15, 2020

“Following a crisis, countries with higher levels of economic freedom–that is, with institutions closer to those proposed by Hayek than Keynes–suffered smaller economic contractions and faster recoveries. Keynesian ideas have dominated the political worldview for decades. But we would be better off following Hayek.” ~ Nicolás Cachanosky

READ MORE
hands, tree

On Externalities and Noise

– July 15, 2020

“There is no world where trade-offs don’t apply, where we can have all the nice things we want without anybody, anywhere, getting upset. Externalities are everywhere, but if we want to live prosperous lives, some part of those lives will be impacted by others. Get over it.” ~ Joakim Book

READ MORE
book

The Essential Joseph Schumpeter: An Easy and Accessible Introduction to an Important and Complex Thinker

– July 14, 2020

“Joseph Alois Schumpeter made enduring and important contributions that have stood and will continue to stand the test of time. The Essential Schumpeter is a useful introduction to the man and his ideas, and both the text and the accompanying videos will serve students, instructors, and interested lay people very well.” ~ Art Carden

READ MORE
brain computer

What Economists Can Teach Epidemiologists

– July 11, 2020

“Hysterical, wildly off-the-mark forecasts about COVID-19 will ultimately cause more harm than good, and find their origins in the same set of snags which regularly trip up econometric forecasts. In the epidemiological version, instead of predicting a new Great Depression, they brought an artificial depression, a growing spate of coercive masking initiatives, school closures, and the lockdowns — which quite possibly filled the powderkeg that was ignited by the killing of George Floyd.” ~ Peter C. Earle

READ MORE
elephant

One Size Never Fits All

– July 10, 2020

“One-size-fits-all solutions in our political discourse are often made to work for every topic globally. Reality is not like that, as both economic and ecologic matters frequently assert.” ~ Joakim Book

READ MORE

The Economy after COVID-19

– July 7, 2020

“One thing is certain: life in America is not going to be the same after COVID-19. Like the Great Depression and World War II, the pandemic will exert an impact for years, perhaps even decades, on the nation’s economic and political fortunes.” ~ James D. Gwartney

READ MORE
market, people

Strata of the Unseen

– July 6, 2020

“When an economist reminds you to pay attention to what is unseen, he or she counsels you to humbly understand that a modern market economy is far too complex and inescapably reliant upon trial-and-error experimentation to enable the interventionist schemes that are forever being proposed to succeed.” ~ Donald J. Boudreaux

READ MORE

Robert William Fogel (1926-2013): A Birthday Appreciation

– July 1, 2020

His students report that Fogel had a dictum: If it’s worth doing, it’s worth spending ten years of your life doing it right. Fogel was a master at finding the right questions, finding the right methods and data to answer them, and–importantly–putting in the work to ensure that in the long run, we get things right.” ~ Art Carden

READ MORE
New York City, Sunrise

The Office Will Come Back

– June 29, 2020

“It’s so easy amid political panic for the all-knowing to contend that “this time is different.” Not really. Some things never change. One thing that won’t is the value gained by people working alongside one another.” ~ John Tamny

READ MORE