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David Henderson: May 2017

An Author Archive by Month (22 entries)

U.S. Immigration Has Had a Large Positive Long-Run Impact

Labor Mobility, Immigration, Outsourcing
David Henderson
Our findings provide evidence that helps us better understand the impacts of immigration in United States history. The first is that, in the long-run immigration has had extremely large economic benefits. The second is that there is no evidence that... MORE

AARP on Drug Prices

Economics of Health Care
David Henderson
A few years ago I finally succumbed and became a member of the AARP. My reason is that it gave me a substantial discount on my eye glasses, a discount that more than paid for the annual fee. As a... MORE

Tabarrok on the Great Depression

Macroeconomics
David Henderson
Alex Tabarrok narrates a very good video on the Great Depression. It's called "Understanding the Great Depression." In it, he applies an aggregate demand/aggregate supply framework and puts most of what happened in that framework. I have two criticisms, but... MORE

Larry Summers Trumps Trump

International Trade
David Henderson
On agriculture, China reiterated a promise that it has broken in the past to let in more beef. Previously, we, as reciprocity, had been withholding publication of a permissive rule on Chinese poultry, but we have now relented. Advantage... MORE

Solar Power: Lots of Jobs per KWH is Bad, not Good

Energy, Environment, Resources
David Henderson
Creating jobs is not the same as creating wealth. When I start a class in economics, I start with the Ten Pillars of Economic Wisdom. The pillar above about jobs and wealth is #8. When I teach it, I... MORE

Nowrasteh on E-Verify

Labor Market
David Henderson
I asked Alex Nowrasteh for his input on the E-Verify issue that I posted about yesterday. Here's what he wrote: E-Verify won't work because employers ignore it in states where it is required with virtually zero legal consequences (see blog... MORE

E-Verify: Let's Make Us More Like Europe

Labor Market
David Henderson
One of the main things the United States has going for it is its relatively fluid labor market, relative, at least, to labor markets in much of Europe. I wrote over 20 years ago about the Europeanization of the U.S.... MORE

Is Mankiw's $2.10 Optimal Gas Tax Correct?

Energy, Environment, Resources
David Henderson
In Sunday's post, I noted an important deficiency in Greg Mankiw's treatment of negative externalities and stated that this matters for his treatment of gasoline taxes. Here's why. Greg lists 3 negative externalities associated with gasoline, and says that the... MORE

Greg Mankiw's Deficient Treatment of Negative Externalities

Energy, Environment, Resources
David Henderson
I was teaching my class Friday on the economics of externalities. I'm using the 5th edition of Greg Mankiw's Principles of Economics. Why the 5th edition? To save my students over $100 a pop. Textbooks rarely get much better after... MORE

Why Do College Admissions Offices Value Volunteer Work?

Economics of Education
David Henderson
Mark Barbieri, a regular reader of this blog, asked the following question and gave me permission to use his name. He wrote: Dr. Henderson, My oldest son is a junior in high school and is getting serious about the college... MORE

Government Spending in Canada

Fiscal Policy
David Henderson
The Fraser Institute in Vancouver, Canada has published a short but illuminating study of federal government spending for the last 150 years. (Disclosure: I am a senior fellow with the Fraser Institute.) The study is titled "Prime Ministers and Government... MORE

Supply-Side Medical Reforms

Economics of Health Care
David Henderson
Whatever one thinks of the recent health care bill passed by the House of Representatives, one of my biggest disappointments is the lack of discussion of supply-side initiatives among even health economists who know many of the facts. One refreshing... MORE

Allan H. Meltzer, RIP

Obituaries
David Henderson
My Hoover colleague and long-time monetarist economist Allan Meltzer died yesterday. He was 89. Here is the announcement from Tom Gilligan, director of the Hoover Institution: STANFORD, CA: "It is with sadness that I share the loss of Allan Meltzer,... MORE

Thoma on the Financial Choice Act

Regulation
David Henderson
Though it mostly went unnoticed, the House Financial Services Committee voted in favor of the Financial Choice Act. This legislation would substantially weaken the Dodd-Frank financial reforms. So writes Mark Thoma in "Killing Banking Rules Will Invite a Whopper of... MORE

Update on FIRE

Liberty
David Henderson
Last week, I defended the Foundation for Individual Rights in Education (FIRE) from Scott Alexander's charge that it is "all about the right seeking greater fairness in mainstream institutions." I wrote: Actually the Foundation for Individual Rights in Education is... MORE

It's here and aired on May 3. My segment starts at 17:40. The topics covered in order are corporate tax cuts, deregulation, and immigration. The interviewer is Lindsay France.... MORE

Incentives Work in the NBA Too

Incentives
David Henderson
Chicago Bulls coach Fred Hoiberg objected to how Isaiah Thomas of the Boston Celtics regularly carries the ball and gets away with it. Check out from about 2:40 on in this video. I hadn't realized how extreme it was until... MORE

William J. Baumol, RIP

Obituaries
David Henderson
Bill Baumol, one of the stars of the economics profession, died today at age 95. I think it's a travesty that the Nobel committee never got its act together enough to give him the Nobel prize in economics. Bill... MORE

Carl F. Christ, RIP

Obituaries
David Henderson
On April 21, economist and econometrician Carl F. Christ died at age 93. He had a good run. Here's a quote that Conversable Economist Timothy Taylor reproduced this morning. I think it's beautiful: I used to believe that it... MORE

Russ Roberts's Wonderful Loaf

Economic Education
David Henderson
The farmer who grows the wheat, the miller that grinds the flour The baker and all the others who work hour after hour They're all on their own, each one making independent decisions But somehow their plans fit together with... MORE

In Defense of FIRE

Liberty
David Henderson
Scott Alexander writes: This is a bizarre claim, given the existence of groups like Accuracy In Media, Media Research Center, Newsbusters, Foundation For Individual Rights In Education, Heterodox Academy, et cetera which are all about the right seeking greater fairness... MORE

Why Predatory Pricing is Highly Unlikely

Business Economics
David Henderson
A widely held belief is that large firms with some market power can use their profits generated in particular markets to cut prices below costs in another market and drive out their competitors. Then, according to this belief, once... MORE

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