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David Henderson: August 2013

An Author Archive by Month (21 entries)
Slate has redeemed itself after that awful piece by Allison Benedikt that co-blogger Art Carden criticized yesterday. One highlight of Ms. Benedikt's piece that caught my attention was this: I went K-12 to a terrible public school. My high school... MORE

When Goods Don't Cross Borders, Armies Will

International Trade
David Henderson
One quote that Bastiat lovers--I include myself--love to cite is Bastiat's famous quote, "When goods don't cross borders, armies will." There's one little problem with the quote: he never said it. He should have said it. One can imagine, with... MORE

Costco vs. Wal-Mart

Business Economics
David Henderson
In other words, Trader Joe's and Costco are the specialty grocer and warehouse club for an affluent, educated college demographic. They woo this crowd with a stripped-down array of high quality stock-keeping units, and high-quality customer service. The high wages... MORE

Solow and Samuelson on the Phillips Curve

Books: Reviews and Suggested Readings
David Henderson
In my critical comment on Robert Solow's slam on Friedman, I pointed out that when I reread Solow's and Samuelson's famous 1960 article on the Phillips Curve as a "menu" for policy makers choosing between low unemployment and low inflation,... MORE

Galbraith Opposes Cronyism

Books: Reviews and Suggested Readings
David Henderson
In John Kenneth Galbraith: His Life, His Politics, His Economics, Richard Parker writes: The following year [1951], at the invitation of Puerto Rico's reform-minded governor, Luis Munoz Marin, Galbraith and a small team of researchers paid repeated visits to the... MORE

Kitty Galbraith on Keynes

Books: Reviews and Suggested Readings
David Henderson
Kitty Galbraith makes Hayek's mistake (although check the big caveat below) This is my next installment on Richard Parker's book on John Kenneth Galbraith: His Life, His Politics, His Economics. From a footnote, a quote from Galbraith's wife Catherine (Kitty)... MORE

The Tragedy of Economath

Economic Education
David Henderson
Co-blogger Bryan has done an admirable job of critiquing "economath" here and here. What follows from his critique is what I call "the tragedy of economath." Over my 30+ years of teaching mainly Masters students, I come across really good... MORE

I Was Wrong: Avik Roy was Right

Central Planning vs. Local Knowledge
David Henderson
Avik Roy and I went back and forth by e-mail throughout the day yesterday about my blog post on his article. I still thought he was wrong. But what convinced me was the comment on my post by "Handle." I... MORE

We're Number 12! We're Number 12!

Information Goods, Intellectual Property
David Henderson
In its ratings of economics blogs, "Top 200 Influential Economics Blogs - Aug 2013," Onalytica Indexes ranks Econlog as 12th out of 200! Congratulations to my fellow Econ(b)loggers.... MORE

Can Higher Limits of Out-of-Pocket Costs Help Consumers?

Economics of Health Care
David Henderson
UPDATE BELOW: Avik Roy replies. I got back from my vacation early Monday morning, a vacation on which I had limited Internet access. That's why I didn't respond to this Avik Roy article earlier. Still, I thought that by the... MORE

Galbraith's Imposition of Price Controls

Books: Reviews and Suggested Readings
David Henderson
In 1941, Leon Henderson (no relation), the head of the Office of Price Administration, chose John Kenneth Galbraith as his economist to control prices. This was a few months before the U.S. government officially entered World War II. Galbraith learned... MORE

Daniel Kuehn, in the comments on my recent post on Galbraith's criticism of Keynes, and in his own blog post, has pointed out that Keynes did not commit the error that Galbraith accused him of. To refresh your memory, Galbraith... MORE

Galbraith's Criticism of Keynes

Books: Reviews and Suggested Readings
David Henderson
This is next in my continuing series of posts about Richard Parker's John Kenneth Galbraith: His Life, His Politics, His Economics. In May 1941, John Kenneth Galbraith had an article published in the prestigious Review of Economics and Statistics. It... MORE

Did Galbraith and Steinbeck Ever Discuss This?

Books: Reviews and Suggested Readings
David Henderson
John Kenneth Galbraith was well aware that President Franklin D. Roosevelt's agricultural policy was to pay farmers not to grow in order to drive prices up and to destroy various crops to drive prices up. One obvious consequence was that--prices... MORE

Sunstein Goes Straight to Coercion

Regulation
David Henderson
Time out from posting on Galbraith to note a current discussion. My next post on Galbraith will appear this afternoon. Co-blogger Bryan Caplan has posted recently and cogently about libertarian paternalism and outright coercion. As it happens, I have a... MORE

Friday Night Video: Good Advice from Ashton Kutcher

Economics and Culture
David Henderson
Yes. You read that right. Here's the link. It's less than 5 minutes long. It's advice for young people, but it's good advice for everyone. HT to Bob Murphy.... MORE

Galbraith and the Southern Sharecroppers

Books: Reviews and Suggested Readings
David Henderson
"I am astonished how little we were concerned." In the mid-1930s, under the Franklin Roosevelt-inspired Agricultural Adjustment Act, the U.S. government paid farmers not to grow. Richard Parker, in John Kenneth Galbraith: His Life, His Politics, His Economics, writes: If... MORE

Galbraith on Helping Farmers

Books: Reviews and Suggested Readings
David Henderson
In his book John Kenneth Galbraith: His Life, His Politics, His Economics, Richard Parker tells us that Galbraith's first specialty in economics was agricultural economics. As a result of earning his Ph.D. in ag econ at Berkeley and having the... MORE

Galbraith Bests Henderson: AEA Edition

Finance
David Henderson
Note: Because it's hard to get on line at my cottage, I'm not as responsive to comments on my posts as I normally am. I will say, though, that I thought Mike Davis's comment yesterday was excellent. I said in... MORE

Richard Parker on John Kenneth Galbraith

Books: Reviews and Suggested Readings
David Henderson
I'm on vacation at my cottage in Minaki, Ontario and, because the weather until recently has not been up to par, I'm doing more reading than usual. The book I'm currently working my way through is John Kenneth Galbraith: His... MORE

Many people worry that a majority of the voting-age population will soon pay no federal income tax and will, therefore, be motivated to vote themselves even more federal transfers. Undoubtedly, most of those paying little in taxes want more government... MORE

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