Tag: Economics
Capitalism’s Biggest Enemies Are Capitalists

Capitalism is by far the most effective anti-poverty program in the world’s history.

How a Charity Uses Fake Money and Auction Markets to Help Feed America

Feeding America is a network of 200 food banks and 60,000 food pantries and meal programs that helps to feed 46 million Americans annually, including 12 million children and 7 million seniors. The network fights hunger and poor nutrition by working with manufacturers, distributors, retailers, food service companies, and farmers to gather food before...
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Optimality—The Mainstream Economist’s Holy Grail

In discussing the economy and especially economic policy, mainstream economists have been in love with optimality for a century or so.

Partisan Politics Disenfranchises the Minority Party

The House and Senate have each passed their versions of a tax reform bill. Those bills now go to a conference committee consisting of members of the House and Senate to reconcile their (minor) differences so that both houses can vote on and pass the same bill. The conference committee is just a formality....
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Tax Tinkering

It appears the Congress is getting closer to passing a tax reform bill. While there are differences between the current House and Senate versions, they are close enough that it is easy to see that they can be reconciled and tax reform legislation can be passed this year. Reform on the individual income tax...
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Voluntary Provision of a So-called Public Good

For the past few days, several men and a fair-sized tractor front-end loader have been working on the beach road where I live north of Xcalak. None too soon, either, as the potholes have become immense in the past year or so since the last repairs. A gringo neighbor down the road organized this...
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Knowledge Better Left Unknown

They say that a little knowledge is a dangerous thing. About certain things, however, any knowledge at all is dangerous and potentially fatal. One such piece of purported knowledge pertains to the size distribution of income and wealth. This knowledge serves no good purpose; it is wholly unnecessary for defensible government policy or action....
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Fred S. McChesney, Rest in Peace

I first met Fred S. McChesney (1948–2017) at the Federal Trade Commission in the early 1980s. Ronald Reagan had just been elected to the presidency and had appointed James C. Miller III as the FTC’s chairman. Robert D. Tollison had been confirmed as the Director of the FTC’s Bureau of Economics. I am not...
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Progressive Democracy Works for the 1%

The Occupy Wall Street movement that began in 2011 protested government policies that favored the 1%, the elite, over the 99%, the masses. Their protests were justified. The Wall Street fat cats who owned mortgage-backed securities were bailed out, but homeowners who had lost their jobs and couldn’t pay their mortgages were foreclosed. But...
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A Plea to My Male (and Female) Colleagues in Economics

In a recent blog post, Jeffrey R. Brown, a Professor of Business and Dean at the College of Business at the University of Illinois Urbana-Champaign, published a “public plea” to his “male senior colleagues in economics.” In the post, he references the research of an undergraduate student who looked at the words used to...
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