The Greek drama may finally be ending as soon as Monday, as end it must at some point. Greece will exit the Euro, and the question is what will happen? I don’t claim any special insight into what that will be, but there are a few points about this we should consider. First, Greece’s problem […]
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One of the joys of teaching economics is pointing out the foolishness of poor economic choices. It is precisely by showing the linkage between cause and effect and demonstrating unintended consequences that helps students understand “the economic way of thinking.” As a monetary economist, there is perhaps no better visual aid than passing around an […]
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Some economic links from the web worth reading
09 Jun 2015
Over on Cafe Hayek, Don Boudreaux has yet another gem on the minimum wage. I love his economic work so much that I am almost despondent that I’ll never be as logically articulate as he is. But I’ll keep trying. In that article I offer an extended quote for the day: One of the greatest […]
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Technological innovations destroying jobs! Mass unemployment–starvation even. Say it isn’t so!
08 Jun 2015
One of the benefits of being …ahem..over 50 years old is perspective. Not necessarily wisdom, but one would like to think that perspective leads to additional wisdom as well. As Hayek noted decades ago in The Sensory Order, much of what our brain processes works to align what we see in light of previous activities–mental […]
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Last Friday’s GDP number was horrible–a contraction of -0.7%; the revision down from an initial estimate of -0.2%. This is in stark contrast to the Obama administration crowing over 3rd qtr 2014 GDP #s, which were over 5%–so we were told that the corner had finally been turned. The administration and its defenders are quick […]
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In a world of tremendous challenges and threats, Mr. Obama has a curious way of selecting priorities. Iran wants a Nuke, Mr. Obama says let them get very close but not have it for 10 years. ISIS expands, and Mr. Obama talks. In the U.S., job growth still significantly lags what is needed to lead […]
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It is probably part of my flesh that still needs serious work (Prov 24:17), but I have to publicly confess I get a thrill of “Justice!” when I see those that are profiting from political power get their comeuppance. Crony capitalism is perhaps, like beauty, in the eye of the beholder. But at its simplest, […]
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Update on Trade Deal: Senate agreement gives new life with separate “currency manipulator” bill
14 May 2015
The WSJ reports today that a day after the Democrats in the Senate repudiated Mr. Obama, the Senate agreed to allow a vote on Trade Promotion Authority (TPA), once the Republican leadership agreed to allow a vote to force the administration to punish “unfair” trade in the form of currency manipulation. The concern have over […]
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Like a stopped clock being right twice a day, Mr. Obama is right on Trade Promotion Authority
07 May 2015
Readers of this blog know I’m critical of the Obama administration generally on economic matters, nevertheless, as we say from my home state of Arkansas, “even a blind hog can find an acorn every now and again.” The Democratic party has been generally hostile toward free trade for most of my life, while Republicans are […]
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Labels are both handy and hated. In economics, we teach that branding and labels are ways to economize on the costs of information search. So, for example, I go into the voting booth and on many lower-level candidates, I may not have much, if any, information on their positions. But if I see a “D” […]
Bert Wheeler
Jeff Haymond
Marc Clauson
Mark Caleb Smith
Tom Mach