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David Henderson: January 2013

An Author Archive by Month (34 entries)

Henderson on the Libertarian "Thing"

Politics and Economics
David Henderson
Last weekend, our local newspaper, the Monterey County Herald, ran this Associated Press story by Nicholas Riccardi. The article is more interesting than the headline would suggest because its author found libertarian elements in the political shift in the west.... MORE

Economics Quote of the Week

Cost-benefit Analysis
David Henderson
Although the week is half over, I bet this one will beat all comers. David Friedman, after analyzing queues and time lost to government bureaucracy in Britain while he was traveling, had an anonymous commenter who said: No offence, but... MORE

Seattle Gun Buyback Backfires

Economic Education
David Henderson
File this under "Gains from Exchange" Police officers in Seattle, Washington held their first gun buyback program in 20 years this weekend, underneath interstate 5, and soon found that private gun collectors were working the large crowd as little makeshift... MORE

Cowen on the Multiplier: Is it Really "Worth"?

Fiscal Policy
David Henderson
Tyler Cowen recently wrote: So, in these cases [a government giving aid to to another government], a multiplier of one means that a dollar of aid--the alternative to the fiscal consolidation--is worth a dollar. I find that easy to believe.... MORE

Boettke on Living Economics

Books: Reviews and Suggested Readings
David Henderson
Some Highlights I tend not to listen to Russ Roberts' Econtalk interviews, not because I don't like them--I've liked every one of the 25 or so I've listened to and usually like them a lot--but because I have a 12-minute... MORE

Henderson on the Future of U.S. Politics

Economic Philosophy
David Henderson
Shortly after the Congressional elections of 2010, talk radio host Terry Gilberg of talk radio station KFYI in Phoenix had me on to discuss some of the implications of the Republican takeover, with the help of many Tea Party candidates,... MORE

Travis Vanderbilt Kalanick

Regulation
David Henderson
The idea worked. How could Mr. Kalanick tell? Four months after the launch in San Francisco, Uber was served with a "cease and desist" order from the California Public Utility Commission and the San Francisco Municipal Transportation Agency. "Given my... MORE

Welfare as a Magnet for Immigration: Some Evidence

Labor Mobility, Immigration, Outsourcing
David Henderson
The focus in the [1996] welfare reform legislation on scaling back the safety net for immigrants was, in some part, a response to concerns that generous public benefits lead to inā€migration to the U.S. and interstate flows of immigrants responding... MORE

The Thriving Middle Class

Growth: Consequences
David Henderson
Don Boudreaux and Mark Perry have an excellent piece in the Wall Street Journal today, "The Myth of the Stagnant Middle Class." They cover a lot of interesting ground on how standards of living are rising even in the last... MORE

Lefty's Laffer Curve

Taxation
David Henderson
Golfer Phil Mickelson, aka "Lefty," recently hinted that he was thinking of leaving California because of the high tax rates there that, combined with federal income and payroll taxes, make his tax rate (I'm pretty sure he meant marginal, not... MORE

The ObamaCare-Induced Shift to Part-Time Work

Economics of Health Care
David Henderson
Then House of Representatives Speaker Nancy Pelosi, in pushing for the Affordable Care Act, aka ObamaCare, said, "We have to pass the bill so that you can find out what's in it." We're finding out what's in it and we're... MORE

Acemoglu and Robinson on Global Warming

Energy, Environment, Resources
David Henderson
I'm spending a large part of my day writing a book review of Daron Acemoglu and James A. Robinson's Why Nations Fail. Given the main theme of the book, which I like to focus on in reviews, I can't find... MORE

Krugman Speaks Truth to Stiglitz

Fiscal Policy
David Henderson
And, moreover, uses some of Milton Friedman's best work to do so. First, Joe [Stiglitz] offers a version of the "underconsumption" hypothesis, basically that the rich spend too little of their income. This hypothesis has a long history -- but... MORE

Alan S. Blinder is one of America's leading economists. One of the few economists who write really well, he is also a master storyteller. In "After the Music Stopped," Mr. Blinder, previously a vice chairman of the Federal Reserve Board... MORE

Social Security and Time Horizons: Reply to Krugman

Social Security
David Henderson
As regular readers of my posts know, I'm not someone who dismisses Paul Krugman or who thinks that he has nothing worthwhile to say. Indeed, I think he's one of the smartest bloggers around. So that's why his post yesterday... MORE

Rockefeller's Railroad Rebates

Business Economics
David Henderson
I had always wondered why John D. Rockefeller would get rebates on railroad shipments, not of his own oil--that I understand--but of his competitors' oil. Such rebates were called "drawbacks." Here's the answer that Michael Reksulak and William F. Shughart... MORE

Great Moments in Cost Cutting: Rockefeller Edition

Business Economics
David Henderson
Rockefeller was relentless in ferreting out ways to cut costs. During an inspection tour of a Standard Oil plant in New York City, for instance, he observed a machine that soldered the lids on five-gallon cans of kerosene destined for... MORE

The New York Times Wins Bryan's Challenge

Labor Market
David Henderson
Last week, co-blogger Bryan Caplan posed a challenge: "Tell me how to sell the abolition of the minimum wage to the typical Feeling American." The next day, Bryan gave what he saw as the best responses. I thank commenter Phil,... MORE

Don't Let Your Boss Hold You Back

Business Economics
David Henderson
One of the most-powerful pieces of advice that Dwight R. Lee and Richard B. McKenzie give in their book, Getting Rich in America: 8 Simple Rules for Building a Fortune and a Satisfying Life, is: Don't Let Your Boss Hold... MORE

Obama's Mistake on Social Security

Social Security
David Henderson
There he goes again. If congressional Republicans refuse to pay America's bills on time, Social Security checks, and veterans benefits will be delayed. That's a statement President Obama made at today's press conference. See here for transcript. It's not true,... MORE

Better Than Plowing

Economic Philosophy
David Henderson
That's the title of James Buchanan's autobiography. I reviewed it in Reason in January 1993. Much of my review covers ground that will be familiar to those who have been reading the various blogs on Jim Buchanan over the last... MORE

Travels of a T-Shirt

Books: Reviews and Suggested Readings
David Henderson
In an e-mail, Jeff Hummel wrote a book review that's good enough to post. Here it is: Pietra Riovoli's THE TRAVELS OF A T-SHIRT IN THE GLOBAL ECONOMY: AN ECONOMIST EXAMINES THE MARKETS, POWER, AND POLITICS OF WORLD TRADE was... MORE

Cronyism in D.C.

Economics of Crime
David Henderson
While in D.C. these last few days, I've been following more closely the David Gregory case. In case you haven't, here's a recap. David Gregory, the host of NBC's Meet the Press, displayed an illegal 30-bullet capacity gun magazine on... MORE

Further Notes on James Buchanan

Public Choice Theory
David Henderson
In my haste last night to post on Jim Buchanan, I neglected to point out that a large percent of his work is on-line for free at Liberty Fund's Online Library of Economics and Liberty. Go here and scroll down... MORE

James M. Buchanan, RIP

Economic Philosophy
David Henderson
I found out on my smart phone, shortly before boarding a flight from San Francisco to Washington, D.C. today, that Jim Buchanan has died. He was a good man and one of the most important economists of the last half... MORE

IHS Fellowships

Upcoming Events
David Henderson
The Humane Studies Fellowship is a non-residency fellowship program that awards $2,000-$15,000 per year to each participant, and provides individual advising and a support network to foster academic success. Is the Humane Studies Fellowship right for me? The fellowship is... MORE

Henderson on Rich-Hunt

Books: Reviews and Suggested Readings
David Henderson
In Rich-Hunt, philosopher Roger Donway tells the detailed story of how [Greg] Reyes ended up in this position and how little the prosecutor cared about truth, let alone justice. The result is a chilling page-turner. If you don't know much... MORE

Horwitz on Hoover's Economic Policies

Regulation
David Henderson
Many historians, most of the general public, and even many economists think of Herbert Hoover, the president who preceded Franklin D. Roosevelt, as a defender of laissez-faire economic policy. According to this view, Hoover's dogmatic commitment to small government led... MORE

Murphy on Fiscal Austerity and Higher Tax Rates

Fiscal Policy
David Henderson
UPDATE: Market monetarist Lars Christensen responds. As these quotations from [Paul] Krugman and [Christina] Romer illustrate, many of today's proponents of Keynesian policy do not simply disagree with their critics, but go further by leading the general public to believe... MORE

Henderson on Red Plenty

Books: Reviews and Suggested Readings
David Henderson
Francis Spufford has pulled off a marvelous stunt. His book, Red Plenty, is not quite a documentary, although it's full of verified facts and actual historical figures, and not quite a novel, although it contains fictional characters. The British Sunday... MORE

Great Moments in Public Choice: LBJ on Paul Douglas

Public Choice Theory
David Henderson
Senator Paul Douglas of Illinois was one of Johnson's more vocal critics. One afternoon LBJ beckoned me to his Senate desk with a grin. "I think I've found a way to defuse Paul Douglas. He was an economist, you know.... MORE

Thoughts on the Latest Tax Bill

Taxation
David Henderson
Pssst: Someone tell the Republicans they won. Now that I've had time to reflect, I do have some thoughts on the tax bill that differ a lot from thoughts of others who are usually my political allies. Most of the... MORE

Update: Scott Sumner responds. Sometime in the next 24 or so hours, I'll give my thoughts on the latest tax and budget deal between Congress and President Obama. I find that one's first thoughts are not typically one's best. There's... MORE

Hummel on Moss on Limited Liability

Finance
David Henderson
San Jose State University economist Jeffrey Rogers Hummel sent the following capsule review of David A. Moss, When All Else Fails: Government as the Ultimate Risk Manager (Cambridge: Harvard University Press, 2000). Jeff writes: Limited liability remains a subject of... MORE

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