Bryan Caplan, David Henderson, and Arnold Kling

David Henderson: April 2012

An Author Archive by Month (30 entries)

The Bottom One Percent

Income Distribution
David Henderson
I gave a short talk yesterday at a mixer of the Monterey County Libertarian Party, Libertarians for Peace, and Seaside Taxpayers' Association. I always try to come up wth something a little new that I haven't said before, so I... MORE

David Friedman on Bleeding Heart Libertarianism

Economic Philosophy
David Henderson
Sometimes a comment on Econlog is so valuable that I think it needs to be highlighted. Most of the people I talk to who read this site regularly but who don't comment, don't read others' comments either. They would miss,... MORE

A Better Analogy for David Friedman

Public Choice Theory
David Henderson
Motorcycles, not Cars Yesterday, in my Cost/Benefit Analysis course, I covered the highlights of public choice. One of the pieces I like to use is a short chapter from David Friedman's modern classic, The Machinery of Freedom. The chapter is... MORE

Bernanke: Turning Japanese

Monetary Policy
David Henderson
So Bernanke responds that he is being consistent because in Japan there was deflation whereas currently there is none. But as Ryan Avent notes, his research on Japan was about more than deflation--it was about a shortage of aggregate demand.... MORE

Matt Mitchell at Mercatus posted an excellent post on this this a.m. I could try to summarize but Matt is a heck of [that's my inner John Madden talking] a writer: both terse and complete. So I won't bother. I'll... MORE

Consumer Surplus: Slam-Dunk Example

Economic Education
David Henderson
I was going over consumer surplus in my class on Tuesday and a student gave me a fresh example that he had learned from his economics professor as an undergrad at the U.S. Naval Academy. Here it is. You go... MORE

Economists on Health-Care Licensing

Economics of Health Care
David Henderson
Milton Friedman triumphs, kind of. Loosening current licensing restrictions on the range of services that nurses, physician assistants, dental hygienists and pharmacists are permitted to perform would help patients on balance, because the additional safety risks would be small compared... MORE

Scandlen on Individual Insurance

Economics of Health Care
David Henderson
Greg Scandlen has an interesting post today on the market for individual insurance. Many of the comments are informative also. Some highlights: According to a recent report by Milliman, based on new reporting by carriers required by the National Association... MORE

John Cochrane on Taxes

Taxation
David Henderson
Now wait a minute here...The top graph is a tax rate, the percentage of income paid, while the bottom graph is total dollars. To say this is comparing apples and oranges is an insult to fruits. This is one of... MORE

Monetary Policy: Giving vs. Buying Redux

Monetary Policy
David Henderson
The Fed doesn't expand the money supply by uniformly dropping cash from helicopters over the hapless masses. Rather, it directs capital transfers to the largest banks (whether by overpaying them for their financial assets or by lending to them on... MORE

Blinder on Health Care

Economics of Health Care
David Henderson
Alan Blinder, in today's Wall Street Journal, has an interesting piece attacking Supreme Court judges who would actually seriously consider finding the recent health care law unconstitutional. It's titled, "Life Liberty, and the Pursuit of Insurance." There are so many... MORE

I've been trying to figure out what marginal tax rates would be if the so-called "Buffett Rule" were passed. There's an actual Senate bill out there but, as with almost all bills, you have to look at previous law--and know... MORE

Robin Hanson reports on a popular article based on a paper by law and economics professors Eric Posner and Glen Weyl in which they advocate a kind of Food and Drug Administration for financial instruments. The paper is titled "An... MORE

Robert Caro's Hands-On Discovery of Public Choice

Books: Reviews and Suggested Readings
David Henderson
Caro had a further epiphany about power in the early '60s. He had moved on to Newsday by then, where he discovered that he had a knack for investigative reporting, and was assigned to look into a plan by Robert... MORE

Cowen on College Subsidies

Economics of Education
David Henderson
Tyler Cowen's latest blog post is rich with assertions. This one stood out: Postwar higher education has proven one of America's most effective subsidies, and it has paid for itself many times over. Consider the phrase "many times over." To... MORE

The Psychology of Theft

Books: Reviews and Suggested Readings
David Henderson
One of my favorite passages from a novel, Assault on a Queen, seems a propos on the weekend during which a lot of people are doing their taxes. For those of you who haven't read it, it's about a small... MORE

The Ten Pillars of Economic Wisdom

Economic Education
David Henderson
A few times I've referred to "The Ten Pillars of Economic Wisdom" that I teach at the start of every economics course I give. I've usually linked to someone's restatement of them from my book, The Joy of Freedom: An... MORE

My Review of Groseclose's Left Turn

Books: Reviews and Suggested Readings
David Henderson
Virtually all of us who identify ourselves as libertarians or conservatives (I'm the former) have believed, for as long as we have been paying attention, that the mainstream media, whether print or electronic, have a left-wing bias. The late columnist... MORE

Concentrated vs. Dispersed Interests

Public Choice Theory
David Henderson
From my former student, Michael Williams: What I am wondering, or maybe proposing, is that as communications become easier and require less effort (i.e. writing an email as opposed to writing a letter) and information becomes easier to access will... MORE

Tyler Cowen on Stories

Behavioral Economics and Rationality
David Henderson
Commenter Ken B's positive comment on Tyler Cowen's TED talk motivated me to watch the whole thing. I agree that it's excellent. The talk is about 15 minutes long and moves along at a good pace. The basic message: don't... MORE

Consistency and IQ

IQ in Economics
David Henderson
Bryan Caplan's latest post is a great response to some assertions made by Will Wilkinson and Tyler Cowen. When Michael Kinsley was writing regularly for The New Republic during the first Bush administration, he was brilliant. He usually attacked Bush... MORE

Should Medicare Be Cut?

Economics of Health Care
David Henderson
One of the things that I thought I had in common with my free-market allies was our views on Medicare. But some postings from some friends on Facebook (and, because it's FB, I will respect their privacy and not name... MORE

Gains from Exchange

Labor Market
David Henderson
One of the most powerful principles in economics, so powerful that I list it in my "Ten Pillars of Economic Wisdom," is that both sides gain from exchange. This helps resolve the issue stated by commenter "harold" on this earlier... MORE

Unbroken--and the Bomb

Central Planning vs. Local Knowledge
David Henderson
Like co-blogger Arnold, I'm a big fan of Lauren Hillenbrand's book, Unbroken. I highly recommend it. I was shocked and disappointed, though, by the following statement from Arnold: When the inevitable movie arrives, it will be interesting to see whether... MORE

Check Your Base

Economic Methods
David Henderson
In our book, Making Great Decisions in Business and Life, my co-author, Charles Hooper, and I have a chapter titled, "Biases Affect the Best of Us." I thought of one section of that chapter when I read co-blogger Arnold Kling's... MORE

Obama is a Social Darwinist

Behavioral Economics and Rationality
David Henderson
President Obama recently called a House Republican budget plan "thinly veiled social Darwinism." This, incidentally, from a man whose own budget plan was voted down last week in the House by a vote of 0-414. (The vote was on a... MORE

Local Knowledge in Monterey

Central Planning vs. Local Knowledge
David Henderson
As regular readers of my blog posts know, I'm a big fan of Friedrich Hayek's insight about "knowledge of the particular circumstances of time and place," or what more-modern economists, applying his insight, often call "local knowledge." The basic idea... MORE

I Was a Chinese Laborer

Labor Market
David Henderson
FLA [Fair Labor Association] found that during some periods over the past 12 months, workers at all three facilities worked an average of more than 60 hours per week, exceeding the FLA code and Apple's own standard. The audits found... MORE

Should restaurants allow smoking or not? Should schools teach evolution or intelligent design or both? Should insurance companies cover contraception? Should I be able to take off my shoes in your living room? This is the opening paragraph of the... MORE

My Tribute to Bill Niskanen

Books: Reviews and Suggested Readings
David Henderson
The latest issue of Regulation contains a special section of tributes to the late Bill Niskanen. Scroll down for mine, which is the last. A few excerpts: The main, though not the only, way that I'll show my respect for... MORE

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