Econlib Resources
Subscribe to EconLog
XML (Full articles)RDF (Excerpts) Feedburner (One-click subscriptions) Subscribe by author
Bryan CaplanDavid Henderson Arnold Kling More
FAQ
(Instructions and more options)
|
|
||||||||
|
|
Blogging software: Powered by Movable Type 4.2.1.
Pictures courtesy of the authors. All opinions expressed on EconLog reflect those of the author or individual commenters, and do not necessarily represent the views or positions of the Library of Economics and Liberty (Econlib) website or its owner, Liberty Fund, Inc.
The cuneiform inscription in the Liberty Fund logo is the
earliest-known written appearance of the word
"freedom" (amagi), or "liberty." It
is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.
|
||||||||
I recall wondering about Wittman's proposed experiments last August. I guess it's hard to resist the temptation to leave oneself an out.
It is elephants all the way down.
This is *such* a great line. I wish more people wrote papers like Mr. Caplan.
If people have rational expectations, how can the free market be "under-rated"?
Um, doesn't this implicitly assume that rational people desire a free-market?
It's quite possible that a free-market makes people less happy by removing security (for the benefit of higher growth). Since increasing wealth of society as a whole doesn't make people happier, but decreasing their security does reduce happiness, I'd say there's an argument that rational people aren't necessarily pro-free market.
Also, I find it quite likely that Wittman's non-hypothesis is correct. People are likely no more rational as consumers than as voters. On the other hand, democracy with irrational people works pretty well, as long as it is fettered by a system of constraints (from the courts to the market) to stop more pernicious irrationality, just as the free-market works pretty well when it is tempered by a well-regulated government.
"If nuns had unusual brains, we wouldn't conclude that being a nun was a disease"
You're kidding, right?