Economic Education
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When Ideological Bubbles Trump Economic Thinking
“That a Nobel Prize-winning economist can hold these naïve views and fail to use simple economic reasoning should give us pause about how ideology and echo chambers can dull our reasoning.” ~Paul Mueller
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Substitution Effects and Steering-Wheel Daggers
“Because of substitution effects, we should always be aware that outcomes quite different from those that seem most obvious are possible. Mandating greater automobile safety might reduce traffic fatalities. Or it might not.” ~Donald J. Boudreaux
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They Can Afford It!
“Even companies with unusually high net worth cannot, in fact, afford to pay workers more than those workers contribute to the companies’ bottom lines.” ~Donald J. Boudreaux
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Why Even Insiders Underestimate Markets’ Power
“There tend to be more and better substitution possibilities known to both buyers and sellers than we recognize from the outside of those exchange relationships.” ~Gary M. Galles
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Business Schools Undermine Wealth Creation
“Universities promote an obsession with social impact that ignores the vital social impact already accomplished by the realm of private enterprise.” ~Kimberlee Josephson
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Look With Two Is
“Look at institutional arrangements as they actually play out, making the comparison by looking through two Is: information and incentives.” ~Michael Munger
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Dynamic Pricing Puts the “Fast” Back in Fast Food
“By offering lower prices in off-peak hours, Wendy’s would be able to attract more customers overall, thus charging lower prices on average, even if prices during peak periods were higher than what they charge now.” Thomas Savidge and Louis Rouanet
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Commoditizing Excess Capacity
“If all the cars, and apartments, have people using them, and all the tools have people making things with them, we will need far fewer of those things. We have ‘enough’ stuff, it’s just in the closet.” ~Michael Munger
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Fact-Checking “Greedflation”
“By fueling an overall increase in demand, central banks can generate a sustained increase in the general level of prices — inflation. Central banks are the primary source of money creation, not firms.” ~Nicolás Cachanosky
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Cherry-Piketty Data
“Whether the distribution is problematic and calls for correction is one question, but measuring the extent of inequality and whether it is getting worse is an entirely different issue.” ~Robert Mulligan
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•
When Ideological Bubbles Trump Economic Thinking
“That a Nobel Prize-winning economist can hold these naïve views and fail to use simple economic reasoning should give us pause about how ideology and echo chambers can dull our reasoning.” ~Paul Mueller
-
•
Substitution Effects and Steering-Wheel Daggers
“Because of substitution effects, we should always be aware that outcomes quite different from those that seem most obvious are possible. Mandating greater automobile safety might reduce traffic fatalities. Or it might not.” ~Donald J. Boudreaux
-
•
They Can Afford It!
“Even companies with unusually high net worth cannot, in fact, afford to pay workers more than those workers contribute to the companies’ bottom lines.” ~Donald J. Boudreaux
-
•
Why Even Insiders Underestimate Markets’ Power
“There tend to be more and better substitution possibilities known to both buyers and sellers than we recognize from the outside of those exchange relationships.” ~Gary M. Galles
-
•
Business Schools Undermine Wealth Creation
“Universities promote an obsession with social impact that ignores the vital social impact already accomplished by the realm of private enterprise.” ~Kimberlee Josephson
-
•
Look With Two Is
“Look at institutional arrangements as they actually play out, making the comparison by looking through two Is: information and incentives.” ~Michael Munger
-
•
Dynamic Pricing Puts the “Fast” Back in Fast Food
“By offering lower prices in off-peak hours, Wendy’s would be able to attract more customers overall, thus charging lower prices on average, even if prices during peak periods were higher than what they charge now.” Thomas Savidge and Louis Rouanet
-
•
Commoditizing Excess Capacity
“If all the cars, and apartments, have people using them, and all the tools have people making things with them, we will need far fewer of those things. We have ‘enough’ stuff, it’s just in the closet.” ~Michael Munger
-
•
Fact-Checking “Greedflation”
“By fueling an overall increase in demand, central banks can generate a sustained increase in the general level of prices — inflation. Central banks are the primary source of money creation, not firms.” ~Nicolás Cachanosky
-
•
Cherry-Piketty Data
“Whether the distribution is problematic and calls for correction is one question, but measuring the extent of inequality and whether it is getting worse is an entirely different issue.” ~Robert Mulligan