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Tag Archives: Thomas Hazlett

McArdle’s Confusion About Costs of Inputs

One of the best economic journalists in the United States is Megan McArdle of the Washington Post. That makes her error in a recent WaPo article all the more striking. Don Boudreaux at Cafe Hayek has pointed out the error. But I want to do my own analysis because it’s a more general error that I see people make and the first time I saw a friend make was when I was 20 and really starting to “get” economics. Coincidentally, the error my friend made was when we were...

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Hazlett on Facebook and Privacy

While Congress has been holding hearings, poking tech execs, and dancing the legislative Fandango, the marketplace has imposed actual sanctions. Between the time Facebook’s Cambridge Analytica scandal was revealed, March of last year, and March of this year, shareholders lost more than $61.6 billion adjusted for overall market (NASDAQ) fluctuations. In contrast, Sen. Wyden’s 4 percent fine—even if applied to global sales, and instantly—would whack just $2.2 billion...

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Ask What Changed

When you try to understand change, whether in economics or in the rest of life, one good rule is to ask what other factor or factors changed. To explain a change in one variable, we have to point to another variable that changed, not to one that stayed the same. Asking what changed can lead us to reject some explanations and embrace others. Consider three examples: the recent California fires; cable television’s sudden decision to drop C-SPAN in the early 1990s;...

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