Economic Education
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Monopoly vs. Monopoly: Sloppy Definitions Lead to Harmful Policy
“A new term is needed for the highly-competitive innovators who achieve large market shares by creatively providing outstanding, innovative, and lower-cost products and services that are of such value that millions of people choose to buy their products. We can keep the term ‘monopoly,’ but it should be reserved for describing those government-created and sanctioned…
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“Slide-Rule Aid”? Why Not?
“Saving one industry means hurting another, and I cannot help but wonder: what troubles have we endured and what progress have we sacrificed in order to protect obsolete producers of soybeans, steel, shirts, schooling…and slide rules?” ~ Art Carden
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Paul Krugman, the Lock-’Em-Down Economist
“Those genuinely interested in finding the best solutions to complex problems do not automatically react with vitriol, smears, and petty insults, but carefully contemplate the ideas in question. One might speculate that the flippancy with which Krugman, Khullar, and the other elite pundits dismiss the injury caused by lockdowns reflects the truth that for them…
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Open Letter to Matt Yglesias
“The economy is people – people producing, trading, cooperating, and consuming. Reasonable people disagree over what are the best policies to deal with Covid-19. But contrary to the impression conveyed by your tweet, no serious person argues for sacrificing lives to ‘the economy’ as a lifeless abstraction.” ~ Donald J. Boudreaux
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Do the Disease Eradicators Make an Elementary Logical Mistake?
“Trying to bludgeon effects into existence in order to blot out causes is a conventional mistake within the social sciences, and, apparently among certain naive disease suppressors too.” ~ Jeffrey Tucker
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A Pandemic Reading List
“‘May you live in interesting times’ is an apocryphal ancient curse. These times are certainly interesting, to say the least, and the best way to deal with them is to follow the Biblical exhortation in Proverbs chapter 4 to get wisdom, understanding, and insight. You’re not likely to find them on cable news and Twitter,…
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Tyler Cowen Doubles Down
“Both of Cowen’s pieces resemble the work of a mainstream journalist ignorant of market economics. The essence of economics is tradeoffs. Precious little in his two pieces talks seriously about tradeoffs.” ~ David R. Henderson
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Walmart’s “Buy American” Commitment Won’t Make America Great Again
“In its almost sixty years of existence, Walmart has revolutionized American retail and raised American standards of living by innovating in shipping, selling, and shopping. They certainly have the potential to continue doing so–but paying extra for stuff just because it was produced in the United States won’t help them or their customers in the…
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QE Goes Global
“In a fiat currency world the limits of central bank balance sheet expansion remain unclear, but, as the world economy recovers from the largest economic shock in generations, those limits will become clear. For the large, DM, central banks, these EM limits will be noted with care. Japan has been the petri dish of global…
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The Trustbuster’s Fatal Conceit
“It is important to remember that while tech is today’s poster child for antitrust reform, the proposed antitrust overhaul will reach far beyond the technology sector. All American companies will be forced to play by the new rules and the stifling effects of stricter enforcement will affect the entire U.S. economy.” ~ Wayne T. Brough
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Monopoly vs. Monopoly: Sloppy Definitions Lead to Harmful Policy
“A new term is needed for the highly-competitive innovators who achieve large market shares by creatively providing outstanding, innovative, and lower-cost products and services that are of such value that millions of people choose to buy their products. We can keep the term ‘monopoly,’ but it should be reserved for describing those government-created and sanctioned…
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•
“Slide-Rule Aid”? Why Not?
“Saving one industry means hurting another, and I cannot help but wonder: what troubles have we endured and what progress have we sacrificed in order to protect obsolete producers of soybeans, steel, shirts, schooling…and slide rules?” ~ Art Carden
-
•
Paul Krugman, the Lock-’Em-Down Economist
“Those genuinely interested in finding the best solutions to complex problems do not automatically react with vitriol, smears, and petty insults, but carefully contemplate the ideas in question. One might speculate that the flippancy with which Krugman, Khullar, and the other elite pundits dismiss the injury caused by lockdowns reflects the truth that for them…
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•
Open Letter to Matt Yglesias
“The economy is people – people producing, trading, cooperating, and consuming. Reasonable people disagree over what are the best policies to deal with Covid-19. But contrary to the impression conveyed by your tweet, no serious person argues for sacrificing lives to ‘the economy’ as a lifeless abstraction.” ~ Donald J. Boudreaux
-
•
Do the Disease Eradicators Make an Elementary Logical Mistake?
“Trying to bludgeon effects into existence in order to blot out causes is a conventional mistake within the social sciences, and, apparently among certain naive disease suppressors too.” ~ Jeffrey Tucker
-
•
A Pandemic Reading List
“‘May you live in interesting times’ is an apocryphal ancient curse. These times are certainly interesting, to say the least, and the best way to deal with them is to follow the Biblical exhortation in Proverbs chapter 4 to get wisdom, understanding, and insight. You’re not likely to find them on cable news and Twitter,…
-
•
Tyler Cowen Doubles Down
“Both of Cowen’s pieces resemble the work of a mainstream journalist ignorant of market economics. The essence of economics is tradeoffs. Precious little in his two pieces talks seriously about tradeoffs.” ~ David R. Henderson
-
•
Walmart’s “Buy American” Commitment Won’t Make America Great Again
“In its almost sixty years of existence, Walmart has revolutionized American retail and raised American standards of living by innovating in shipping, selling, and shopping. They certainly have the potential to continue doing so–but paying extra for stuff just because it was produced in the United States won’t help them or their customers in the…
-
•
QE Goes Global
“In a fiat currency world the limits of central bank balance sheet expansion remain unclear, but, as the world economy recovers from the largest economic shock in generations, those limits will become clear. For the large, DM, central banks, these EM limits will be noted with care. Japan has been the petri dish of global…
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•
The Trustbuster’s Fatal Conceit
“It is important to remember that while tech is today’s poster child for antitrust reform, the proposed antitrust overhaul will reach far beyond the technology sector. All American companies will be forced to play by the new rules and the stifling effects of stricter enforcement will affect the entire U.S. economy.” ~ Wayne T. Brough