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David Henderson: August 2010

An Author Archive by Month (23 entries)

Adam Smith on Ford's $5 a Day

Labor Market
David Henderson
Don Boudreaux has an excellent post taking on the myth that one reason Henry Ford paid the huge (at the time) daily wage of $5 was that he wanted workers to have more money to buy his cars. Don gives... MORE

The Decline in Civil Liberties

Regulation
David Henderson
On a flight from Chicago to Washington, D.C., in 1981, I sat beside a U.S. foreign service officer who had just finished a stint in Moscow. He told me that although he had enjoyed the job, he needed to get... MORE

GDP and Well-Being

Microeconomics
David Henderson
If you, like me, liked Arnold's post today on the pitfalls of GDP, take a look at my piece titled "GDP Fetishism." I explicitly address, among other things, the huge problem with valuing the G (government spending on goods and... MORE

Markets for Everything, Minaki Edition

Business Economics
David Henderson
$5 for 4 eggs On Monday, August 2, I was at my cottage and wanted to make a special breakfast for my cousin and his wife that morning and the next morning. I needed an additional 4 eggs. The problem:... MORE

Media Bias and Warren Olney

Politics and Economics
David Henderson
Last week I posted on a case of media bias and a case of media bullying. Here's another true story about media bias, this time involving Warren Olney, a well-known name in the Los Angeles radio market. In the early... MORE

Do Mark Shields and Michael Gerson Understand Principles?

Economic Philosophy
David Henderson
No. Well, I think we saw some of that in the mosque controversy, where the president first set out a very clear and ringing principle, and then retreated from it significantly. Saturday, when he qualified his unqualified endorsement of Friday... MORE

My Reason Interview

Revealed Preference
David Henderson
Peter Suderman of Reason interviewed me last week in connection with a short article I did on how Canadian politicians Jean Chretien and Paul Martin turned around the federal budget from persistent deficits to persistent surpluses (until the latest recession.)... MORE

Escheat: It's Not You, It's Me

Property Rights
David Henderson
That's close to what I said to the E*Trade guy when I called up this morning to close my account. See my previous post, "You're Not a Frequent Trader? We'll Take Your Stuff," for why I wanted to close the... MORE

Geraldo Rivera as Coase

Property Rights
David Henderson
Just watching the O'Reilly Factor a few minutes ago, I saw Geraldo Rivera make an interesting proposal about the controversial mosque/athletic facility/culinary school/art studio near ground zero in Manhattan. He started by stating out that the current owner of the... MORE

My Run-in With the Washington Post

Politics and Economics
David Henderson
I didn't put "media bias" in the title because this isn't exactly a case of media bias: it's more a case of media bullying. I was the health economist with Martin Feldstein's Council of Economic Advisers from September 1982 to... MORE

You're not a Frequent Trader? We'll Take Your Stuff

Property Rights
David Henderson
When I got home from work Tuesday evening, there was a message on my answering machine from E*Trade. I have an account with E*Trade that I've used to buy stocks. I'm not an active trader. I tend to buy and... MORE

Media Bias and the L.A. Times

Politics and Economics
David Henderson
Bryan Caplan's and David Boaz's comments on media bias remind me of an incident that happened almost two years ago. Ralph Vartabedian called me to get my take on the members of President-elect Obama's economic team, particularly Christina Romer and... MORE

Harry & Teddy and High Inflation

Monetary Policy
David Henderson
A little economics goes a long way This is from Thomas Griffith, Harry and Teddy, a book about the relationship between Henry R. Luce and Theodore H. White, much of which revolved around their passion and thoughts about China under... MORE

Taking Dean Baker Seriously

Books: Reviews and Suggested Readings
David Henderson
My book review of Dean Baker's short book, Taking Economics Seriously, is just out in Policy Review. Although I liked a fair amount of the book--see my review--Dean restricted himself with his implication that unless a large number of people... MORE

Mark Kleiman on Responsibility

Economics of Crime
David Henderson
In the video on this page, economist Mark Kleiman, whose expertise is on the drug war, tells of an interesting approach taken by a Hawaiian judge to make people keep their promises not to use illegal drugs. If I were... MORE

The Origin of Origin Laws

Labor Market
David Henderson
Bryan Caplan asks the normative question, "Is anyone willing to often even a semi-plausible economic argument in defense of mandatory national origin labels?" I'm not. But I do have an answer to this positive question: what is the origin of... MORE

The Pelican Brief and the People's Romance

Political Economy
David Henderson
A large percent of my vacation reading this last week has been novels, rather than than non-fiction. But even in those, I see things to blog about. One novel I just finished is John Grisham's The Pelican Brief. I won't... MORE

Phelps on Short-Sightedness

Business Economics
David Henderson
I'm less impressed with Phelps's piece than Arnold is, to put it mildly. Take the following line from Phelps: Executives avoid farsighted projects, no matter how promising, out of a concern that lower short-term profits will cause share prices to... MORE

Jerry Jordan on Regime Uncertainty

Fiscal Policy
David Henderson
In this five-minute interview with Karen Gibbs, Jerry Jordan lays out nicely the "regime uncertainty" (Bob Higgs's term) that we face. That is, business people, and the rest of us, for that matter, don't know what future tax rates or... MORE

How FDA Regulation Stifles Drug Development

Regulation
David Henderson
In the current issue of Regulation magazine, I have a review of two books, Overdose, by Richard Epstein, and Leviathan's Drug Problem, by John R. Graham. Both are excellent. Although Epstein's book came out in 2006, it didn't make much... MORE

How Don Boudreaux Got Hooked on Economics

Economic Education
David Henderson
In a previous post, I praised Don Boudreaux of Cafe Hayek for spreading economic wisdom to people in letters to the editor. This is the story Don told me about how he got hooked on economics. I tell this story... MORE

Murphy on Discrimination

Labor Market
David Henderson
This month's Feature Article on Econlib, by economist Robert Murphy, is the nicest succinct article I've seen on how free markets make people pay a price for the kind of discrimination that most people abhor. He points out also that... MORE

In Praise of Don Boudreaux

Economic Education
David Henderson
Economics in One Letter Almost every morning when I wake up, one thing I can count on in my e-mail inbox is a letter written by Don Boudreaux earlier that morning in which he takes on this or that economic... MORE

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