Tag: Economics

Katniss Everdeen and the Paradox of Revolution »

“Historically, the common form of revolution has been a not-too-efficient despotism which is overthrown by another not-too-efficient despotism with little or no effect on the public good. Indeed, except for the change in the names of the ruling circles, it would be hard to distinguish one from the other.” —Gordon Tullock For the past...
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Economics 101: Uber’s Prices Don’t “Exploit” People »

The past few weeks have been full of travel—between Denver, Atlanta, Louisville, and Washington, D.C., I’ve had more than my fair share of layovers and flight delays. (I was also forced to contemplate what terrible thing I might have done to deserve sitting next to the woman who let out a scream every time...
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The Program No One Dares to Question: Social Security »

I recently exchanged letters with Joe Davidson, columnist for the Washington Post, about the Social Security program, in which I raised a central problem with this program, a defect consistently ignored by all its supporters. (Incidentally, the $1,000 reward I promised Mr. Davidson—which he did not attempt to claim—remains open to any staff member...
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Professor Gruber Strikes Again »

According to a recent post by Scott Vorse on Brietbart’s “Big Government” website, MIT economics professor Jonathan Gruber, already in hot water for saying that “the stupidity of the American voter” was politically indispensable in getting Congress to pass the Affordable Care Act, previously had advised former NYC mayor Michael Bloomberg on tobacco tax...
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Income Inequality Is a Statistical Artifact »

The past year or so has witnessed a tremendous outpouring of commentary about income inequality. Pundits and politicians have huffed and puffed about it, mainly about its alleged evils and what governments should do to diminish it. Mainstream economists have devoted a great deal of attention to dissecting French economist Thomas Piketty’s book Capital...
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Stores to Open on Thanksgiving—Don’t Complain. »

Over the past several weeks, the standard litany of holiday media stories has begun. While there is always some fun in guessing which reporter will get stuck with the “don’t set your house on fire with the deep fryer” segment, other stories are far more troubling. Around Thanksgiving and the start of the Christmas...
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The Anachronistic 1979 Oil Export Ban »

Political pressure is building to repeal the 1979 ban on U.S. exports of crude oil to the rest of the world. I blogged on that issue recently in Inside Sources, which was picked up by Orangeburg, South Carolina’s Times and Democrat. Other blogs on that policy issue are forthcoming. Several reasons for lifting the...
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Elizabeth Warren on the Economic Consequences of the Obama Administration »

Elizabeth Warren, recently appointed to a Democratic leadership position in the Senate, explained her priorities: “Wall Street ... is doing very well, CEOs are bringing in millions more and families all across the country are struggling,” she said. “We have to make this government work for the American people. And that’s what I will...
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Net Neutrality: Pushing on Another Side of the Balloon »

Yesterday I blogged on President Obama’s ill-conceived and statist call for the Federal Communications Commission (FCC) to regulate the Internet so as to prevent Internet Service Providers (ISPs), companies like Comcast, Time Warner, and AT&T, from charging differentially higher fees to Netflix, Amazon Prime, and other broadband “hogs” for subscribers’ access to online content....
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“Net Neutrality” Is an Oxymoron When Government Logs On »

President Obama released a video on Monday, November 10, asking the Federal Communications Commission to adopt rules that would keep the Internet what it always has been—“free and open.” The buzzword is “neutrality,” meaning that no telecom company or internet service provider (ISP) would be allowed to discriminate against some content providers by charging...
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