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Tag Archives: Economics

Bonus Quotation of the Day…

… is from page 462 of my late Nobel-laureate colleague James Buchanan’s Fall 2005 Cato Journal essay, “The Market, Yes; Demos, No”: I admired Peter Bauer for his courage in sticking to the simple verities, and I shared with him the notion that we do not need fancier science, whether analytical or empirical, to know the institutional parameters that are required to ensure economic growth and development. DBx: Pictured here is the late Peter Bauer. Comments

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Some Non-Covid Links

My intrepid Mercatus Center colleague Veronique de Rugy is rightly appalled by the blatant lies told by Biden. Eric Boehm reports on yet another of the many reasons already revealed for ditching the hope that Biden will govern from the center. And here’s the Wall Street Journal‘s Editorial Board on the same general topic. A slice: Sens. Elizabeth Warren and Bernie Sanders lost the Democratic presidential nomination, but you wouldn’t know from President Biden’s first two months in office....

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Is Basic Economics Wrong? Or Is Something Else Going on With Inflation?

We have been saying that given the extraordinary level of money printing the Fed has done since the beginning of the pandemic, a wave of price inflation is coming down the pike – perhaps even hyperinflation. But many will be quick to remind us that we raised the warning flag about inflation when the Fed launched three rounds of quantitative easing in the wake of the 2008 financial crisis. In fact, Paul Krugman has been doing victory laps again – reminding everybody that the inflation...

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Markets Are Far More Subtle and Efficient Than Most Intellectuals Realize

In my most-recent column for AIER I explain that, contrary to the claims of Oren Cass and many other free-market skeptics, the competitive market process does not fail to take account of the value that workers attach to job stability. A slice: The fact that nearly all workers today refuse to take pay cuts to retain their current jobs is a sign, not of market failure, but of the fact that workers generally believe that their other options are superior to working at lower pay in their...

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Some Non-Covid Links

Vincent Geloso explains that bigger can be better as long as government stays out of the way. David Henderson reminds us of an important point about welfare economics. Matt Welch reports on the insufferable rent-seeker for many unionized “teachers,” Randi Weingarten. A slice: “We are not convinced that the evidence supports changing physical distancing requirements at this time,” American Federation of Teachers (AFT) President Randi Weingarten declared in a letter Tuesday to Education...

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The Mischief of “Pecuniary Externalities”

In my latest column for AIER I reject the economists’ common claim that what they call “pecuniary externalities” are in fact externalities. A slice: But there’s a group of third-party effects that, merely by giving them a technical name, economists have fooled themselves into mistakenly thinking are relevant and deserving of special consideration. The technical name is “pecuniary externalities.” This impressive-sounding term refers to the effects that Sarah’s buying, selling, or...

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Some Non-Covid Links

George Will explores a government-school-funding case that the Institute for Justice is asking the U.S. Supreme Court to hear. My Mercatus Center colleague Adam Thierer catalogs some skeptical takes on industrial policy. James Pethokoukis celebrates economic growth. I just discovered Larry Reed’s excellent remembrance of my late, great colleague Walter Williams. A slice: Pursuing truth for its own sake and mustering the courage to speak it without equivocation should be the loftiest of...

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Getting Caught Up on Bob Murphy Show Episodes

Here they are: Ep 183 features Ben Powell talking about his new book on the (alleged) loss of political liberty from excessive immigration. Audio here, video below: Episode 184 is me solo, talking about the work of Gene Sharp on nonviolent solutions to social problems. Episode 185 is my interview with Dr. Keith Smith, on the scam in medical pricing and how to fix it. Audio here, video below: Episode 186 is my...

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Peter Schiff: You Can’t Consume What You Don’t Produce

There’s an economic myth out there. As the story goes, governments can print their way to prosperity. Just run the money printing press, hand out cash for consumers to spend and the economy will hum. In this clip from a podcast episode, Peter Schiff calls it “The Kelton Myth” named for economist Stephanie Kelton. At the root of this tale is the notion that people can consume what they don’t produce. As Peter explains, this simply isn’t possible.Kelton was Bernie Sanders’ economic advisor...

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The Question Wasn’t Even Asked

Here’s a letter to someone who pesters me with accusations that I’m a terrible economist because I (allegedly) ignore externalities: Mr. W___: Inspired by the twitter thread from Jeremy Horpedahl found at my post “Ad Hominem Is Not a Valid Argument,” you write again to accuse me of “ignor[ing] that the harm principle justifies government acting to stop innocent third parties being harmed by others.” I plead innocent and stand by what I wrote to you in January. To it, I add here only one...

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