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David Henderson: August 2017

An Author Archive by Month (18 entries)

"Price Gouging" Is Urgently Necessary

Price Controls
David Henderson
The title of this post is the title that Tom Woods gave his interview with me. It's here. It goes about 23 minutes. Make sure you listen for the pastor/congregation and filet mignon jokes at the end.... MORE

Paul Pillar on Iranian Sanctions

International Trade
David Henderson
The sanctions that the United States has piled on Iran for years have become so extensive and complex, and the penalties for violation so severe, that many American companies have erred on the side of caution by forgoing business opportunities... MORE

Larry White on the Origin of Money

Money
David Henderson
This [Cartalist] account fails to explain, however, why governments chose bits of gold or silver as the material for these tokens, rather than something cheaper, say bits of iron or copper or paper impressed with sovereign emblems. In the market-evolutionary... MORE

Social Security Sonya from Seattle

Political Economy
David Henderson
Regular readers of my posts know that I sometimes highlight the bad or inefficient behavior of government officials and the good or efficient behavior of private for-profit actors. I don't cherry pick. I report what I see. So, for example,... MORE

Male Privilege versus Rawls' Veil of Ignorance

Labor Market
David Henderson
On Facebook this morning, economics Ph.D. student Garrett Malcolm Petersen, aka The Economics Detective, asked the following: Has anyone else noticed the contradiction between Rawls' veil of ignorance argument against inequality and the concept of male privilege? Not only had... MORE

"As a team, trying to win and not have a distraction on the team, I just take that as a player -- there's certain players that could be on the team with big distractions, and there's other players that it's... MORE

Does Libertarianism Reject Anti-Semitism?

Economic Philosophy
David Henderson
Economist Steve Horwitz has just published an article titled "Libertarianism Rejects Anti-Semitism." I disagree with his argument and the title. The essence of libertarianism is the peaceful interaction of humans. It's quite conceivable for humans to interact peacefully and not... MORE

President Trump's Tragic Sunk Cost Fallacy

Behavioral Economics and Rationality
David Henderson
In his recent speech in which he threw out his earlier idea of ending the war in Afghanistan, President Donald Trump stated: First, our nation must seek an honorable and enduring outcome worthy of the tremendous sacrifices that have been... MORE

Prices and Your Pocketbook

Fiscal Policy
David Henderson
This is another in the series of NBC radio broadcasts that involved Milton Friedman as one of the three panelists. See here and here for earlier posts on the NBC shows. This one shows both Friedman and George Stigler... MORE

Worstall on Robots and Jobs

Labor Market
David Henderson
Tim Worstall, referring to my article that I posted on yesterday, makes an important point I should have made. Here are two highlights: The Keynes point is here in Economic Possibilities for our Grandchildren. What Henderson says about it is... MORE

Henderson on Robots, Jobs, and Productivity

Labor Market
David Henderson
If you're still worried that robots will be too human-like, consider what happened to men's jobs when women, who not only are human-like but also are actual humans, increasingly entered the labor force. Men's jobs didn't decline; they increased. In... MORE

Hummel on the Curse of Cash

Monetary Policy
David Henderson
In "Anti-Paper Prophet: Comments on The Curse of Cash." Jeff Hummel has written an excellent response to Ken Rogoff's response to Hummel's review of his book The Curse of Cash. The whole thing is well worth reading. Here are the... MORE

The Ethics of Charles Koch

Business Economics
David Henderson
Charles [Koch] is a true believer, whose free-market beliefs are unquestionably self-interested--but also undeniably sincere. His value system is apparent in all aspects of his company, including Koch's lobbying operation. Until the early 1990s, the company didn't have a Washington... MORE

Sons of Wichita

Business Economics
David Henderson
On my vacation, which is coming to an end, the first book I read was Daniel Schulman's Sons of Wichita. It's subtitled "How the Koch Brothers Became America's Most Powerful and Private Dynasty." Written by an editor of Mother Jones,... MORE

Hooper's Law of Drug Development

Regulation
David Henderson
Moore's Law is optimistic and reflects the ability of humans to "chip" away at a problem, making sequential, cumulative advances. Much of technology fits this pattern. One glaring exception, tragically, is the drug development conducted by pharmaceutical companies. It is... MORE

Good News on Employment

Labor Market
David Henderson
Ben Casselman of FiveThirtyEight writes: Prime-age employment rate hits 78.7%, highest since September 2008. Of course we still have a long way to go to get back to the peak of about 17 years ago.... MORE

Markets for Everything, Minaki Edition

Free Markets
David Henderson
This is at a marina near my cottage at Minaki. HT2 Mike Hammock for helping me rotate the picture.... MORE

I, Needle Nose Pliers

Free Markets
David Henderson
Above is a picture of a tool I borrowed from a neighbor (or, should I say "neighbour" since I'm at my cottage in Canada.) The main insight from the classic "I, Pencil" is that no single person knows how... MORE

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