Category Archives: Uncategorized

When in the Course of human events …

… it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. We hold these truths to be self-evident, that all men are created equal, that they… Continue Reading ››

Venezuela is starving, please pray

From today’s WSJ, Venezuela is starving (gated).  No political economy discussion really needed here.  The socialist experiment is turning Venezuela into North Korea, with all the attendant misery. This is potentially going to be worse than Syria. This is an unmitigated, albeit predictable, disaster.   No need to discuss the issue as to why, just pray for these poor people.  May God have mercy on them.

Is the Patient Dead? Or Is he Frankenstein’s Monster?

Ted Poe, R-NC, and a House member of the Freedom Caucus, has quit the group, uttering these words among others:  “saying no is easy, governing is hard.”  This was in reference to the Caucus’s opposition to the American Health Care Act, which was pulled by Paul Ryan before a vote.  Poe says he wants to be more effective as a senator by finding common ground with Democrats as well as other Republicans.  I am certain that my view on Poe’s… Continue Reading ››

The Saudis are learning the economics of perfect competition–Price equals Marginal Cost.

Oil took a dive south again this week, going below $50/barrel yesterday.  As we’ve discussed before, the American “fracker” is now the marginal supplier–ready to turn on the spigots at the first sign of a higher price.  In an introductory Econ course, we’ll review what is often called “perfect competition,” or more appropriately, a price-taker market.   One of the central tenets of this model is that it will be characterized by price equaling the marginal cost.  So if the marginal… Continue Reading ››

Non-Fake Update on Fake News

This is getting a bit confusing.  Now we see fake news writers excoriating what they call fake news.  Moreover, we now have a battle of alleged fake news going.  In the past few days the allegation that Russia was hacking the Democratic National Committee website has been a major theme of the Left in DC.  Interesting that the original hacking had to do with John Podesta, not the DNC.  Now it is the DNC.  The Left claims support from the… Continue Reading ››

Voter fraud: an economic insight into electoral cheating

“Fraud!” cried the maddened thousands, and echo answered “Fraud!” But one scornful look from Casey and the audience was awed. They saw his face grow stern and cold, they saw his muscles strain, And they knew that Casey wouldn’t let that ball go by again. Empassioned sports fans don’t like a bad call, and we all know its much easier for us to spot a bad call when it goes against our team, and it’s not just the maddened thousands… Continue Reading ››

Its puzzling to me, tell me why?

Why is it that many Americans are concerned about CEO pay (S&P 500 median compensation $10.8M in 2015), but are not concerned that Taylor Swift made $170M last year? Or that LeBron James made $77M? Why is it that people are concerned about an explosion in the price hikes of monopolist producers of EpiPen, but are virtually silent on the FDAs squashing of EpiPen’s foreign competition? Why is it that people are concerned about the cost of higher education, but… Continue Reading ››

Quietly socializing…the world’s seemingly inexorable journey to socialism

When asked how one could tell whether a country had left capitalism and become a socialist economy, the Austrian economist Ludwig Von Mises said: “A stock market is crucial to the existence of capitalism and private property. For it means that there is a functioning market in the exchange of private titles to the means of production. There can be no genuine private ownership of capital without a stock market: there can be no true socialism if such a market is… Continue Reading ››

Income Inequality–is this something Christians should be concerned about?

In the Iowa caucuses, Mr. Sanders lost to Mrs. Clinton on all the major issues except income inequality, as reported in the WSJ (gated): The pollsters asked caucus-goers to choose one of four issues that mattered most to them in voting for a candidate. Mrs. Clinton easily won on health care, terrorism, and even the economy and jobs (51% to 42%).  But Mr. Sanders won big on the fourth issue: income inequality, which 27% of voters said was most important. The… Continue Reading ››

The morality of progressive taxation–explain it to me!

I have one question which I need answered, especially since I’m teaching my macro class about taxation this week and next.  Where is there Biblical justification for progressive taxation?  Specifically, I’d like to know why two people should be treated differently by the tax code if one makes $100k and the other makes $300k, from a Biblical perspective. Please do not bring the poor into this with your Biblical analysis; surely no one will argue that $100k is poor.  And… Continue Reading ››