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David Henderson: February 2017

An Author Archive by Month (24 entries)

Illiberal Reformers is Heartening

History of Economic Thought
David Henderson
No, using "is" instead of "are" is not a typo. Illiberal Reformers is the title of an excellent book by Princeton University economics lecturer Thomas C. Leonard. The subtitle is "Race, Eugenics & American Economics in the Progressive Era."... MORE

BLS Overstates Drop in Labor Share

Labor Market
David Henderson
One of the most striking and troubling patterns in the US economy in recent decades is the "declining labor share: that is, the pattern that the share of the value of output (in the nonfarm business sector) that goes... MORE

Getting the Facts

Behavioral Economics and Rationality
David Henderson
In the late 1990s and early 2000s, in one standard part of an optimistic speech I gave about the modern economy and the effect of the Internet, I told a story from a 1977 Woody Allen movie, Annie Hall, that... MORE

Quinones versus Eberstadt

EconTalk
David Henderson
We have demonized government and laughed at government and called it incompetent, not paid taxes to support it. And we have a situation now, in my opinion, where--having done all that, having exalted the private sector, demonized government, what we... MORE

Kenneth Arrow, RIP

Obituaries
David Henderson
Yesterday, Nobel Prize winning economist Kenneth Arrow died. Many first-rate appreciations of him have been published and I won't try to duplicate what they have said. Rather, I'll give my own recollections of Arrow. And I'll lead with one joke... MORE

How San Diego Built a Bridge Over the Wall

International Trade
David Henderson
That's the title of a great article in Politico by Ethan Epstein. There's so much interesting in there: 1. How forward-looking San Diegans figured out how to get a better airport without using a military base--and why. (On the latter,... MORE

Freedom of Speech and Private Property

Property Rights
David Henderson
In the last few days, I've seen a number of discussions, mainly on Facebook, in which even some libertarians have claimed that two people's free speech rights were violated in two recent events. I was thinking about writing about it,... MORE

Bryan Caplan's Best Line and My Thoughts

Taxation
David Henderson
I was stuck at LAX for about 9 hours on Saturday after my wife's and my flight was cancelled. So we used our time to work and I used part of my time to watch on Facebook co-blogger Bryan's debate... MORE

Taxes and Deadweight Loss

Taxation
David Henderson
In his excellent post on taxes and the incidence of taxes, co-blogger Scott Sumner does not mention another important issue in taxation: deadweight loss. The deadweight loss from a tax is the part of the loss to those who bear... MORE

Michael Novak RIP

Economics and Culture
David Henderson
Michael Novak, the well-known Catholic theologian at the American Enterprise Institute, died today. I didn't know him well and I didn't know his work well. My late friend Roy Childs, Jr., was somewhat of a fan, if I recall correctly.... MORE

Why Tyler Cowen's Pessimism Fails to Persuade Me

Growth: Consequences
David Henderson
"Why should it be different this time?" So asks Tyler Cowen in opening his recent Bloomberg article "Industrial Revolution Comparisons Aren't Comforting." The idea of people who ask that question--I'm one of them--is that the Industrial Revolution worked out pretty... MORE

Protectionism IS Inflationary

Monetary Policy
David Henderson
Co-blogger Scott Sumner wrote a post recently titled "Protectionism is Not Inflationary." I disagree. Thus the title of this post. We both learned from the great Milton Friedman--Scott as one of his students, me indirectly as a student of two... MORE

In 1996, U.K. statisticians estimated 10 recessions between 1955 and 1995. In 2012, other U.K. statisticians "disappeared" 3 of them. In 1966, the late Paul Samuelson stated that the stock market has predicted 9 of the last 5 recessions. That's... MORE

The Case for Check-Cashing Stores

Business Economics
David Henderson
Lisa Servon is an economist in disguise. A number of bloggers have linked to this article in the last few days and it's well worth reading. It's about Lisa Servon, a professor of city and regional planning at the... MORE

The Henderson Squawk Box Highlight Reel

Productivity, Baumol's cost disease
David Henderson
CNBC has posted a 3-minute version of my 4.7-minute video from earlier this morning. It's here.... MORE

Henderson on Squawk Box

Upcoming Events
David Henderson
I'll be on Squawk Box tomorrow early a.m. from Pebble Beach. It's on CNBC. 6:30 a.m. to 6:40 a.m. EST. 3:30 a.m. to 3:40 a.m. PST. I'll have to get up at about 2:20 a.m. Yikes! Set your DVRs.... MORE

Bribe Bully Beg Borrow Steal

Public Choice Theory
David Henderson
That's the title Reason gave to my cover story in the March issue. An excerpt: "Donald Trump's Carrier Deal is Pure Crony Capitalism," read the headline of a Newsweek op-ed by American Enterprise Institute fellow Claude Barfield. Trump supporter Sarah... MORE

How NAFTA Facilitates Supply Chains

International Trade
David Henderson
When I teach about gains from trade, I start with two people and two goods on a desert island and work from there. Then I graduate to multiple people and multiple goods in two cities, then states, and, finally countries.... MORE

TANSTAAFL

Labor Market
David Henderson
Pardon the grammar. The correct grammar is: TINSTAAFL: There is no such thing as a free lunch. Don Boudreaux has an excellent post this morning in which he takes on a post at the American Enterprise Institute about mandated... MORE

Hans Rosling RIP

Obituaries
David Henderson
Hans Rosling died today of pancreatic cancer. What a loss! If you have never watched any of his videos, these are the two main ones I recommend: 1. The washing machine. 9 minutes. And here's my own reminiscence about... MORE

Hooper on Henry George on Protection or Free Trade

International Trade
David Henderson
Protection or Free Trade is two books in one. The first part is a thorough dismantling of protectionist arguments and a defense of free markets, free trade, capitalism, specialization, economic progress, and freedom in general. The second part of the... MORE

Politics is Not Usually About Policy

Behavioral Economics and Rationality
David Henderson
Why you probably shouldn't pay attention to Milo Yiannopoulos. Co-blogger Bryan Caplan is a fan of his colleague Robin Hanson. One of Robin's favorite aphorisms is "Politics is not about policy." When I first heard it, I did what many... MORE

Cotton from Teksa

International Trade
David Henderson
In preparing my OLLI talk on free trade that I discussed yesterday, I read large parts of The Travels of a T-Shirt in the Global Economy by Pietra Rivoli. It's very good. Rivoli, a professor at Georgetown University, does... MORE

Speaking at Osher Lifelong Learning Institute

International Trade
David Henderson
Bottom line: If you get asked to make a proposal to speak at OLLI, say yes. Yesterday, I gave a talk in Monterey for the local Osher Lifelong Learning Institute (OLLI), the one that's affiliated with California State University,... MORE

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