Economic Theory
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Say’s Law versus Keynesian Economics
There’s no more important principle in political economy to get right – and avoid getting wrong – than Say’s Law.
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All Hail Statistics!
Yes, statistics can deceive — think Mark Twain’s apocryphal claim about lies and damned lies — but statistics can also give nuance to our worldviews.
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Creativity Is the Driving Force of the Market
Creativity cannot be planned. While this observation, so stated, sounds trite, it is a fact ignored by those who call for the government to superintend commerce.
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The Economics of Price and Quantity Signals
The first time I thought about the relationship between quantity and price, I was a teenager working at the same job that taught me about transaction costs in labor markets. Evidently, there was much for me to learn at this rather dull junior sales job for a shipping company. Being paid according to a fairly…
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The Paranoid Fear of Intellectual Property Theft
Sad is that some of the most important centers of opinion in all of the U.S. now direct significant real estate to the alleged thievery of American know-how by the Chinese.
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Should We All Be Flying Less?
I have long been a fan of the writer, statistician, and “flaneur” of financial markets Nassim Nicholas Taleb. His eye for the unseen and his heavy emphasis on sample selections and randomness in the world always struck a chord with my basically Misesian heart. That he’s ruthlessly unafraid of controversy and a remarkably clear writer…
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The Four Pillars of Economic Understanding
It is no exaggeration to say that learning economics changed my life. In fact, I would go as far as saying the two most pivotal moments of my young adulthood was meeting my future wife at 17 and being exposed to economics at 19. Not only pivotal, but responsible for the good fortune and happiness…
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When Perfect Correlations Dissolve Into Dust
Statistical relations can be tenuous, and statistics can be fishy. Perhaps with time, Harvey’s yield curve relation will go the way of pedestrians and South Dakota lawyers — a near-perfect correlation dissolving into dust.
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The Market Process Is Not an Intoxicated Ass
Assertions such as those made by Cass are easy to offer. Dreamers, dirigistes, and demagogues have done so since the dawn of the industrial age.
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State Capacity, Economic Growth, and Reverse Causality
The problem is that, from a research perspective, there are important reasons to keep off the state capacity bandwagon, even if doing so would be ideologically congenial.
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•
Say’s Law versus Keynesian Economics
There’s no more important principle in political economy to get right – and avoid getting wrong – than Say’s Law.
-
•
All Hail Statistics!
Yes, statistics can deceive — think Mark Twain’s apocryphal claim about lies and damned lies — but statistics can also give nuance to our worldviews.
-
•
Creativity Is the Driving Force of the Market
Creativity cannot be planned. While this observation, so stated, sounds trite, it is a fact ignored by those who call for the government to superintend commerce.
-
•
The Economics of Price and Quantity Signals
The first time I thought about the relationship between quantity and price, I was a teenager working at the same job that taught me about transaction costs in labor markets. Evidently, there was much for me to learn at this rather dull junior sales job for a shipping company. Being paid according to a fairly…
-
•
The Paranoid Fear of Intellectual Property Theft
Sad is that some of the most important centers of opinion in all of the U.S. now direct significant real estate to the alleged thievery of American know-how by the Chinese.
-
•
Should We All Be Flying Less?
I have long been a fan of the writer, statistician, and “flaneur” of financial markets Nassim Nicholas Taleb. His eye for the unseen and his heavy emphasis on sample selections and randomness in the world always struck a chord with my basically Misesian heart. That he’s ruthlessly unafraid of controversy and a remarkably clear writer…
-
•
The Four Pillars of Economic Understanding
It is no exaggeration to say that learning economics changed my life. In fact, I would go as far as saying the two most pivotal moments of my young adulthood was meeting my future wife at 17 and being exposed to economics at 19. Not only pivotal, but responsible for the good fortune and happiness…
-
•
When Perfect Correlations Dissolve Into Dust
Statistical relations can be tenuous, and statistics can be fishy. Perhaps with time, Harvey’s yield curve relation will go the way of pedestrians and South Dakota lawyers — a near-perfect correlation dissolving into dust.
-
•
The Market Process Is Not an Intoxicated Ass
Assertions such as those made by Cass are easy to offer. Dreamers, dirigistes, and demagogues have done so since the dawn of the industrial age.
-
•
State Capacity, Economic Growth, and Reverse Causality
The problem is that, from a research perspective, there are important reasons to keep off the state capacity bandwagon, even if doing so would be ideologically congenial.