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David Henderson: January 2009

An Author Archive by Month (25 entries)

Me on ABC-TV

Fiscal Policy
David Henderson
I was interviewed this afternoon by ABC-TV for Good Morning America. It will play tomorrow (Saturday) morning. Check your local listings. The issue was the "stimulus" package. I found the questions unusually good. We'll see what gets used.... MORE

Obama's New Deal

Regulation
David Henderson
On a recent talk show, I made the point that although Obama's fiscal "stimulus" is likely to destroy wealth, at least he is not making four major mistakes that Herbert Hoover and FDR made: (1) substantially raising tariffs (Hoover with... MORE

Harding's Stimulus Plan

Macroeconomics
David Henderson
Floccina writes: David Henderson, Arnold Kling & Bryan Caplan, I would love to read your take on Jim Powell's article about the 1920-1921 depression. Is Jim Powell showing huge bias? Can we learn anything that would be helpful in the... MORE

Economists Against the "Stimulus"

Fiscal Policy
David Henderson
Posted from San Francisco airport while I'm en route to San Antonio. Today's New York Times carries a full page ad, paid for by the Cato Institute, with a strong statement against President Obama's stimulus package. It quotes his statement:... MORE

Forum Today on Financial Crisis

Upcoming Events
David Henderson
Here's an announcement from the Naval Postgraduate School, where I teach. Bottom line: it live streams this afternoon. The times are PDT. It will go in the order below; I will be last. Each of us will present for 15... MORE

Hummel on Fed

Monetary Policy
David Henderson
Monetary economist Jeff Hummel has posted today a detailed exposition of recent Fed policy. The two most interesting things to me are: (1) The money supply is increasing. This fact undercuts one part of the "monetary policy is impotent" view... MORE

Wolfe in Safety's Clothing

Politics and Economics
David Henderson
In my latest Forbes.com article (co-authored with my book co-author Charles Hooper), I (we) take on Naderite Sidney Wolfe's views on safe drugs and on conflicts of interest. We point out that despite Wolfe's view that consultants to drug companies... MORE

Response to Shelby Steele

Economic Philosophy
David Henderson
I sent the following letter to the Wall Street Journal, but I'm guessing, given that they haven't published it yet, that they won't. So I am: I was shocked by two statements by my friend and Hoover colleague, Shelby Steele... MORE

Tyler Cowen Discovers Public Choice

Public Choice Theory
David Henderson
You might claim: "they didn't nationalize it the right way" and maybe they didn't. Still, once you proceed down the nationalization path, you have to live with the nationalizations you will get, not the nationalizations as a professor might recommend... MORE

The Dollar as Anchor

Monetary Policy
David Henderson
Lots of people lately have been talking about how lousy the dollar is as a store of value. I'll repeat the offer I made in a recent book review in Regulation, in response to an economist's claim that government had... MORE

The Most Important Macro Hour

Fiscal Policy
David Henderson
Ever since September, I've been wishing that Milton Friedman were still alive, not just because he was such a good, warm, friendly guy, but also because he would have brought a lot of clarity to the credit crisis, the bailout,... MORE

The Price of Everything

Economic Education
David Henderson
My review of Russ Roberts' excellent economics novel, The Price of Everything is in the latest issue of Regulation. Roberts is definitely growing as a novelist. I like it better than The Invisible Heart, which I liked better than his... MORE

Letter from Birmingham Jail

Regulation
David Henderson
With Martin Luther King day being celebrated tomorrow, it's appropriate to read or reread his "Letter from Birmingham Jail,'' written in April 1963. Some powerful passages are below. On why he went to Birmingham even though he wasn't from Birmingham... MORE

Peggy's Praise of Power

Political Economy
David Henderson
One of the columns in the Wall Street Journal I read almost every week is Peggy Noonan's weekend column, "Declarations." A former speechwriter for Ronald Reagan, Ms. Noonan has a way with words. The content can range from the incredibly... MORE

"30 Rock" Highlights

Economics of Health Care
David Henderson
Last night's "30 Rock" was a riot. Some of my favorite segments: Character played by Salma Hayek: I have another patient on my off days. He's a sweet old man with advanced dementia, totally disconnected from reality. Jack: That reminds... MORE

It seems obvious that the answer to the above question is "yes." But it wasn't obvious to a small businessman who bet hundreds of thousands of his own money and hundreds of thousands of other people's money on his answer.... MORE

Priceless Macro, Part Two

Fiscal Policy
David Henderson
On Saturday, January 12, the Obama Presidency-Elect (I can't think of a less clunky term) sent out, "The Job Impact of the American Recovery and Reinvestment Plan," by Christina Romer and Jared Bernstein. It would qualify for Arnold Harberger's term... MORE

Priceless Macro, Part One

Macroeconomics
David Henderson
At a Carnegie-Rochester conference I attended over 30 years ago, when I was an assistant professor at the University of Rochester B-school, Arnold Harberger criticized a pile of economists' papers on Latin American development. One of his criticisms still stands... MORE

Plastic Logic

Central Planning vs. Local Knowledge
David Henderson
In coastal California, where I live, various cities have weekly publications that are distributed at a zero price, have a cutting-edge, vaguely (sometimes explicitly) leftist slant, and almost always are uncritically "environmentalist." They rarely take on any policy that most... MORE

Alex Tabarrok on Obama

Political Economy
David Henderson
Alex Tabarrok went to see President-elect Obama speak at George Mason University on Thursday and came away impressed. Why? Here are Alex's words: His [Obama's] goal is "not to create a slew of new government programs, but a foundation for... MORE

Black Swans

Behavioral Economics and Rationality
David Henderson
Joe Nocera has a nice piece on risk management in last Sunday's New York Times magazine. A great line: "The old adage, 'garbage in, garbage out' certainly applies," Groz said. "When you realize that VaR is using tame historical data... MORE

Forbes.com just published my article, "Will the Real Christina Romer Please Stand Up?" I'm not thrilled with the title because it seems to hint that Professor Romer has been hypocritical and, as far as I know, she hasn't been. But... MORE

Inequality in Life Spans

Economics of Health Care
David Henderson
Do you think the government should forcibly reduce income inequality using taxes and subsidies? If so, wouldn't it follow that the government should forcibly reduce inequality in life spans? No? Then, if you answered Yes to the first question, you... MORE

Selection Bias in Blogging

Economics of Health Care
David Henderson
Over at marginalrevolution.com, Tyler Cowen posted a particularly good entry on famous economists' famous errors. The average quality of comments on that site is usually higher than on most economics sites, due, in no small part to Tyler's and Alex's... MORE

The Power of Friedman

Economic Philosophy
David Henderson
My main New Year's resolution, which I've kept for two days so far, is not to waste time channel surfing but, instead, to watch interesting DVDs. On New Year's Day, I watched the last half hour of the Keira Knightley... MORE

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