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David Henderson: October 2016

An Author Archive by Month (25 entries)
On Thursday I posted on the CEA's report on labor market monopsony. On Friday I posted Part II. Here is Part III. I analyze the report seriatim. The Minimum Wage The CEA writes: Economic theory suggests that in competitive markets,... MORE

Yesterday, I posted on the basics of monopsony in the labor market, with a promise to critique the CEA report on monopsony, occasionally referring to Adam Ozimek's excellent, but shorter, critique. In what follows, I go through the CEA report... MORE

This month, the President's Council of Economic Advisers issued a 21-page report on labor market monopsony. It's titled "Labor Market Monopsony: Trends, Consequences, and Policy Responses." As with many reports issued by economists who are paid by government, it has... MORE

Robert Tollison, RIP

Obituaries
David Henderson
Many people have already done obits and reminiscences of Robert Tollison, a 73-year-old economist who died in his sleep on Monday. My two favorite are Pete Boettke's and this one at the Liberty Mortuary in Liberty, South Carolina. Most... MORE

Does Stress Over Politics Mean You Need to Get a Life?

Public Choice Theory
David Henderson
On his other blog, co-blogger Scott Sumner quotes a news article as follows: For all their sharp differences, supporters of Hillary Clinton and Donald Trump have one thing in common: election-related stress. Nearly half of all likely voters in the... MORE

Canada Can't Dodge Two Bullets

International Trade
David Henderson
At this writing, the odds that Hillary Clinton will defeat Donald Trump for the U.S. presidency are very high. If your concern is trade between Canada and the United States, Canada dodged a bullet. Donald Trump is hostile to trade,... MORE

Paul Krugman, in a post today titled "Debt, Diversion, Distraction," argues, as his title implies, that we get diverted and distracted from more important issues if we worry about the coming high deficits and debt. His reasoning is faulty. First,... MORE

Bio of Paul Krugman

International Trade
David Henderson
In 2008, U.S. economist Paul Krugman won the Nobel Prize in Economic Sciences. Krugman, one of the best-known economists in the world, is familiar to the public mainly through his regular column in the New York Times and for his... MORE

What Has Congress Ever Done for Us?

Political Economy
David Henderson
I've been catching up on Wall Street Journal issues that piled up over the summer. One particularly good unsigned editorial (the Journal calls these "Review and Outlook") was the July 19 (July 20 print edition) editorial titled "What Has Congress... MORE

One Congressman Can Sometimes Do a Lot, Part II

Public Choice Theory
David Henderson
I posted yesterday about Justin Amash's Cato University speech. Below is most of the rest of it. I'm putting his parts in block quotes. The italics are his. My comments follow where appropriate. I'll end with comments on Public Choice.... MORE

One Congressman Can Sometimes Do a Lot, Part I

Public Choice Theory
David Henderson
This is from a recent speech given by Justin Amash, a member of the U.S. House of Representatives from Michigan, at Cato University. His speech is block quoted and the italics are his. My comments follow where appropriate: What's a... MORE

In 1992, I went to San Francisco's Candlestick Park to see the Giants play the Cincinnati Reds. To get into the baseball spirit, I wore my blue L.A. Dodgers helmet. (I root for both the Giants and Dodgers, but... MORE

Consumer Surplus and the Presidential Election

Economic Philosophy
David Henderson
I woke up this morning at 4:30 a.m. and, as is my wont, reached for my iPhone. On it was a message I've never seen before. It told me that there was an activation lock on my phone. When I... MORE

Deltas

Economic Methods
David Henderson
I often get the impression from various people's comments on my posts that they think that when I write words to the effect that "Person X didn't do this bad thing," "Person Y did this bad thing," "Person Z did... MORE

The Most Important Economic Idea

Economic Education
David Henderson
Questioner: If there was one economic idea you could explain to everyone on earth, what would it be? Economist Steve Horwitz: The idea that prices are knowledge surrogates. Prices aren't mere numbers--they are [a] form of communication that goes beyond... MORE

What Some People Like About Donald Trump

Public Choice Theory
David Henderson
He fights back. "Cet animal est tres mechant; quand on l'attaque, il se defend" ("This animal is very wicked; when you attack it, it defends itself.") I've read various articles about why people like Donald Trump, or, even if they... MORE

Henderson Review of a Peter Navarro Book

International Trade
David Henderson
Adam Davidson, in the New Yorker, highlights the thinking of Peter Navarro, a Ph.D. economist who is on Donald Trump's economic team.* In 2010, I reviewed Seeds of Destruction, a book by Glenn Hubbard and Peter Navarro, and quoted some... MORE

A Great Paragraph from Arnold Kling

Regulation
David Henderson
Now, journalists want to paint Greenspan as a great free-marketeer, as if he spent his career fending off cries for more financial regulation. In fact, there was a consensus in the 1980s that inter-state banking had to arrive and that... MORE

To understand their work, start with a pillar of economics that I teach on the first day of class: Incentives matter. Mr. Hart and Mr. Holmstrom take that principle and run with it, seeking to understand incentives within both individual... MORE

My Writing Tutor: Dan Seligman

Entrepreneurialism
David Henderson
Looking over my posts in the last few years, I realized that I had promised to tell my story of dealing with the toughest editor I ever had: the legendary Dan Seligman of Fortune magazine. I'll tell it in two... MORE

Five Victims of Joseph Stalin

Economics of Crime
David Henderson
My Hoover colleague Paul Gregory, an economist who studied and still studies the Soviet Union, has put together a book, Women of the Gulag: Portraits of Five Remarkable Lives. Now a film is being made about these 5 women... MORE

Minogue on the Accountability Flip

Economic Philosophy
David Henderson
My concern with democracy is highly specific. It begins in observing the remarkable fact that, while democracy means a government accountable to the electorate, our rulers now make us accountable to them. Most Western governments hate me smoking, or eating... MORE

A Nobel Prediction

Incentives
David Henderson
I have my wishes about who will win the Nobel Prize in Economics on Monday. But I always distinguish between what I want and what I expect. I have never predicted the Nobel accurately, after trying for over 20 years.... MORE

The New York Times Overpaid

Taxation
David Henderson
The New York Times, which apparently broke the law by publishing some of Donald Trump's 1995 tax return, overpaid a tax accountant. Here's the relevant NYT statement in a news report by NTY reporters David Barstow, Susanne Craig, Russ Buettner,... MORE

The Case for Allowing Cash

Monetary Policy
David Henderson
There is a possible universe in which these arguments against cash would be true. In such a world, politicians and bureaucrats would know and single-mindedly pursue the public interest (that is, what is in the interest of everybody), economists and... MORE

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