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tenure case.
ECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards for COVID PREVENTION AND COST-BENEFIT ANALYSIS The cost/benefit ratio of lockdown is 3.6 = 6,300,000/1,735,580. Case (b) is highly unrealistic and nothing close to this rate of death happened anywhere in the world. However, even in this extreme case, lockdown is a failure as a policy by cost/benefit standards. The review of the literature suggests that Case (a) is closer to reality. THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE MYSTERIOUS MICROCHIP SHORTAGE When the press reports on a microchip shortage, as it has done regularly since the beginning of the year, the economist does not believe it on faith. How can there be a shortage if market prices can freely adjust? A shortage is not simply a high price, for how useful would be a special wordPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one Revlimid WHY IS THE VACCINE DISTRIBUTION SO DIFFICULT? Imagine if food were allocated and distributed by the government. Wouldn’t this prevent hunger and famines, which have certainly killed more people than epidemics in the history of mankind? Most students of economics should have a ready answer. The opposite approach—that government allocation is more efficient than the anarchy of the market—is illustrated by the ARGUMENTS FOR COMPULSORY VACCINATION The Connecticut legislature wants to abolish the last non-medical exception for the compulsory vaccination of children, following in the steps of five other state governments (“Connecticut Lawmakers Brace for Public Hearings on Vaccination Bills,” Wall Street Journal, February 15, 2010). Two serious economic arguments can be made in favor of this measure. ECONLIB - THE LIBRARY OF ECONOMICS AND LIBERTYARTICLESECONLOGENCYCLOPEDIAVIDEOSBOOKSGUIDES What is academic freedom, and who has it? I ask because near where I live in North Carolina there has recently arisen a controversy sparked by a process that is usually boring and bureaucratic, an academictenure case.
ECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards for COVID PREVENTION AND COST-BENEFIT ANALYSIS The cost/benefit ratio of lockdown is 3.6 = 6,300,000/1,735,580. Case (b) is highly unrealistic and nothing close to this rate of death happened anywhere in the world. However, even in this extreme case, lockdown is a failure as a policy by cost/benefit standards. The review of the literature suggests that Case (a) is closer to reality. THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE MYSTERIOUS MICROCHIP SHORTAGE When the press reports on a microchip shortage, as it has done regularly since the beginning of the year, the economist does not believe it on faith. How can there be a shortage if market prices can freely adjust? A shortage is not simply a high price, for how useful would be a special wordPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one Revlimid WHY IS THE VACCINE DISTRIBUTION SO DIFFICULT? Imagine if food were allocated and distributed by the government. Wouldn’t this prevent hunger and famines, which have certainly killed more people than epidemics in the history of mankind? Most students of economics should have a ready answer. The opposite approach—that government allocation is more efficient than the anarchy of the market—is illustrated by the ARGUMENTS FOR COMPULSORY VACCINATION The Connecticut legislature wants to abolish the last non-medical exception for the compulsory vaccination of children, following in the steps of five other state governments (“Connecticut Lawmakers Brace for Public Hearings on Vaccination Bills,” Wall Street Journal, February 15, 2010). Two serious economic arguments can be made in favor of this measure. ECONLIB - THE LIBRARY OF ECONOMICS AND LIBERTY What is academic freedom, and who has it? I ask because near where I live in North Carolina there has recently arisen a controversy sparked by a process that is usually boring and bureaucratic, an academictenure case.
THE REAL STORY
The real story. 61. By Scott Sumner. SHARE. POST: There’s been a lot of buzz about former NYT journalist Nicholas Wade’s article on the origin of the Covid-19 virus. Much of the discussion revolves around his claim that the virus was probably created in a Chinese lab, and then accidentally infected several researchers who worked there. THE COVID CRISIS IN COMPARISON WITH THE GREAT DEPRESSION The COVID Crisis in Comparison with the Great Depression. People have been asking how the Great Depression and the New Deal compare with the current COVID-19 crisis. The economic situations are nothing alike, and the current response by U.S. governments is several orders of magnitude larger than the New Deal response to the Great Depression. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE CENTRALITY OF EXCHANGE 1 day ago · Most government interventions consist in forbidding adult individuals (or their voluntary associations) to freely engage in acts of exchange: securities laws, antitrust laws, minimum-wage laws, maximum prices (like in “price gouging” laws, for example), laws and regulations mandating or banning discrimination, legal privileges for trade unions, tariffs and import controls, and so forth WILL THE VACCINES MESS WITH OUR DNA? A friend on an email group I’m on asked my friend and co-author Charley Hooper the following question about the COVID-19 vaccines: Are you sure that the vaccine won’t mess with our genes? Charley allowed me to share his answer: No, I’m not 100% sure. But I’m one minus epsilon (a very small number) sure. LIBEL LAWS SHOULD ALL BE REPEALED 8 hours ago · Libel law is back in the news what with some public rethinking (more like wailing and gnashing of teeth) about New York Times v. Sullivan. Should public figures be more or less protected from being libeled is one issue that has arisen. Another is TAX MAXIMIZERS: GOOD GREED AND BAD GREED Greed is good or useful when greedy people automatically serve the interests of their fellow humans; exchange on free markets is the paradigmatic case. Greed is bad when it works by exploiting or dominating others, including through political force or deceit. At least, that is the way an economist would think if he is willing FRIEDMAN AS A CRITIC OF KEYNESIAN ECONOMICS I’ve finished reading the first volume of Edward Nelson’s impressive new study of Milton Friedman, and highly recommend the book to anyone interested in macroeconomics. This remark on page 380 caught my eye: In the half century or more after 1951, Friedman would receive a lot of criticism from monetary researchers and practitioners for his ETATISM AND TOTALITARIANISM: THE LEGACY OF MISES'S A Liberty Classic Book Review of Omnipotent Government: The Rise of the Total State and Total War, by Ludwig von Mises. Liberty Fund.1 Classical liberalism “had a good war.” In 1944, two seminal books in this tradition of thought were published. The first of these was F.A. Hayek’s The Road to Serfdom, the other Omnipotent THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards forECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one RevlimidPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
SCOTT SUMNER, AUTHOR AT ECONLIB Scott Sumner. The real story. May 9 2021. Scott Sumner. A crazy idea: Tell the truth. May 8 2021. Scott Sumner. Fiscal policy and interestrates. May 5 2021.
THE "TRUMP ECONOMY" BEFORE COVID-19 In the cover feature of the Summer issue of Regulation, I review the American economy and the economic performance of the Trump administration before Covid-19 hit. I review the evidence on unemployment, GDP growth, wages, stock prices, regulation, trade, public finance, etc. Nine figures illustrate my evaluation. A short excerpt on only one of the AN ANIMAL THAT TRADES A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand A HOLE IN THE MARKET The only option in the Muhammads’ Atlanta jurisdiction was a 911 call to report a psychiatric emergency, which tended to bring the police, multiple squad cars with lights flashing, and the ominous specter of armed agents encountering a young black man in a delusional state. So Sabah and her family would call the police, and pray. THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards forECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one RevlimidPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
SCOTT SUMNER, AUTHOR AT ECONLIB Scott Sumner. The real story. May 9 2021. Scott Sumner. A crazy idea: Tell the truth. May 8 2021. Scott Sumner. Fiscal policy and interestrates. May 5 2021.
THE "TRUMP ECONOMY" BEFORE COVID-19 In the cover feature of the Summer issue of Regulation, I review the American economy and the economic performance of the Trump administration before Covid-19 hit. I review the evidence on unemployment, GDP growth, wages, stock prices, regulation, trade, public finance, etc. Nine figures illustrate my evaluation. A short excerpt on only one of the AN ANIMAL THAT TRADES A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand A HOLE IN THE MARKET The only option in the Muhammads’ Atlanta jurisdiction was a 911 call to report a psychiatric emergency, which tended to bring the police, multiple squad cars with lights flashing, and the ominous specter of armed agents encountering a young black man in a delusional state. So Sabah and her family would call the police, and pray. THE CENTRALITY OF EXCHANGE 19 hours ago · Most government interventions consist in forbidding adult individuals (or their voluntary associations) to freely engage in acts of exchange: securities laws, antitrust laws, minimum-wage laws, maximum prices (like in “price gouging” laws, for example), laws and regulations mandating or banning discrimination, legal privileges for trade unions, tariffs and import controls, and so forth PRICE DISCRIMINATION AND THE FUTURE OF MOVIES OOn September 4, Disney released Mulan on its Disney+ streaming service. Mulan’s release was delayed because of COVID-19. For about $30, depending on what country they are in, Disney+ subscribers purchase early “Premier Access'” to the movie before it becomes available to all subscribers. In some countries, including China and others that do not have HOW RELIABLE IS GOVERNMENT INFORMATION? Many economists, after noting that government regulations have harmful unintended consequences, advocate replacing government regulation with government-provided information. These economists see the bad consequences of having government officials make decisions for people and not allowing people to make their own decisions. At the same time, they argue, the government officials THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE "TRUMP ECONOMY" BEFORE COVID-19 In the cover feature of the Summer issue of Regulation, I review the American economy and the economic performance of the Trump administration before Covid-19 hit. I review the evidence on unemployment, GDP growth, wages, stock prices, regulation, trade, public finance, etc. Nine figures illustrate my evaluation. A short excerpt on only one of the THE MYSTERIOUS MICROCHIP SHORTAGE When the press reports on a microchip shortage, as it has done regularly since the beginning of the year, the economist does not believe it on faith. How can there be a shortage if market prices can freely adjust? A shortage is not simply a high price, for how useful would be a special word TAX MAXIMIZERS: GOOD GREED AND BAD GREED Greed is good or useful when greedy people automatically serve the interests of their fellow humans; exchange on free markets is the paradigmatic case. Greed is bad when it works by exploiting or dominating others, including through political force or deceit. At least, that is the way an economist would think if he is willing KNOWLEDGE, REALITY, AND VALUE BOOK CLUB, PART 2 The Book Club on Mike Huemer’s Knowledge, Reality, and Value continues. Today, I cover Part 2 of the book. To repeat, though I’m a huge fan of the book, I’m focusing almost entirely on disagreements. 1. One of Huemer’s preferred responses to the classic Brain-in-a-Vat (BIV) scenario is that – especially compared to theReal World
ETATISM AND TOTALITARIANISM: THE LEGACY OF MISES'S A Liberty Classic Book Review of Omnipotent Government: The Rise of the Total State and Total War, by Ludwig von Mises. Liberty Fund.1 Classical liberalism “had a good war.” In 1944, two seminal books in this tradition of thought were published. The first of these was F.A. Hayek’s The Road to Serfdom, the other Omnipotent FRIEDMAN AS A CRITIC OF KEYNESIAN ECONOMICS I’ve finished reading the first volume of Edward Nelson’s impressive new study of Milton Friedman, and highly recommend the book to anyone interested in macroeconomics. This remark on page 380 caught my eye: In the half century or more after 1951, Friedman would receive a lot of criticism from monetary researchers and practitioners for his ECONLIB - THE LIBRARY OF ECONOMICS AND LIBERTYARTICLESECONLOGENCYCLOPEDIAVIDEOSBOOKSGUIDES The Library of Economics and Liberty. By Trey Malone and Jayson L. Lusk. Now more than one year since the onset of COVID-19, empty grocery store shelves and panicked shoppers have become the sine qua non of the pandemic's disruptions.ECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards for THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one RevlimidPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE COVID CRISIS IN COMPARISON WITH THE GREAT DEPRESSION The COVID Crisis in Comparison with the Great Depression. People have been asking how the Great Depression and the New Deal compare with the current COVID-19 crisis. The economic situations are nothing alike, and the current response by U.S. governments is several orders of magnitude larger than the New Deal response to the Great Depression. ANDY PASZTOR ON OUR AMAZING AIRPLANE SAFETY RECORD Andy Pasztor on Our Amazing Airplane Safety Record. Over the past 12 years, U.S. airlines have accomplished an astonishing feat: carrying more than eight billion passengers without a fatal crash. Such numbers were once unimaginable, even among the most optimistic safety experts. But now, pilots for domestic carriers can expect to go through an ARGUMENTS FOR COMPULSORY VACCINATION The Connecticut legislature wants to abolish the last non-medical exception for the compulsory vaccination of children, following in the steps of five other state governments (“Connecticut Lawmakers Brace for Public Hearings on Vaccination Bills,” Wall Street Journal, February 15, 2010). Two serious economic arguments can be made in favor of this measure. ECONLIB - THE LIBRARY OF ECONOMICS AND LIBERTYARTICLESECONLOGENCYCLOPEDIAVIDEOSBOOKSGUIDES The Library of Economics and Liberty. By Trey Malone and Jayson L. Lusk. Now more than one year since the onset of COVID-19, empty grocery store shelves and panicked shoppers have become the sine qua non of the pandemic's disruptions.ECONLOG - ECONLIB
COVID, and Stimuli, and Keynes, oh my! By Veronique de Rugy. While it is expected to get more spending during emergencies, the assumption behind the increase is that the increase will not be sustained in thefuture.
THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards for THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one RevlimidPOEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE COVID CRISIS IN COMPARISON WITH THE GREAT DEPRESSION The COVID Crisis in Comparison with the Great Depression. People have been asking how the Great Depression and the New Deal compare with the current COVID-19 crisis. The economic situations are nothing alike, and the current response by U.S. governments is several orders of magnitude larger than the New Deal response to the Great Depression. ANDY PASZTOR ON OUR AMAZING AIRPLANE SAFETY RECORD Andy Pasztor on Our Amazing Airplane Safety Record. Over the past 12 years, U.S. airlines have accomplished an astonishing feat: carrying more than eight billion passengers without a fatal crash. Such numbers were once unimaginable, even among the most optimistic safety experts. But now, pilots for domestic carriers can expect to go through an ARGUMENTS FOR COMPULSORY VACCINATION The Connecticut legislature wants to abolish the last non-medical exception for the compulsory vaccination of children, following in the steps of five other state governments (“Connecticut Lawmakers Brace for Public Hearings on Vaccination Bills,” Wall Street Journal, February 15, 2010). Two serious economic arguments can be made in favor of this measure. COVID PREVENTION AND COST-BENEFIT ANALYSIS The cost/benefit ratio of lockdown is 3.6 = 6,300,000/1,735,580. Case (b) is highly unrealistic and nothing close to this rate of death happened anywhere in the world. However, even in this extreme case, lockdown is a failure as a policy by cost/benefit standards. The review of the literature suggests that Case (a) is closer to reality. THE CENTRALITY OF EXCHANGE 5 hours ago · Most government interventions consist in forbidding adult individuals (or their voluntary associations) to freely engage in acts of exchange: securities laws, antitrust laws, minimum-wage laws, maximum prices (like in “price gouging” laws, for example), laws and regulations mandating or banning discrimination, legal privileges for trade unions, tariffs and import controls, and so forth THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
HOW RELIABLE IS GOVERNMENT INFORMATION? Many economists, after noting that government regulations have harmful unintended consequences, advocate replacing government regulation with government-provided information. These economists see the bad consequences of having government officials make decisions for people and not allowing people to make their own decisions. At the same time, they argue, the government officials SCOTT SUMNER, AUTHOR AT ECONLIB Scott Sumner. The real story. May 9 2021. Scott Sumner. A crazy idea: Tell the truth. May 8 2021. Scott Sumner. Fiscal policy and interestrates. May 5 2021.
LESSONS FROM CHINA (AND FROM HAYEK) A Wall Street Journal report of today (Stephanie Yang, “China’s Tech Clampdown Is Spreading,” June 6, 2021) suggests that the Chinese government is clamping down on tech companies just like the US and EU governments are doing, and often using the same rhetoric. Any economic theory of politics—in fact, any political theory—must beable to
KNOWLEDGE, REALITY, AND VALUE BOOK CLUB, PART 2 The Book Club on Mike Huemer’s Knowledge, Reality, and Value continues. Today, I cover Part 2 of the book. To repeat, though I’m a huge fan of the book, I’m focusing almost entirely on disagreements. 1. One of Huemer’s preferred responses to the classic Brain-in-a-Vat (BIV) scenario is that – especially compared to theReal World
ARGUMENTS FOR COMPULSORY VACCINATION The Connecticut legislature wants to abolish the last non-medical exception for the compulsory vaccination of children, following in the steps of five other state governments (“Connecticut Lawmakers Brace for Public Hearings on Vaccination Bills,” Wall Street Journal, February 15, 2010). Two serious economic arguments can be made in favor of this measure. IS A BAN ON CORPORATE RANSOM PAYMENTS FEASIBLE? 22 hours ago · In some recent posts, I threw out the idea of banning corporations from paying ransomware. I expected the idea to be shot down in the comment section, but I didn’t see any persuasive arguments against the proposal. In fairness to my commenters, however, most of their arguments were far superior to those offered in a A WARM MEMORY ABOUT STATE FARM'S GOOD WILL When I called Don Boudreaux yesterday, he was awaiting a call from his insurance company after the condo above him had leaked water into his condo. We got talking about insurance and I remembered my first interaction with my auto insurer, State Farm. I was a fairly safe driver, so even though I had driven THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards forECONLOG - ECONLIB
Lessons from China (and from Hayek) By Pierre Lemieux. A Wall Street Journal report of today (Stephanie Yang, “China’s Tech Clampdown Is Spreading,” June 6, 2021) suggests that the Chinese government is clamping down on tech companies just like the US and EU governments are doing, and often using the same rhetoric. THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE COVID CRISIS IN COMPARISON WITH THE GREAT DEPRESSION The COVID Crisis in Comparison with the Great Depression. People have been asking how the Great Depression and the New Deal compare with the current COVID-19 crisis. The economic situations are nothing alike, and the current response by U.S. governments is several orders of magnitude larger than the New Deal response to the Great Depression.POEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. SCOTT SUMNER, AUTHOR AT ECONLIB Scott Sumner. The real story. May 9 2021. Scott Sumner. A crazy idea: Tell the truth. May 8 2021. Scott Sumner. Fiscal policy and interestrates. May 5 2021.
AN ANIMAL THAT TRADES A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one Revlimid A HOLE IN THE MARKET The only option in the Muhammads’ Atlanta jurisdiction was a 911 call to report a psychiatric emergency, which tended to bring the police, multiple squad cars with lights flashing, and the ominous specter of armed agents encountering a young black man in a delusional state. So Sabah and her family would call the police, and pray. THE 51 KEY ECONOMICS CONCEPTS The 51 Key Economics Concepts Introduction The National Council on Economic Education (NCEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics. The table on this page shows how the 51 key concepts relate to the NCEE’s 20 voluntary National Standards forECONLOG - ECONLIB
Lessons from China (and from Hayek) By Pierre Lemieux. A Wall Street Journal report of today (Stephanie Yang, “China’s Tech Clampdown Is Spreading,” June 6, 2021) suggests that the Chinese government is clamping down on tech companies just like the US and EU governments are doing, and often using the same rhetoric. THE BAD AND GOOD VACCINE PASSPORTS The Bad and Good Vaccine Passports. 26. By David Henderson. SHARE. POST: On his blog this morning, my friend and fellow blogger Donald Boudreaux has given three cheers to Florida governor Ron DeSantis for his opposition to vaccine passports. I would give the governor at mosttwo cheers.
THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
THE COVID CRISIS IN COMPARISON WITH THE GREAT DEPRESSION The COVID Crisis in Comparison with the Great Depression. People have been asking how the Great Depression and the New Deal compare with the current COVID-19 crisis. The economic situations are nothing alike, and the current response by U.S. governments is several orders of magnitude larger than the New Deal response to the Great Depression.POEMS FOR PANDEMICS
So here are some poems for pandemics. 1- The first poem is Thomas Nashe’s classic, “A Litany in the Time of Plague.”. The poem’s first two lines, “Adieu, farewell, earth’s bliss/ This world uncertain is” described the plague times through which Nashe was living, and they seem equally applicable to our own uncertain times. SCOTT SUMNER, AUTHOR AT ECONLIB Scott Sumner. The real story. May 9 2021. Scott Sumner. A crazy idea: Tell the truth. May 8 2021. Scott Sumner. Fiscal policy and interestrates. May 5 2021.
AN ANIMAL THAT TRADES A five-part short video series on the life and contemporary relevance of Adam Smith. This video series, produced by AdamSmithWorks, can be watch as a full 38-minute feature, or in five thematic, classroom-friendly chunks. To access all, click here. Below are some discussion prompts related to this video: Part 1: The Invisible Hand THE REAL COST OF EXPENSIVE CANCER DRUGS In the news this week was the release of a congressional probe into high drug prices, particularly for cancer medications. One of the prime exhibits in the hearings was the drug Revlimid, produced by Celgene. In one sequence, Representative Katie Porter (D-CA) held up a whiteboard showing the increase in the cost of one Revlimid A HOLE IN THE MARKET The only option in the Muhammads’ Atlanta jurisdiction was a 911 call to report a psychiatric emergency, which tended to bring the police, multiple squad cars with lights flashing, and the ominous specter of armed agents encountering a young black man in a delusional state. So Sabah and her family would call the police, and pray. ECONLIB - THE LIBRARY OF ECONOMICS AND LIBERTY The Library of Economics and Liberty. By Trey Malone and Jayson L. Lusk. Now more than one year since the onset of COVID-19, empty grocery store shelves and panicked shoppers have become the sine qua non of the pandemic's disruptions. COVID PREVENTION AND COST-BENEFIT ANALYSIS The cost/benefit ratio of lockdown is 3.6 = 6,300,000/1,735,580. Case (b) is highly unrealistic and nothing close to this rate of death happened anywhere in the world. However, even in this extreme case, lockdown is a failure as a policy by cost/benefit standards. The review of the literature suggests that Case (a) is closer to reality. THE AMERICAN ECONOMY JUST BEFORE COVID-19 The determination by the National Bureau of Economic Research that the American economy entered into recession in February March 2020 was a surprise for many. The recession thus started before the World Health Organization declared a pandemic and a full month before President Trump declared a state of emergency. But is this early recessionreally
HOW RELIABLE IS GOVERNMENT INFORMATION? Many economists, after noting that government regulations have harmful unintended consequences, advocate replacing government regulation with government-provided information. These economists see the bad consequences of having government officials make decisions for people and not allowing people to make their own decisions. At the same time, they argue, the government officials LESSONS FROM CHINA (AND FROM HAYEK) A Wall Street Journal report of today (Stephanie Yang, “China’s Tech Clampdown Is Spreading,” June 6, 2021) suggests that the Chinese government is clamping down on tech companies just like the US and EU governments are doing, and often using the same rhetoric. Any economic theory of politics—in fact, any political theory—must beable to
THE "TRUMP ECONOMY" BEFORE COVID-19 In the cover feature of the Summer issue of Regulation, I review the American economy and the economic performance of the Trump administration before Covid-19 hit. I review the evidence on unemployment, GDP growth, wages, stock prices, regulation, trade, public finance, etc. Nine figures illustrate my evaluation. A short excerpt on only one of the ETATISM AND TOTALITARIANISM: THE LEGACY OF MISES'S A Liberty Classic Book Review of Omnipotent Government: The Rise of the Total State and Total War, by Ludwig von Mises. Liberty Fund.1 Classical liberalism “had a good war.” In 1944, two seminal books in this tradition of thought were published. The first of these was F.A. Hayek’s The Road to Serfdom, the other Omnipotent DROP YOUR INTELLECTUAL DEFENSES So if our instincts undervalue truth, that’s not surprising—our instincts evolved in a different world, one better suited to the soldier. Increasingly, our world is becoming one that rewards the ability to see clearly, especially in the long run; a world in which your happiness isn’t nearly as dependent on your ability to accommodate yourself TAX MAXIMIZERS: GOOD GREED AND BAD GREED 1 day ago · Greed is good or useful when greedy people automatically serve the interests of their fellow humans; exchange on free markets is the paradigmatic case. Greed is bad when it works by exploiting or dominating others, including through political force or deceit. At least, that is the way an economist would think if he is willing A WARM MEMORY ABOUT STATE FARM'S GOOD WILL 1 day ago · When I called Don Boudreaux yesterday, he was awaiting a call from his insurance company after the condo above him had leaked water into his condo. We got talking about insurance and I remembered my first interaction with my auto insurer, State Farm. I was a fairly safe driver, so even though I had driven The Library of Economics and LibertyEconlib
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econtalk-extra Where Crafty Comes FromAmy Willis
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econlog Two Bad Ideas on Student Debt, Part 2David Henderson
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econlog Judith M. Hermis Letter to Governor NewsomDavid Henderson
Books, Data and Evidence, Happiness and Behavioral Economics,Psychology
Daniel Haybron on Happiness __ Philosopher and author Daniel Haybron of St. Louis University talks about his book, Happiness, with EconTalk host Russ Roberts. Happiness turns out to be a little more complicated than it sounds. Haybron discusses the good life and different philosophical perspectives on how to achieve happiness.3 __
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EconTalk (Podcasts)
Zena Hitz on Lost in Thought READ FURTHER » Philosopher and author Zena Hitz of St. John's College talks about her book, Lost in Thought, with EconTalk host Russ Roberts. Hitz defends learning for its own sake--learning that has nothing to do with passing an exam or preparing for a career. For Hitz, learning...Books
DANIEL HAYBRON ON HAPPINESS Philosopher and author Daniel Haybron of St. Louis University talks about his book, Happiness, with EconTalk host Russ Roberts. Happiness turns out to be a little more complicated than it sounds. Haybron discusses the good life and different philosophical perspectives on how to achieve happiness.3 __
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Oct 1 2020
Books
I WANT TO BE THE KIND OF PERSON WHO...BY AMY WILLIS
What kind of person do you aspire to be? How do you know how to become that person? This is the realm of aspiration, as philosopher Agnes Callard describes it. In this episode, EconTalk host Russ Roberts welcomes Callard to discuss her book, Aspiration: The Agency of Becoming. Callard defines aspirati...More
Nov 24 2020
Economics of Education TWO BAD IDEAS ON STUDENT DEBT, PART 2BY DAVID HENDERSON
How about this: instead of forgiving everybody's college debt, we force all the colleges who scammed millions of Americans into degrees in Useless Theory Masquerading As Valuable Life Skills to grant refunds. That would end the grift right quick. This is a November 16 tweet by Ben Shapiro. I've heard this ide...1 __
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Basic Concepts
PRICE CONTROLS
BY HUGH ROCKOFF
Governments have been trying to set maximum or minimum prices since ancient times. The Old Testament prohibited interest on loans to fellow Israelites; medieval governments fixed the maximum price of bread; and in recent years, governments in the United States have fixed the price of gasoline, the rent on apartments in...Read More
Nov 23 2020
Liberty
JUDITH M. HERMIS LETTER TO GOVERNOR NEWSOMBY DAVID HENDERSON
Earlier this month, Judith Hermis, one of my junior colleagues at the Naval Postgraduate School, wrote a letter to Governor Gavin Newsom and sent me a copy. I edited it and she accepted my edits. So the letter you see below is not the same one she sent. But it is true to the spirit and argument of her original lette...Read
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Ludwig von Mises
THE ECONOMICS OF LUDWIG VON MISES: TOWARD A CRITIC...BY LAURENCE S. MOSS
In March 1974 I got in touch with Professor Leland Yeager, who was then president-elect of the southern Economics Association, and told him that I wanted to organize a symposium on the economic thought of Ludwig von Mises for the November 1974 meeting of our association in Atlanta, Georgia. Mises had died in October 19...Read More
May 6 2019
Kling's Corner
THE VIRTUES OF BIG BUSINESS IN AMERICABY ARNOLD KLING
I have a complaint about America today, and it is simple: we don't love business enough. —Tyler Cowen, Big Business: A Love Letter to an American Anti-Hero,1 page 6 Tyler Cowen's book, Big Business, is subtitled A Love Letter to an American Anti-Hero, but it could be described as a complaint letter directed...Read
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Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.Adam Smith
The Theory of Moral SentimentsNov 23 2020
Behavioral EconomicsTHE ANTI-JERK LAW
BY BRYAN CAPLAN
You've probably had a boss who was a jerk. Indeed, you may be working under a jerk of a boss right now. Question: Would it be a good idea to pass an Anti-Jerk Law to protect workers from these jerky employers? Like existing employment discrimination laws, the Anti-Jerk Law would allow aggrieved employees to sue t...Read More
Dec 31 2018
Altruism and Charity SEBASTIAN JUNGER ON TRIBE Journalist and author Sebastian Junger talks about his book Tribe with EconTalk host Russ Roberts. Junger explores the human need to be needed and the challenges facing many individuals in modern society who struggle to connect with others. His studies of communal connection include soldiers in a small combat unit and ...More
Biography
VILFREDO PARETO
1848-1923
Pareto is best known for two concepts that are named after him. The first and most familiar is the concept of Pareto optimality. A Pareto-optimal allocation of resources is achieved when it is not possible to make anyone better off without making someone else worse off. The second is Pareto’s law ...Read More
Apr 2 2018
City Formation, Urban Issues MICHAEL MUNGER ON TRAFFIC Does rush-hour traffic drive you crazy? Is a congestion tax on car travel a good idea? Michael Munger of Duke University talks with EconTalk host Russ Roberts about the economics of traffic and congestion taxes. It takes a while to get there (how appropriate!) but they eventually agree that a tax on congestion while re...More
Guide
#ECONLIBREADS
#EconlibReads offers reading groups (both live and online-only) on a regular basis. Each Group will focus on a particular topic, and a common set of readings will form the basis for our discussions. Our sister site, AdamSmithWorks, offers similar groups. Participation is offered at no-cost, and there is no need to ...View Guide
Follow us on Twitter!Nov 23 2020
Politics and Economics ELECTIONS ARE NOT A RULER'S TOY NOR A SACRED PANAC...BY PIERRE LEMIEUX
Some Republican leaders have, at last, started to blame Mr. Trump for burning the bridges behind him after being fired by the electorate or, perhaps more exactly (nothing is grandiose in that presidency), for breaking what he thinks are his toys after he felt scolded. (Will he also scratch graffiti on the oval office d...Read
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Basic Concepts
NATURAL RESOURCES
BY SUE ANN BATEY BLACKMAN AND WILLIAM J. BAUMOL The earth’s natural resources are finite, which means that if we use them continuously, we will eventually exhaust them. This basic observation is undeniable. But another way of looking at the issue is far more relevant to assessing people’s well-being. Our exhaustible and unreproducible natural resources, if measu...Read More
Nov 22 2020
Incentives
WARREN COATS'S EXPERIENCE WITH UNIONSBY DAVID HENDERSON
My experiences with unions have not been good. My father was a Shell Oil union member. His union went on strike long ago when my mother was pregnant with my younger brother. After a few months on strike it was growing obvious (according to my father) that it would end soon in failure from the union perspective. The u...Read
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Jul 9 2020
Education
SAVING SKILLS
BY AMY WILLIS
What was your first paying job? Was it as a teenager? Was it delivering newspapers by bike to driveways, babysitting, a lemonade stand, or similar informal job? What was your next job, and was it more formal, say an apprenticeship or internship--such as helping out in an office or business establishment? Or a voluntee...More
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