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David Henderson: October 2017

An Author Archive by Month (24 entries)

Inflation is Even More Inflated Than We Thought

Growth: Causal Factors
David Henderson
In his entry, "Consumer Price Indexes," in The Concise Encyclopedia of Economics, Michael Boskin concludes that the CPI overstates inflation by 0.8 to 0.9 percentage points annually. That doesn't add up over the years; it compounds up. Here's a key... MORE

This October 16 EconTalk episode with Bloomberg writer Megan McArdle is excellent on both sides. Some highlights, along with my comments, follow. McArdle: I'm down on hatred in general. I don't think I hate anyone that I've ever known. And,... MORE

Saturday Morning Video: Economic Inequality

Income Distribution
David Henderson
This is a very high-quality (audio-video wise--you judge the content) of my recent talk at Baylor University on economic inequality. Thanks to Peter Klein for inviting me.... MORE

An Unfair Tax on Unlucky Young Men

Taxation
David Henderson
"The draft was an unfair tax on unlucky young men," Henderson said. "Economists of the 1960s saw that clearly, and about two dozen of them worked hard to end it." This is from Payton Robb, "Henderson speaks about economists' role... MORE

ICE's Flawed Cost-Benefit Analysis

Cost-benefit Analysis
David Henderson
As a general rule, if total liabilities and costs incurred in seizing a real property or business exceed the value of the property, the property should not be seized. This is from Ryan Devereaux and Spencer Woodman, "Leaked ICE Guide... MORE

Can YouTube Censor?

moral reasoning
David Henderson
No, it can't. On Monday, the conservative educational nonprofit Prager University filed a lawsuit against YouTube and its parent company, Google, for "intentional" censorship of conservative speakers. YouTube made more than fifteen percent of the organization's videos impossible to access... MORE

North on the October Revolution

Central Planning vs. Local Knowledge
David Henderson
On October 25, 1917, the October revolution, in which the Bolsheviks overthrew Kerensky's government, occurred. Gary North gives a nice encapsulation of the history and effects of Communism. Introduction On October 25, 1917, the precursor to the Communist Party in... MORE

Highlights of George W. Bush Speech

International Trade
David Henderson
Note: In my haste to post, I forgot to note that it wasn't a speech. It was a Q&A, with Condi Rice asking questions. I've just returned from the Hoover Institution retreat that started Sunday night and went to noon... MORE

Henderson at Texas Tech in Lubbock

Upcoming Events
David Henderson
This coming Thursday, October 26, I will be speaking at the Free Market Institute at Texas Tech University. Topic: How Economists Helped End the Military Draft Date: October 26 Time: 5:30 to 6:30 p.m. Place: Grand Auditorium (CR 105) Jerry... MORE

Sunday Morning Audio: The German Economic Miracle

Growth: Causal Factors
David Henderson
Garrett M. Petersen, aka the "Economics Detective," interviewed me a few weeks ago about the post-World War II German economic miracle. I had written about it in "German Economic Miracle" in The Concise Encyclopedia of Economics. Garrett, a Ph.D. student... MORE

The News and Me

Media Watch
David Henderson
I've been traveling for 7 of the last 9 days and, as a result, haven't kept up with the news as much as normally. And doing so has made me realize how little I miss it. There's a lot... MORE

Hassett's Numbers are Plausible

Taxation
David Henderson
In the long run, all of the factor owners' loss from a capital income tax is a loss to labor (the area below the horizontal dashed line is negligible; see A below). Therefore, in the long run, capital-income tax revenue... MORE

I posted a few days ago on Kevin Hassett's case for the Trump tax cuts, pointing out the huge positive effect on the real wages that he claims they would have. One commenter, JFA, asked the relevant question: The question... MORE

Two Texas Talks

Upcoming Events
David Henderson
I'll be giving in two talks in Texas this week. Southern Methodist University, Dallas Sponsor: O'Neil Center for Global Markets & Freedom Topic: How Economists Helped End the Draft Time: Wednesday, 6:00 to 7:00 p.m. (Reception to follow) Place: Ernst... MORE

Fred McChesney RIP

Obituaries
David Henderson
Law and economics scholar Fred McChesney died last Thursday at age 68. He was a first-rate scholar, a wonderful friend, and an engaging conversationalist. I'm so glad that he called me up when he was in Monterey a couple... MORE

Hassett on Tax Cuts and Growth

Taxation
David Henderson
On October 5, Kevin Hassett, the new chairman of President Trump's Council of Economic Advisers, gave an excellent talk at the Tax Policy Center. The topic was taxes and economic growth. The transcript of the talk is here. The video... MORE

We're Number 11, We're Number 11! Eh?

Books: Reviews and Suggested Readings
David Henderson
The Cato Institute, the Fraser Institute, and more than 70 think tanks around the world have published the latest edition of Economic Freedom of the World. It's by James Gwartney, Robert Lawson, and Joshua Hall, with the assistance of... MORE

Henderson on Thaler's Nobel

Behavioral Economics and Rationality
David Henderson
UPDATE BELOW My piece on Richard Thaler appeared in the Wall Street Journal, electronic edition Monday evening and print edition on Tuesday. The Journal titled it "This Year's Nobel Economist Makes Sense of Irrationality." This one took way less time... MORE

Richard Thaler Wins Nobel Prize

Economic Philosophy
David Henderson
My former colleague, Richard Thaler, at the University of Rochester has won the Nobel Prize in Economics this morning. I'll be writing my regular bio for The Wall Street Journal today, which we'll post here when complete.... MORE

In a speech delivered before the Yale Socialist Club a decade after his return to New Haven, [Irving Fisher] related this minor incident of his stay in Santa Barbara: Discovering that the man who came to massage him was a... MORE

Ricardo Hausmann on the Venezuelan Tragedy

Growth: Causal Factors
David Henderson
The Financial Times has an excellent interview with economist Ricardo Hausmann on the Chavez and Maduro-created tragedy that is Venezuela. HT2 Timothy Taylor, aka, the Conversable Economist. The whole thing is worth reading. With help from a good interviewer, Cardiff... MORE

The Power of the Median Voter Theorem

Public Choice Theory
David Henderson
Political commentator Michael Barone writes: So despite California Democrats' hopes that an early presidential primary date will give the state greater influence in selecting a Democratic nominee, past history suggests that that's not likely -- and that there's a risk... MORE

What a Wonderful World!

Books: Reviews and Suggested Readings
David Henderson
Around the world, nutrition is rising and hunger is falling. Norberg quotes an estimate from the United Nations' Food and Agricultural Organization that in the last 25 years, about 2 billion people have been freed from hunger. And the... MORE

Adam Camac and Daniel Laguros, based in Houston, interviewed me last week about the economics of price gouging. The show notes are here. As their "About" button shows, they cover a lot of issues, including one I hadn't known about:... MORE

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