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David Henderson: July 2015

An Author Archive by Month (29 entries)

Biography of Edmund Phelps

Growth: Causal Factors
David Henderson
In The Concise Encyclopedia of Economics, I have bios of all of the winners of the Nobel Prize in economics through 2004, technically the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. But there have been a... MORE

Krugman on Greece

Cross-country Comparisons
David Henderson
Athens, we have a problem. I missed seeing Paul Krugman on Fareed Zakaria's show on CNN on July 19. The transcript is worth looking at, not because it's that informative about Greece but because it's informative about how--and how carefully--Krugman... MORE

Good for Jared Bernstein

Taxation
David Henderson
Those who know me well know how much I like civility in debate. And, beyond civility, I like even more when people on one side of an issue will grant a point made by someone on another side of an... MORE

What You Mean "We", Scott Alexander?

Labor Market
David Henderson
My co-blogger Bryan Caplan, as well as many other bloggers and friends, have recommended Scott Alexander's (that's not his real name) blog, slatestarcodex. I have had it on my feed for a number of months now and, like them, find... MORE

I highly recommend this. Warning: some language.... MORE

Abigail Hall's Case Against Supporting Politicians

Public Choice Theory
David Henderson
In a blog post yesterday, "Standing with Rand? Maybe Take a Seat," Independent Institute Research Fellow and recent George Mason University Ph.D. Abigail Hall makes a case against supporting Rand Paul, but then generalizes and makes it a case against... MORE

Some Practical Advice

Behavioral Economics and Rationality
David Henderson
Play the Hand You're Dealt One of the things I do around the margins with my students--it's not part of the curriculum--is give them my "words of wisdom" about dealing in the world. A lot of it has to do... MORE

Econlib in Top Three!

Economic Education
David Henderson
We have just learned that businesseconomics.com has listed Econlib as one of the top three sites for Economic Education in 2015. I agree. :-) The announcement is here. An excerpt: We are delighted to publish the award winners for 2015.... MORE

Quick answer: No. Jared Bernstein, of the Center on Budget and Policy Priorities, writes: By significantly increasing the salary threshold below which salaried workers get overtime pay, President Obama just took a big step toward updating a critical labor standard... MORE

The Merits of Cochrane's Case

Growth: Causal Factors
David Henderson
I posted this last weekend about an important history of thought mistake in a recent John Cochrane post. Although I said that his post was "otherwise excellent," I didn't elaborate. Now I do. John made the case, contra Noah Smith,... MORE

My Private-Sector Complaint

Business Economics
David Henderson
I agree with virtually everything in co-blogger Scott Sumner's complaint about, and analysis of, the government sector. I did a Krugman about the DMV a year ago and the evidence people presented in the comments caused me to cry uncle... MORE

The Origins of the Dismal Science

Economic History
David Henderson
How the Dismal Science Got Its Name In an otherwise excellent post responding to Noah Smith about economic growth, my Hoover colleague and friend John Cochrane makes a mistake in the history of economic thought. John writes: They do not... MORE

Obama on the Symmetry of Rape

Economics of Education
David Henderson
At his press conference two days ago, President Obama said: If you give a woman, or a man, for that matter, without his or her knowledge, a drug and then have sex with that person without consent, that's rape, and... MORE

My Response to Donald Trump

International Trade
David Henderson
Many of my libertarian and conservative allies have attacked Donald Trump viciously. Some comment on his hair style, others comment on the self-promotion aspect of his speaking style. One young libertarian friend, whom I think quite highly of, I might... MORE

Warsh on Friedman versus Samuelson

Economic History
David Henderson
Biography is no substitute for history, much less for theory and history of thought, and journalism is, at best, only a provisional substitute for biography. But one way of understanding what happened in economics in the twentieth century is to... MORE

Thoughts on Debate

Competition
David Henderson
I strongly agree with almost everything that co-blogger Bryan Caplan wrote about debate. I do want to add a couple of things he didn't say. One of them slightly contradicts one of Bryan's pieces of advice. Here's the one that... MORE

Friday Evening Audio: Detective Radio

Income Distribution
David Henderson
A Ph.D. economics student named Garrett M. Petersen interviewed me last week about inequality. He has done a series of interviews with economists on various topics and Garrett comes prepared. His questions and the thoughtfulness behind them are head and... MORE

We're Number 44! We're Number 44!

Fiscal Policy
David Henderson
I've been looking at the pictures on the Mercatus web site for a study titled "Ranking the States by Fiscal Condition." It's by Mercatus Center senior research fellow Eileen Norcross and was released two days ago. Just aesthetically, the pictures... MORE

MSNBC Host Admits We Didn't Have Laissez-Faire

Economic History
David Henderson
Do you remember during the financial crisis when various commentators on the left were saying that Ronald Reagan had brought in an era of almost laissez-faire? In an April 13, 2008 article in the New York Times, for example, Peter... MORE

Krugman on Canada's Austerity

Fiscal Policy
David Henderson
Two days ago, I complimented Paul Krugman for a short blog post he did. Today he came about as close as he ever does to returning the compliment, which is to say, not close at all. But at least he... MORE

Henderson on the 1990s Budget Cuts

Fiscal Policy
David Henderson
My latest Mercatus study, "U.S. Federal Budget Restraint in the 1990s: A Success Story," was published last week. In it, I detail how, in a bipartisan way, Congress and the President cut government spending substantially as a percent of GDP... MORE

A Good Krugman Post

Economic Philosophy
David Henderson
Every once in a while, Paul Krugman writes a post that I find moving and, dare I say, endearing. He had one today titled "The Scale of Things (Personal and Trivial)." It is personal. I don't think it's trivial. I... MORE

The Socialist Economics of Italian Fascism

Cross-country Comparisons
David Henderson
On numerous occasions, Benito Mussolini identified his economic policies with "state capitalism"--the exact phrase that Vladimir Lenin used to usher in his New Economic Policy (NEP). Lenin wrote: "State capitalism would be a step forward as compared with the present... MORE

Employee Theft

Labor Market
David Henderson
I was reminiscing today with a friend about jobs we had when we were in high school and college. We had both worked in a kitchen for a big restaurant--he in Philadelphia and I at a resort in Minaki, Ontario... MORE

Fracking: The Upside of Concentrated Beneficiaries

Public Choice Theory
David Henderson
UPDATE BELOW It's actually an upside of property rights. When explaining why various subsidy programs, tariffs, import quotas, and domestic restrictions on entry into various industries and occupations exist, public choice economists lean heavily on the concentrated benefits/dispersed costs paradigm.... MORE

About two weeks ago, I challenged the following brief statement by Arnold Kling: We can also find this normative analysis among libertarians. Blaming terrorism on blowback for foreign intervention. Arnold was claiming that many libertarians are finding government intervention in... MORE

HINT: The textbook is The Economic Way of Thinking by Heyne, Boettke, and Prychitko. UPDATE BELOW In an excellent post today, Greg Mankiw writes about an unnamed competitor's textbook: I happened to be flipping through another introductory economics textbook. (Yes,... MORE

On Tuesday, Lisa Farbstein, an employee of the Transportation Security Administration, tweeted a photo of a bag containing $75,000 in cash and said: If you had $75,000, is this how you'd transport it? Just asking. TSA @ #RIC spotted this... MORE

My Failed Gotcha

Economic Philosophy
David Henderson
And remembering another failed gotcha in the past--and what I learned from it. This morning I read an article about the Greek crisis by UC Berkeley economist Barry Eichengreen, who has been following the crisis. In it, he writes: The... MORE

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