EconLog small logo

David Henderson: March 2015

An Author Archive by Month (30 entries)

I'm a Full Professor!

Labor Market
David Henderson
Last summer, after 22 years as a tenured Associate Professor, I decided to come up for promotion to Full Professor. I did so partly at the urging of three colleagues in the Graduate School of Business and Public Policy, where... MORE

Last summer, I highlighted famous Canadian whisky producer Sam Bronfman's claim that the greatest invention in history is interest. I then posted on how to get rich slowly and drew strongly on the idea of compound interest. Of course, I... MORE

Russ Roberts on Adam Smith's Rules for Living

Books: Reviews and Suggested Readings
David Henderson
The prudent man, claims Roberts, does not smoke, is "physically active and keeps his weight under control," and "works hard and avoids debt." On debt, I must part company. It was by taking on what seemed like a massive debt... MORE

He Had Me at Page One

Books: Reviews and Suggested Readings
David Henderson
"I've always had trouble succeeding along traditional Bush family lines." So writes Jonathan Bush on p. 1 of his book, Where Does It Hurt? With that one sentence, he had me. Bush is a nephew of George H. W. Bush... MORE

Richer than Rockefeller?

Growth: Consequences
David Henderson
This is the longest time I've gone without posting, other than when I'm on vacation at my cottage in Canada in August. I was traveling and my computer was being repaired after I got back. I gave a talk at... MORE

A Rare Disagreement with Bryan Caplan

Labor Market
David Henderson
Last week I highlighted Bryan Caplan's comprehensive notes, homework sets, and keys to homework for the courses he teaches. While perusing his first homework set for his labor economics course, I came across the following problem: Using separate supply-and-demand curves,... MORE

The Boys in the Boat

Books: Reviews and Suggested Readings
David Henderson
On my flight from Chicago to Phoenix on Thursday, I finished The Boys in the Boat. It's subtitled "Nine Americans and Their Epic Quest for Gold at the 1936 Berlin Olympics." I highly recommend it. Not that this is why... MORE

My Speech at UNC Wilmington

Upcoming Events
David Henderson
This coming Monday, March 23, I will be speaking at the University of North Carolina at Wilmington. Title of Speech: Seven Myths About Free Markets Date: March 23 Time: 7:00 p.m. Place: Cameron Hall, 105 If you make it to... MORE

A Partial Defense of David Friedman

Public Goods
David Henderson
Scott Alexander, about whom both David Friedman and co-blogger Bryan Caplan have raved, has a lengthy book review of David's The Machinery of Freedom. As I write this, there are 479 comments on his post and I looked only at... MORE

Gerson's Confusion about Inequality

Income Distribution
David Henderson
Putnam's goal is to reveal the consequences of inequality on kids. This unfairness is rooted in various, interrelated trends: family instability, community dysfunction and the collapse of the blue-collar economy. The result is a growing, class-related gap in social capital... MORE

The Ides of March: Gordon Tullock Strikes Again

Public Choice Theory
David Henderson
Phil Edwards over at Vox has written a fun piece on the assassination of Julius Caesar on the Ides of March. Most of us know what we "know" about it from Shakespeare. Bad idea, says Edwards, and he shows why.... MORE

Bryan Caplan's Notes

Economic Education
David Henderson
In a post this morning, co-blogger Bryan Caplan made the following statement: Furthermore, when there's a surplus of workers, the cost of outright bigotry sharply falls. I thought the link he would give would be to the article "Discrimination" in... MORE

A Gap in Public Choice?

Public Choice Theory
David Henderson
Sometimes Politicians' Own Thoughts and Interests Matter for Understanding Policy Even though public choice has not taken the economics profession by storm, there's a kind of crude public choice that is popular among libertarians and libertarian-leaning people who are skeptical... MORE

Krugman and Netanyahu

Cross-country Comparisons
David Henderson
Reading Paul Krugman's latest post on Greece motivated me to go back and reread an earlier post by Tyler Cowen at Marginal Revolution. And that got me thinking about Bibi Netanyahu's recent speech to Congress and an analytic piece by... MORE

On Fringe Benefits I Blew the Equilibrium

Economics of Health Care
David Henderson
Three commenters whom I respect and whose work I respect--John Goodman, Tim Worstall, and Scott Sumner--made critical comments on my most recent blog post, "Fringe Benefits and Stagnating Wages." My basic point is right, but I blew the equilibrium. I... MORE

Fringe Benefits and Stagnating Wages

Labor Market
David Henderson
Former co-blogger Arnold Kling has an excellent post this morning on measurement of worker compensation. He quotes a question from one of his readers. I'll let you read it for yourself. Then Arnold answers: There is a measure of wage... MORE

Paul Samuelson's Take on the Great Depression

Economic History
David Henderson
In jumping around through the blogosphere last night, I came across this quote from Paul Samuelson, in an interview he did in 2009 with Conor Clarke: Well, let me give you a bit of boring autobiography. I came to the... MORE

The Henderson Misery Index

Macroeconomics
David Henderson
A Friendly Amendment: Don't Forget Your Irving Fisher During the 1976 campaign for U.S. president, candidate Jimmy Carter popularized the "Misery Index" as a way of criticizing his opponent, Jerry Ford. The misery index--equal to the sum of the inflation... MORE

Distorted Incentives for Prosecutors

Economics of Crime
David Henderson
You get (more of) what you (don't) pay for. When a local prosecutor sends a convicted felon to prison, the cost of keeping him locked up--an average of $31,286 per year--is paid for entirely by the state, not the county... MORE

Rubio-Lee Isn't Great

Taxation
David Henderson
Co-blogger Scott Sumner, over at his TheMoneyIllusion blog, has a post titled "Rubio-Lee is great, so why not make it even greater?" I don't agree that Rubio-Lee is great. It has many good features and Scott has listed pretty much... MORE

Ball State University economists Philip R.P. Coelho and James E. McClure wrote a short piece recently that makes an obvious and telling point. But even though it's obvious, few people who discuss the minimum wage are talking about it. And... MORE

Dom Armentano

Books: Reviews and Suggested Readings
David Henderson
Following a few of links in Bryan Caplan's latest post, I came across this book (zero-price as a pdf) edited by Walter Block. Titled I Chose Liberty, it's a series of essays on how various libertarians or close-to libertarians came... MORE

Cooperate with Others, Brain Feels Fuzzy

Behavioral Economics and Rationality
David Henderson
I can almost guarantee that you won't have a clue what this post is about just by reading the title. How does it fit on an economics blog? Because it's about psychic rewards from helping make things work and go... MORE

Krugman versus Krugman on Labor versus Butter

Price Controls
David Henderson
OMG. In my recent post "Krugman's Priceless Economics," I criticized a recent column by Paul Krugman in which he argued against thinking about labor markets in terms of supply and demand. I quoted the following from his article: Specifically, this... MORE

Can One Conduct Cost-Benefit Analysis of a Policy?

Cost-benefit Analysis
David Henderson
The answer to the question I asked in the title seems as if it should be "Yes." And not just "yes," but "Obviously yes." Yet economist John Whitehead says that one can't conduct cost-benefit analysis of a policy. Specifically, he... MORE

Illegal Means Illegal

Economics of Crime
David Henderson
What's the difference between Silk Road and e-Bay? George Washington University political science professor Henry Farrell recently wrote a piece titled "Dark Leviathan." He states his case so well that I won't try to paraphrase it. Instead, I'll quote one... MORE

Krugman's Priceless Economics

Microeconomics
David Henderson
As regular readers of my posts on Econlog know, although I am often critical of Paul Krugman, I defend him when he's doing good economics (here, for example). His New York Times column yesterday, though, "Walmart's Visible Hand," essentially throws... MORE

Who Loses from Insider Trading?

Business Economics
David Henderson
In one of this month's two Feature Articles, "Who Is Harmed by Insider Trading?", Charles L. Hooper takes a look at insider trading. Specifically, whom does it hurt. A key paragraph: Insider "hurt" Uninformed Buyer by nabbing Uninformed Buyer's unexpected... MORE

Consider the Substance

Behavioral Economics and Rationality
David Henderson
In Econlog's sister blog, Online Library of Law & Liberty, Lauren Weiner makes an important distinction. Left wing pundit David Corn has accused Fox News Channel's Bill O'Reilly of exaggerating in telling about his experience in Argentina during and after... MORE

Krugman's Bait and Switch

Revealed Preference
David Henderson
Paul Krugman has a post on the importance of MIT economists in policy discussions. Had he simply made the point that they are highly influential, his post would have been fine. We could still argue about which of the influences... MORE

Return to top