Tag: Economists

Are the Ruling Elites in China Now More Pro-market than the Ruling Elites in the USA? »

The current issue of the Cato Policy Report (January/February 2015) contains a short article about a book by Zhang Weiying called The Logic of the Market: An Insider’s View of Chinese Economic Reform, which was originally published in Chinese (and said to be a best-seller in China in that form) and was recently translated into English….
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Apocalypse Not: The Legacy of Julian Simon »

“The ultimate resource is people—especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefit and inevitably benefit the rest of us as well.” —Julian Simon February 12 marks the birthday of the late economist Julian Simon (1932–1998). On this special occasion, I wish to…
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Milton Friedman on “Free” College »

Sixty years ago Milton Friedman made the case in “The Role of Government in Education” that since individuals reap the benefits of college degrees, whether personally, professionally, or both, they should pay for them. By 1979 Friedman noted that higher education subsidies had become such an Ivory Tower boondoggle, higher education should be taxed to…
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The Unintended Consequences of Banning the “World’s Oldest Profession” »

Prostitution is known as “the world’s oldest profession.” Indeed, as far back at the 18th century B.C., the Code of Hammurabi contained provisions regarding rules and protection for sex workers. “Sacred prostitution,” or sex associated with religious worship, occurred in many ancient societies and is well-documented. Over time, however, the sex industry has come under increased regulation….
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I Can’t Believe There’s No Butter! Bad Trade Policy Burns Christmas Bakers »

I love to cook. From my great grandmother’s recipe for fried chicken (fried in lard, of course) to my mom’s recipe for Kentucky burgoo (think stew), there are a few kitchen staples this cook can’t do without. The star of many southern recipes is butter. Perhaps famous southern cook Paula Deen put it best:…
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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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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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Gordon Tullock and the Transitional Gains Trap »

Gordon Tullock, who died on Monday at the age of 92, was along with his longtime colleague James Buchanan, the founder of the modern field of public choice, which during the past fifty years has become a well-established subfield of economics and of political science and has also had an influence on other disciplines….
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