Bryan Caplan and David Henderson

September 2012

A Monthly Archive (89 entries)

Welcome Back, McArdle

Economics of Health Care
David Henderson
Megan McArdle is back blogging regularly. I happened to come across this one: "America Really is Exceptional." It's very good. Some highlights: I actually don't think that the latter point is true; if you plucked an average American (mean, median,... MORE

The Wisdom of Commenter Greg G

Finance
Garett Jones
On Speed Bankruptcy: Of course this would raise capital costs. That is a feature, not a bug. We have seen the results of underpricing credit risk.... MORE

Is the Georgist Single Tax Pigovian?

Taxation
Bryan Caplan
On Facebook, John Strong asks me:Bryan, earlier this year you offered some arguments against a Georgist land tax and expressed bewilderment that tax economists don't seem to notice the obviously preferable alternative of Pigouvian taxes on negative externalities. You wrote:... MORE

Ed Crane: An Appreciation

Politics and Economics
David Henderson
In yesterday's mail, I received the last of Ed Crane's bimonthly memos. The Cato Institute, of which he is CEO until Monday, sends it out to people who contribute at least $100 annually to Cato. I'm writing this to express... MORE

Did the Dot.Com Boom Boost GDP Much?

Macroeconomics
David Henderson
In my August 26 post, "U.S. Federal Budget Cuts in the 1990s," I pointed out that U.S. government spending fell from 21.8 percent of GDP in 1990 to 18.4 percent of GDP in 2000, a 3.4-percentage-point drop. I focused on... MORE

Gilens vs. the Political Externalities of Immigration

Labor Mobility, Immigration, Outsourcing
Bryan Caplan
Martin Gilens isn't known for his work on immigration.  Yet strangely, his two best-known books - Why Americans Hate Welfare and Affluence and Influence - have major implications about the effect of immigration on American politics.  Everyone worried about the... MORE

About 1%.  Bill Dickens, Bryan's first economics professor, writing in the Milken Institute Review:[A] number of estimates suggest that we have paid a price for the extended unemployment benefits adopted by Washington in response to the recession - somewhere between... MORE

Affluence, Erudition, and Influence

Political Economy
Bryan Caplan
Whenever someone claims that income affects people's politics, I always ask, "Have you controlled for education?"  I've spent over a decade playing with public opinion data.  I know from experience that if you're trying to predict people's opinions using both... MORE

The Bottom One Percent

Economics of Crime
David Henderson
UPDATE: Welcome visitors from Instapundit. I blogged briefly about the bottom one percent a few months ago and the Hoover Institution has now published an expanded piece on the issue. Here are the opening paragraphs: We often hear a lot,... MORE

When a corporation's assets appear to be worth less than its liabilities--for whatever reason--the economists' normal solution (as discussed last week) is for the bankruptcy judge to legally convert the bank's rigid debt claims into flexible equity claims.  That's corporate bankruptcy in... MORE

Markets for Everything: Bumping MIT Students

Behavioral Economics and Rationality
David Henderson
Normally, schools offer scholarships to entice students to enroll. This year, the Massachusetts Institute of Technology's business school handed them money to go away. The Sloan School of Management's full-time M.B.A. program, usually about 400 students, was oversubscribed by an... MORE

Tim seemed to view his job as protecting Citigroup from me, when he should have been worried about protecting the taxpayers from Citi....That's from her new book, profiled in the Financial Times. You already know that countries whose banking sectors... MORE

On the question of how progressive a tax system can be if people can exit, Alexei Sadeski writes:Interesting theory, Garett. A supporting piece of evidence is that the US has a more progressive national taxation system - far more progressive -... MORE

Why Obama Will Be Re-Elected

Behavioral Economics and Rationality
David Henderson
An article yesterday by Conor Friedersdorf, "The GOP Wasted 4 Years on the Wrong Critique of Obama's Foreign Policy" plus my own observations of Mitt Romney and his apparent strategy now convince me that Barack Obama will be re-elected. Why... MORE

Incorruptibly Evil

Economic History
Bryan Caplan
I do not intellectually engage with apologists for Nazism or Communism.  When I think someone does not deserve a reply, I simply don't reply.  Still, Counterpunch's instantly infamous "Pol Pot Revisted" has a striking passage:The people now in charge of... MORE

Somin on Libertarians and Jim Crow

Economic Philosophy
Bryan Caplan
Here are Ilya Somin's interesting observations on my recent bleg, reprinted with his permission. Bryan, David Bernstein probably knows more about this than I do. But here are a few examples: 1. Moorfield Storey, one of the early leaders of... MORE

Econ Blog Humor

Economic Philosophy
David Henderson
Noahpinion has a great send-up of the people who comment frequently on blogs. It leads with, guess what? Libertarians. And the primary blog for libertarians is--you guessed it--our very own Econlog. The one on libertarians is hilarious, as are the... MORE

Why Is Democracy Tolerable? Evidence from Affluence and Influence

Behavioral Economics and Rationality
Bryan Caplan
Before I studied public opinion, I often wondered, "Why are democracies' policies so bad?"  After I studied public opinion, I started asking myself the opposite question: "Why aren't democracies' policies even worse?"  The median American is no Nazi, but he... MORE

Milton Friedman on Segregation

Labor Market
David Henderson
This morning, co-blogger Bryan Caplan wrote: Consider the period between 1930 and 1964. What priority did libertarians give to the abolition of Jim Crow laws? How many even considered the issue worth specifically addressing? Towards the end of that time... MORE

Will ACA's cost-cutters outcut private insurers?

Economics of Health Care
Garett Jones
Earlier this month, health experts from the Obama Administration wrote up some advice on the next steps for health reform in the New England Journal of Medicine.  I recommend reading it: Not too technical, about 2500 words, it gives you... MORE

Libertarians and Jim Crow Bleg

Economic Philosophy
Bryan Caplan
A searching question inspired by Vipul Naik: Consider the period between 1930 and 1964.  What priority did libertarians give to the abolition of Jim Crow laws?  How many even considered the issue worth specifically addressing?The first instances that come to... MORE

Of Monkeys and Micro

Behavioral Economics and Rationality
Bryan Caplan
Calorie restricted diets demonstrably increase the lifespans of yeast, fish, rodents, and dogs.  Will they work for humans?  For obvious reasons, controlled human experiments are problematic.  Researchers therefore turned to the next best thing: experiments on non-human primates - rhesus... MORE

Arnold Kling on "Libertarians and Group Norms"

Behavioral Economics and Rationality
David Henderson
Still, I think it is unwise to dismiss altogether the case for group loyalty and adherence to group norms. My inclination is to approve of organizations that promote group objectives and attempt to limit individual choices, as long as participation... MORE

A Free Market in Health Care

Economics of Health Care
David Henderson
Last Saturday, my wife and I got a glimpse of what a free market in health care might look like. We were driving from Monterey to Santa Barbara to stay in a rented house for the week. Along the way,... MORE

Can Progressive Taxation Survive Exit?

Public Choice Theory
Garett Jones
The other day I tweeted:Under a Tiebout federal government, I posit the rich would pay more in dollars than the middle class, less as a percentage Tiebout is shorthand for "voting with your feet," and it's a way to think about... MORE

Vipul Naik and the Priority of Open Borders

Economic Philosophy
Bryan Caplan
Vipul Naik of Open Borders has started a thought-provoking series of posts on libertarians and immigration:I aim to consider three aspects to this issue in three separate blog posts. In the current blog post, I consider the extent to which... MORE

Goodwin's Economix: A Graphic Novel

Economic History
David Henderson
I haven't received a review copy of Michael Goodwin's Economix yet, but I'm not hopeful that it will be good. The first thing I noticed is that in the praise for Economix, only one of the five "praisers" he highlighted... MORE

Krugman Discovers Life Cycles

Income Distribution
David Henderson
I was about to write a post on Paul Krugman's excellent recent post on taxes, but commenter Matthew Lesich on Steven Landsburg's blog beat me to it. Still, comments often get lost and so I'll make the point anyway. In... MORE

Net Worth Makes You Trustworthy

Macroeconomics
Garett Jones
Eli Dourado has a great post on whether we can believe we're still in the short run (see Bryan's critique here). Along the way, Dourado calls into question the sticky debt channel, correctly noting that according to official estimates, household... MORE

Long-Run Unemployment at Low Inflation: Dourado vs. Akerlof-Dickens-Perry

Behavioral Economics and Rationality
Bryan Caplan
My friend and former student Eli Dourado has gotten a lot of attention for his recent post, "The Short-Run Is Short."  Key passage:Around 40 percent of the unemployed have been unemployed for six months or longer. And the mean duration of... MORE

How to bet on bad futures

Finance
Garett Jones
Some people think the world will end this year, some think the US is bound to default or inflate its way out of debt, some suspect the Singularity will end in a John Connor scenario.  How can these prophets of... MORE

Do Indians Rightfully Own America?

Economic Philosophy
Bryan Caplan
Critics of libertarianism occasionally claim that, if libertarians are correct, the entirety of America rightfully belongs to the Indians.  After all, we stole it from them, didn't we?Unfortunately, the preceding question is missing a lot of scare quotes.  Yes, "we"... MORE

Will False Belief in the SIVH Destroy Obama's Candidacy?

Behavioral Economics and Rationality
David Henderson
Bryan makes a good argument in his post earlier today titled "Will False Belief in the SIVH Destroy Romney's Candidacy?" The evidence against the Self-Interested Voter Hypothesis is strong. But Patrick R. Sullivan's comment should not be missed. He wrote,... MORE

Will False Belief in the SIVH Destroy Romney's Candidacy?

Behavioral Economics and Rationality
Bryan Caplan
Many people believe that voters' positions are determined by their objective self-interest.  I call this the SIVH - the Self-Interested Voter Hypothesis.  A massive body of evidence shows that the SIVH is just plain wrong.  Self-interest has no more than... MORE

I'm still shocked at the speed with which bipartisan elites coalesced around TARP.  A key reason: The proffered alternatives were incredibly painful. No bailouts would have meant bankruptcies much bigger and more complicated than Lehman--and that bankruptcy ostensibly threatened short... MORE

You Might Be Signaling

Economics of Education
Bryan Caplan
v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} p\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);} v\:textbox {display:none;} • Normal 0 MicrosoftInternetExplorer4 With apologies to Jeff Foxworthy...If you bothered to enroll in school or pay tuition, you might be signaling.If you worry about failing the final exam,... MORE

Woolsey and Sumner on QE3

Monetary Policy
David Henderson
The best piece I've seen on QE3 so far is by Bill Woolsey. Even though it's long, there aren't many wasted words. So the whole thing is worth reading. I do want to highlight one important point he makes. Woolsey... MORE

Rafat Channels Tullock, Kuran, and Sunstein

Behavioral Economics and Rationality
Bryan Caplan
My Facebook friend Matt Rafat posted an exceptionally insightful update.  Think of it as Tullock's paradox of revolutions meets Kuran and Sunstein's availability cascades: Normal 0 MicrosoftInternetExplorer4 I'll say it again in case you missed it the first time: It's... MORE

Bad balance sheets: Awful for retail demand

Macroeconomics
Garett Jones
Mian and Sufi (who showed that cash for clunkers failed) have written a batch of papers on leverage and the financial crisis. This one may be my favorite: They check to see whether counties with the highest leverage before the crisis... MORE

The Debiasing Dollar: How to Get Markets in Everything

Behavioral Economics and Rationality
Bryan Caplan
Critics of the free market often object to commercialism on aesthetic grounds.  Caruso, Vohs, and Baxter's recent paper in the Journal of Experimental Psychology ("Mere Exposure to Money Increases Endorsement of Free Market Systems and Social Inequality," 2012) suggests that... MORE

How Economists Helped End the Draft

Labor Market
David Henderson
This is the video of the talk I gave at Middle Tennessee State University Wednesday night. Thanks to Mike Hammock for doing a great job of recording and for inviting me. Mike has given me permission to post this video.... MORE

Questions I've asked

Fiscal Policy
Garett Jones
1.  Will Treasury bondholders run our government? Follow-up questions:a. Will they run it better than we did?b. Do they run it already, as if by an invisible hand? I often ask myself, WWBD? And then I ask whether that's close to... MORE

Malcolm X and the Economics of Crime

Economics of Crime
David Henderson
Co-blogger Bryan has done a good job so far of persuading me that my attraction to Malcolm X when I was 26 years old was unjustified. I'm not complaining. It's always good to realize when one's old thinking was wrong,... MORE

I don't know what the copyright issues are and so, rather than assuming I have the right, I'll simply give this link to an excellent exposition of the Laffer Curve by Tim Groseclose. It's titled "Do High Taxes Raise More... MORE

Questions for Austrians

Austrian Economics
Bryan Caplan
On my latest conversation post at Cato Unbound, I pose some questions for Steve Horwitz:1. What are some important, substantive economic claims that can be known a priori? 2. What are some important, substantive economic claims that can be logically... MORE

Future money and today's NGDP

Monetary Policy
Garett Jones
In times of trouble, I often turn for comfort to the Cagan money demand model.  Philip Cagan, who passed away in June of this year, was a monetarist who moved the ball down the court.  Back in the 50's, he... MORE

The Autobiography of Malcolm X Book Club, Part 2

Economic History
Bryan Caplan
Malcolm's Life of Crime (Chapters 6-10)SummaryWaiting tables at Small's Paradise Bar is Malcolm's school of crime:Some of the ablest of New York's black hustlers took a liking to me, and knowing that I was still green by their terms, soon... MORE

Sumner Channels Yglesias Against Jones

Behavioral Economics and Rationality
Bryan Caplan
Garett Jones is one of the most Sumnerian macroeconomists I know.  But he's not Sumnerian enough for Sumner.  Sumner channels Matt Yglesias to question the importance of Garett's debt deflation mechanism (or to be more precise, debt less-than-expected-inflation mechanism):Debt prices... MORE

Degree Pollution: Why subsidize it?

Economics of Education
Garett Jones
People who drive heavier cars are more likely to survive accidents.  Since life is the most valuable commodity of all, shouldn't governments give out grants or loans to help the poor buy bigger cars?  Even leaving the issue of pollution... MORE

How Does Belief in the Signaling Model Affect Educational Attainment?

Behavioral Economics and Rationality
Bryan Caplan
Lectures about the signaling model of education usually provoke excellent reactions from the audience.  But they also provoke some truly obtuse questions.  The worst of the worst: "So I might as well just drop out of school?"No!  A thousand times... MORE

Feldstein and Rosen on Romney Tax Cut

Taxation
David Henderson
I posted recently about Brad DeLong's correct criticism of a Wall Street Journal op/ed by Martin Feldstein. In the op/ed, Marty claimed that under reasonable assumptions, the 20% cut in marginal tax rates that Romney proposes would be revenue-neutral for... MORE

Bubbles: Who to blame?

Finance
Garett Jones
I believe in bubbles.  They turn up in theory, in the lab, in history. We are a bubbly species, prone to waves of enthusiasm that crash upon the shore.Our financial crisis is often told as a story of a housing... MORE

Debt: The Stickiest Price of All

Macroeconomics
Garett Jones
Economists tell a lot of stories about how a fall in dollar spending can hurt the real economy.  And we should be forced to tell these stories--we shouldn't take it for granted that a fall in spending causes a fall... MORE

Thomas Szasz: A Life Well-Lived

Behavioral Economics and Rationality
Bryan Caplan
My great hero Thomas Szasz has died at the age of 92.  I only met him once, but what a meeting!  The year was 2005.  I won the Thomas Szasz Award for Outstanding Contributions to the Cause of Civil Liberties... MORE

Social Desirability Bias vs. Intelligence Research

Behavioral Economics and Rationality
Bryan Caplan
When lies sound better than truth, people tend to lie.  That's Social Desirability Bias for you.  Take the truth, "Half the population is below the 50th percentile of intelligence."  It's unequivocally true - and sounds awful.  Nice people don't call... MORE

Individualism: True and False

Economic Philosophy
David Henderson
One of my Facebook "friends" (really a friendly acquaintance) linked today to an excellent piece on Salon. It's Jeremiah Goulka's "Why I Left the GOP." In it, he tells how he was a Republican as a young adult and even... MORE

The Meaning of Cheating

Economics of Education
Bryan Caplan
A beautiful argument, from Alex Tabarrok via me to the cover of Newsweek via Megan McArdle:For many students, college is less about providing an education than a credential--a certificate testifying that they are smart enough to get into college, conformist... MORE

Trustworthiness > Trust

Cross-country Comparisons
Garett Jones
The academic literature is filled with research into the importance of trust.  High-trust societies are richer, safer, just better. But I suspect that it's not trust that's valuable: it's trustworthiness.  When people are trustworthy, when cultures and laws make honorable... MORE

First Things

Econlog Administrative Issues
Garett Jones
Many thanks to Bryan for such a warm welcome.  I want to thank him and David for inviting me to join EconLog as a guest blogger, and to Liberty Fund for making this all possible. But most of all, my thanks... MORE

Garett Jones on Krugman

Fiscal Policy
David Henderson
I don't know Garett Jones personally nearly as well as co-blogger Bryan does, but I know his work enough that I also recommended him highly as a guest blogger. Rather than discuss his work generally, I want to highlight his... MORE

Welcome Guest Blogger Garett Jones

Economic Education
Bryan Caplan
If you could persuade one more person to blog, who would it be?  My answer, hands down, is GMU economist and Twitter hero Garett Jones.  I'm positively delighted, then, to welcome Dr. Jones to EconLog as a guest blogger.  He's... MORE

Two More Hanson Posts

Economic Philosophy
Bryan Caplan
1. Hanson replies to my claims about his Tautological Fallacy.2. The top two results for the Name Robin's Creatures survey are Sentients and Intelligent Agents.  Background: Robin initially did a small Facebook survey.  The top two choices were Agents and... MORE

Ronald Hamowy, RIP

Economic Philosophy
Bryan Caplan
The great libertarian scholar Ronald Hamowy died yesterday.  I only met him once, but I read most of his work while I was an undergrad.  Though he had a long and productive career, I'm fondest of his early writings for... MORE

Commentator Floccina, writing about my post on Social Security yesterday, states: SS is a way for the recipients (old people) to tax workers, therefore the more people getting SS the stronger the program is. That seems obvious, but let me... MORE

The Tautological Fallacy

Economic Methods
Bryan Caplan
Robin offers the best possible response to my claim that he commits the Metaphorical Fallacy: I'm saying that your mind is literally a signal processing system. Not just metaphorically; literally. That is, while minds have a great many features, a... MORE

Blahous on Social Security

Social Security
David Henderson
Charles Blahous, a research fellow with the Hoover Institution, a senior research fellow with the Mercatus Center, and the author of Social Security: The Unfinished Work, is a "public Social Security trustee." He has an excellent piece laying out how... MORE

The Metaphorical Fallacy

Economic Methods
Bryan Caplan
Consider the following argument:1. Cars are mechanical horses.2. Horses are faster than walking.3. Therefore, cars are faster than walking.Pretty plausible, right?  Unfortunately, this argument is logically as awful as:1. Cars are mechanical horses.2. Horses eat oats.3. Therefore, cars eat oats.Both... MORE

Name Robin's Creatures

Growth: Consequences
Bryan Caplan
To help write his book in progress, Robin Hanson is looking for a word to describe the set of things that are EITHER (a) biological humans OR (b) artificial intelligences.  At my urging, he's set up a survey on QuickSurveys... MORE

Biden Calls for Free Market in Health Care

Economics of Health Care
David Henderson
At least for women. He didn't address health care for men. In his acceptance speech for the vice-presidential nomination last night, Joe Biden, surprisingly, called for a free market in health care for women. He stated, to much applause: we... MORE

Austrian Myside Bias

Austrian Economics
Bryan Caplan
My Cato Unbound reply to Steve Horwitz on empirical Austrian economics is up.  I concede that Horwitz...makes several sensible points: Some Austrians have no methodological objection to empirical work.Mainstream economists have a dogmatic, narrow view of what counts as "empirical... MORE

Milton Friedman on Raising Tuition

Economics of Education
David Henderson
In preparing for my two talks on "How Economists Helped End the Draft," to be given at Berry College on September 11 and at Middle Tennessee State University on September 12, I was perusing Milton and Rose Friedman's autobiography, Two... MORE

Dan Klein on the Econ Profession

Economic Methods
Bryan Caplan
When Dan Klein dissects the economics profession, he manages to be simultaneously thoughtful, blunt, and fair: Normal 0 MicrosoftInternetExplorer4 My view of the matter, in the broadest terms, is that human culture generally, and in particular Anglo-American culture since the... MORE

Cristina Saralegui, The Dems, and The Reps: Multiple Ironies

Labor Mobility, Immigration, Outsourcing
David Henderson
At last night's Democratic convention, Cristina Saralegui, formerly of the Spanish-language station Univision, spoke. Early in her speech, she made the following comment: I was 12 years old when, like so many cubanos, my parents fled the Castro regime. For... MORE

When my favorite economists change, I usually think they change for the worse.  Dan Klein is a glowing exception.  I've always liked his work.  But in recent years (see e.g. here, here, and here) Dan's metamorphosized from very good to... MORE

Next Malcolm X Book Club 9/14

Book Club
Bryan Caplan
Part 2 of the Autobiography of Malcolm X book club will premiere on Friday, 9/14.... MORE

Are Austrians Anti-Empirical?

Austrian Economics
Bryan Caplan
Steve Horwitz has the lead Cato Unbound essay this month.  His topic: "The Empirics of Austrian Economics."  My response goes up Friday.  For now, here's Steve:[I]t is not the case, as Josh Barro recently argued, "that Austrian economists reject empirical... MORE

Gordon on Growth: Parting Thoughts

Growth: Causal Factors
David Henderson
I've laid out Robert Gordon's pessimistic thoughts on U.S. growth here and some of my criticisms here. These are my parting thoughts. Some of them are similar to what some of the commenters have said. First, I'll emphasize the big-picture... MORE

Marginal Revolution University

Economic Education
Bryan Caplan
Big news: My beloved friends and esteemed colleagues Tyler Cowen and Alex Tabarrok are launching their own online education project, MRUniversity.  Since I don't think online education is going to revolutionize education (here, here, and here for starters), my knee-jerk... MORE

The Temptation of Discrimination

Economic Methods
Bryan Caplan
Why doesn't everyone just follow the rules?  The obvious answer, in many cases, is that breaking the rules has concrete advantages... if you don't get caught.  Why do people jaywalk?  Because it's quicker than schlepping to the crosswalk.  Why do... MORE

Gordon on Growth: A Critique

Growth: Causal Factors
David Henderson
On Sunday I laid out Robert J. Gordon's reasons for thinking that growth of per capita income in the future for most Americans will be substantially lower than it has been for the last two centuries. I promised a critique... MORE

Imagine a world where no one ever voluntarily buys good X.  Still, everyone affirms that X is very important, a vital good.  If you hold an election, the population unanimously votes in favor of very generous funding for X.Most economists... MORE

The One Blameworthy Lifestyle

Behavioral Economics and Rationality
Bryan Caplan
People are often taken aback when I argue that the First World's poor are usually undeserving.  In modern political discussion, we're supposed to "propose solutions," not point fingers.  Even when we're talking about politically connected banks, we usually discuss alternate... MORE

A Relook at Enron

Energy, Environment, Resources
David Henderson
But the historian must look deeper. Was Enron really a free-market, capitalistic company even when its apparent self-interest lay elsewhere? Or were profit centers dependent on tax subsidies, advantageous regulation, or checks written on the U.S. Treasury? Was Enron passive... MORE

My Talk at Middle Tennessee State University

Upcoming Events
David Henderson
On Wednesday, September 12, I'll be giving a talk at Middle Tennessee State University in Murfreesboro, Tennessee. This, incidentally, is Nobel prize winner Jim Buchanan's alma mater. Location: State Farm Room (Business and Aerospace Building room S102) Time: 7:00 P.M.... MORE

Robert J. Gordon on Growth

Growth: Causal Factors
David Henderson
I'm a big fan of much of the work of Northwestern University economist Robert J. Gordon. His latest piece, "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," is no exception. I have some criticisms. Indeed, my main... MORE

GOP: Grand Old Politburo

Central Planning vs. Local Knowledge
David Henderson
One of the best books of the 1990s was Scott Shane's Dismantling Utopia: How Information Ended the Soviet Union. Shane, who was the Moscow Bureau Chief for the Baltimore Sun for the crucial years from 1988 to 1991, argued that... MORE

My Speech at Berry College

Upcoming Events
David Henderson
On Tuesday, September 11, I'll be a giving a talk at Berry College in Mount Berry, Georgia. Time: 7:30 p.m. Location: Science Building Auditorium Title of Speech: How Economists Helped End the Draft. If you're a fan of this blog... MORE

The Federal Reserve as Central Planner

Regulation
David Henderson
John H. Cochrane of the University of Chicago has an excellent op/ed in today's Wall Street Journal, "The Federal Reserve: From Central Bank to Central Planner." [If you are blocked from the Journal, you can go to John's site and... MORE

Stanley Lebergott: A Tribute

Wages and Salaries
David Henderson
I'm working on a blog post for later today or tomorrow on Robert Gordon's important new paper, "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds." In working my way through it, I read a passage that reminded... MORE

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