It is a sad but joyous day to report the passing of another economic giant. Ronald Coase was a seminal figure in economics, a Nobel Laureate who truly changed the way all of us think about the world. It is sad with the loss of any great figure, and yet Professor Coase was not quite […]
Archives
-
Ronald Coase-RIP
04 Sep 2013
-
From William Galston in the WSJ today. Mr. Galston is referring to the same book that we commented on after the Financial Times of London made a similar review earlier this month. Mr. Galston picks up on the theme that government spending on R&D has historically resulted in a lot of winners, including some of […]
-
Welcome to a new category of post, the Hall of Shame. This category is for the most outrageous of political economy issues. For our inaugural post, I offer this quote from former San Fransisco Mayor Willie Brown, a California political institution in his own right. Writing in the San Francisco Chronicle, July 28 (As reported […]
-
The Austrian theory of the business cycle is often misunderstood as an overinvestment theory–where too much investment causes a boom, which must be corrected by a bust. Prominent economists such as Paul Krugman characterize it this way, Call it the overinvestment theory of recessions, or “liquidationism,” or just call it the “hangover theory.” It is […]
-
Why we know Obamacare will cost jobs
19 Aug 2013
In my last post on ideologues, I chastised those representing the Obama administration for willful ignorance on the evidence of job loss associated with Obamacare (principally lost hours as workers hours are cut to below the 30 hr/week threshold). While I linked to several anecdotal reports, I did not provide “systematic evidence” of job loss. […]
-
When Ideologues Rule
16 Aug 2013
It is all too easy in a blog-filled world for terms to used in ways that are meant to be used simply as an ad hominem attack–we too easily attack the person rather than the policy. And as Christians, we must always endeavor to speak the truth in love. Nevertheless, we cannot avoid the use […]
-
So says a new book reviewed by Martin Wolf in the Financial Times, The Entrepreneurial State. The basic thesis is that Yes, innovation depends on bold entrepreneurship. But the entity that takes the boldest risks and achieves the biggest breakthroughs is not the private sector; it is the much-maligned state. Martin Wolf approves of this […]
-
Late this afternoon Gov. Snyder of Michigan authorized Detroit’s emergency manager moving Detroit into Ch. 9 bankruptcy. I have not seen the details of this proposal (and much more is coming out tomorrow), yet what we do know is encouraging from the perspective of the people of Detroit. Detroit is an utter disaster in many […]
-
Much is being made of the D.C. city council’s 8-5 decision to impose a “living wage” of $12.50 on Wal-mart. Wal-mart has announced cancellation of three planned stores and a review of 3 stores being built now. Mona Charon over on NRO correctly highlights the harm this decision will have on its citizens: Vincent Orange […]
-
There is little doubt the Fed’s easy money policy, and especially the deliberate QE of buying long term instruments, has resulted in speculative flows investing in those assets. As we related last week, the Fed’s discussion of tapering has resulted in immense turmoil, as speculators are wondering if capital needs to be redeployed away from […]
Bert Wheeler
Jeff Haymond
Marc Clauson
Mark Caleb Smith
Tom Mach