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David Henderson: September 2016

An Author Archive by Month (27 entries)
Yesterday, co-blogger Scott Sumner wrote an excellent post taking on the Boston Globe columnist Renee Loth's weak case against marijuana legalization. (Her column is from April, but it's still relevant.) The case is even weaker than Scott says. Consider this... MORE

In a very pessimistic essay about America's future, my former Hoover colleague Angelo Codevilla writes: What goes by the name "constitutional law" has been eclipsing the U.S. Constitution for a long time. But when the 1964 Civil Rights Act substituted... MORE

Charles L. Schultze RIP

Central Planning vs. Local Knowledge
David Henderson
Charlie Schultze, Brookings Institution economist and former economic adviser to President Jimmy Carter has died at age 91. Charlie was old-school in the best sense of that term. From what I could tell at a distance, he believed in using... MORE

The Biggest Loser: Lester Holt

Growth: Causal Factors
David Henderson
Although Donald Trump is a very close second. And, I agree with Paul Krugman but he left something out. I tried to watch last night's "debate" between Hillary Clinton and Donald Trump. I really did. Unfortunately, I lasted only about... MORE

The U.S. Postwar Miracle

Fiscal Policy
David Henderson
Co-blogger Scott Sumner posted yesterday some interesting facts and figures about the post World War II economic boom in the United States that came after the U.S. government cut government spending massively. I wrote a study on this for Mercatus... MORE

The Humanity of McDonald's

Business Economics
David Henderson
If a government agency were as effective, Hilary and Bernie would never let us hear the end of it. Here's a story that John Strong told on Facebook this morning (reproduced with his permission, along with some slight edits): I... MORE

Paul Romer on Paul Volcker

Macroeconomics
David Henderson
Economist Paul Romer reprints a letter he received from an aspiring graduate student in economics and his response to the reader. There is much that is valuable in the letter. In fact, it's on net valuable. But I will follow... MORE

A Community Comes Together

Central Planning vs. Local Knowledge
David Henderson
Four years ago, I posted about Rolf Penner, a Manitoba farmer who was fighting the Canadian Wheat Board, the government-run monopsony that bought and then resold the wheat produced by western Canada's farmers. My interaction with him led to an... MORE

Incentives and Get Out the Vote

Public Choice Theory
David Henderson
Although I still think Hillary Clinton is likely to win the presidency, both she and some of her supporters are unwittingly undercutting one of her big advantages: her "get out the vote" effort. Clinton is leaving nothing to chance, putting... MORE

The Case for Voting

Public Choice Theory
David Henderson
As I noted in "My Case for Activism," I found co-blogger Byran Caplan's objection to voting underwhelming. To be fair, he wasn't saying that other people shouldn't vote; rather, he was saying that he found voting "traumatizing." Six days after... MORE

One of my favorite newspaper columnists, Steve Chapman of the Chicago Tribune, has written an article titled "Trump's Economic Fraud." It's partly about what the title says it's about but it's mainly about the question I ask in the title... MORE

They [Hong Ru and Antoinette Schoar] find that less-educated households were offered higher late fees, over-limit fees, and default penalty rates, as well as more upfront inducements, such as low introductory APRs, cash back, and waivers of annual fees. In... MORE

The Corruption of Politics

Public Choice Theory
David Henderson
Various people have commented on the leaked emails of former Secretary of State Colin Powell. In them, he made candid comments about various major politicians whom he knows and interacted with. Here's the one about Hillary Clinton I found most... MORE

For the Separation of Stadium and State

Taxation
David Henderson
The title of this post is the same as the title of an article by Jonah Goldberg about the Colin Kaepernick incident. (If you haven't been paying attention to the NFL lately, here's the summary: Kaepernick is a San Francisco... MORE

Jonathan Lipow on the Role of Government

Economic Philosophy
David Henderson
As such, those on the left or the right of America's political spectrum may regard the proposals I offered in this book as an incoherent hodgepodge. Following my son's advice, I totally deny that and instead make a counteraccusation: many... MORE

The Dynamics of Poverty

Income Distribution
David Henderson
Every year at this time, when the U.S. Census comes out with its report on incomes and poverty, there is a special section titled "The Dynamics of Poverty." It always shows that there is mobility between income categories, even in... MORE

My Case for Activism

Public Choice Theory
David Henderson
The person who says it cannot be done should not interrupt the person doing it. ~ Chinese Proverb "That will be thirteen ninety-nine plus a dollar and one cent for tax," said the clerk at Orchard Supply Hardware. I handed... MORE

Good Economics News from Harvard

Economic Education
David Henderson
The [Harvard] College's fourth most popular course, Economics 1017: "A Libertarian Perspective on Economic and Social Policy," saw a significant jump in enrollment to 497 undergraduates from 251 undergraduates last year. Economics senior lecturer Jeffrey A. Miron, who teaches Ec... MORE

The Conard Line on the Trade Deficit

International Trade
David Henderson
Tyler Cowen writes: This framework makes Conard a revisionist on the U.S. trade deficit. The traditional story is that Americans buy goods from, say, East Asia, and the sellers respond by investing those dollars back in the U.S., a win-win... MORE

Let Them In

Regulation
David Henderson
Yesterday, over at our sister site, "Library of Law and Liberty," Northwestern University law professor John O. McGinnis had an interesting post. It's titled "The Obama Administration is Helping Raise Your Airfares." In it, Professor McGinnis makes the case that... MORE

The FDA's Power Grab

Regulation
David Henderson
But if the FDA gets its way, nitroglycerin will not be obtainable for pennies. The situation was stable until Pfizer went through the time and expense required to test its particular version of nitroglycerin, Nitrostat, which the FDA approved in... MORE

Scott Alexander IS an Economist

Economics of Health Care
David Henderson
So many other bloggers called attention to Scott Alexander's outstanding post about why the price of EpiPen is so high that I didn't feel the need to. But now he has written another post about drug prices and the harm... MORE

Response to Professor Stephen Gordon

Taxation
David Henderson
Last month, I posted about Professor Stephen Gordon's confusion between a tax and a price. Professor Gordon responded, and I responded to him. Here's an excerpt from my response: Both Foster and I noted that there is an important distinction... MORE

Using "not entirely" in this case is like saying Rocky was "not entirely" about loan collections. On a blog called EconLog, I generally stick to economics. But occasionally I make an exception to deal with other issues. One is media... MORE

Honor Laborers

Labor Market
David Henderson
Most Americans think of Labor Day as part of a long weekend and the unofficial end of summer. It was originally meant, though, to recognize the contributions of labor unions. I recommend a third alternative: use Labor Day to... MORE

No, Ben Bernanke, He Wasn't

Monetary Policy
David Henderson
Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history. So writes former Fed chairman Ben Bernanke. Monetary economist and fellow UCLA grad Lawrence H. White disagrees. Larry writes: Now that the controversy has cooled we... MORE

P.J. O'Rourke on Math

Books: Reviews and Suggested Readings
David Henderson
Warning: I normally post on one thing at a time. This is more stream of consciousness than I'm used to doing. My favorite P.J. O'Rourke book is Eat the Rich: A Treatise on Economics, written in 1998. In my review... MORE

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