Topic: Economic Theory

The Mating of Economic Ideas and Bitcoin

– August 10, 2023

“As Bitcoin is a highly decentralized and antifragile system with no real-world backed assets that can be seized to shut it down, appears to be the only realistic candidate to introduce something that government cannot stop.” ~ Emile Phaneuf III


The Essential Ethic of Socialism

– July 23, 2023

“In a socialist regime, I must seek the permission of others — whether state officials or one’s fellow workers — before I serve them in a novel way.” ~ Adam Martin


Industrial Policy Does Indeed Fall Victim to the Knowledge Problem

– April 17, 2023

“Prices, asset values, and profits and losses determined in open markets in which people spend and invest their own (and only their own) money are the only sources of information in a modern economy about which resource uses are worthwhile and which resource uses aren’t worthwhile.” ~ Donald J. Boudreaux


Economists’ Meaning of “Consumption”

– April 5, 2023

“Because ‘to produce’ means ‘to increase humans’ opportunities to consume,’ Adam Smith is correct: consumption is indeed the sole end and purpose of all production.” ~ Donald J. Boudreaux


Lessons from the Phillips Curve

– March 29, 2023

“The exploration of the Phillips Curve has taken many different paths and yet somehow ended up in the same place. The world could have been spared much of this meandering with a more firm grounding in what theory does and does not tell us.” ~ Joshua R. Hendrickson


The Division of Labor and the Diminution of Man

– October 16, 2022

“Every job is more than just a job. It is also an opportunity to help another human being develop as a member, a contributor, and perhaps even a leader in a society dedicated to freedom and responsibility.” ~ Richard Gunderman


Wanted: Economic Literacy

– September 14, 2022

“Economics is in a very real sense a way of thinking that is continuously enlightening to whomever masters that science. It is not about memorizing lemmas or models, or of learning technically sophisticated methods. It’s something much more fundamental: an understanding of how the world works.” ~ Per L. Bylund


Stratification Economics?

– September 2, 2022

“We don’t know the reasons why the economics JEL committee denied Stratification Economics its own niche, but the facts amply justify their decision. The real fault, of course, is the fragmentation of social science that has allowed such problems to arise.” ~ John Staddon


Proposing a Hank Williams Jr. Economic Misery Index

– August 3, 2022

“Another problem is that the misery indices, like definitions of recession and stagflation, focus on unemployment to the exclusion of real wages. But real wage declines are painful, and not fully captured by inflation alone.” ~ Robert E. Wright



– July 20, 2022

“A renewed examination of the most basic economics—the theory of the good—might yet generate a revolutionary micro-microeconomics.” ~ Caleb S. Fuller


Monetarism Remains a Useful Guide on Inflation

– July 12, 2022

“If the Federal Reserve raises interest rates too quickly, sharply declining M2 growth will signal the risk of recession. Monitoring M2 growth can help in making sure the Fed tightens monetary policy at the appropriate pace, not too fast and not too slow.” ~ Peter N. Ireland