Tag: Economics

Twirling, Twirling Towards Freedom

On Monday night there was a debate between Connecticut Senatorial candidates Richard Blumenthal and Linda McMahon.  During the debate Linda McMahon asked Mr. Blumenthal, “How do you create a job?”  Blumenthal’s answer was, well, see for yourself. Watching this, I couldn’t help but be reminded of another example of genius on display.

Why Is This Bad?

Rookie hazing is common to all American professional sports.  Normally it amounts to rookies carrying veterans’ bags, being dressed up in women’s clothing for “fashion shoots,” or simply having to buy dinner for the veterans.  Well last week Dez Bryant of the Dallas Cowboys was subjected to the latter.  Unlike most rookie hazing incidents this

California Nightmaring

In a remarkably good article here at newgeography, Joel Kotkin details how California has been transformed from the Golden State to the state most likely to go bankrupt.  He sums up his argument as follows: What went so wrong? The answer lies in a change in the nature of progressive politics in California. During the

Economics and Moral Hazard

Another first rate video from the Econ 101 series of the Center for Freedom and Prosperity.  This video exlores the concept of moral hazard in economics.  A moral hazard occurs in economics when one of the parties to a transaction is  insulated from bad effects if the transaction goes south.  This will cause that party

A Story in Graphs

Once upon a time there was a country — it had its problems as any nation does, but it did well enough. Its people prided themselves on working hard, and they were comparatively well off: less so than the UK, more so than Spain and Italy. They’d had the good fortune to have none of

Quick Econ Thoughts on Licensing

This was going to be a comment on Blackadder’s post which has turned into a discussion on licensing and whether it raises prices, but since I only have time to write out one thought process today I thought I’d turn it into a post. Most folks outside economics see licensing as a way of legally

Left=Economic Illiteracy?

Great minds think alike.  I had prepared a post on this subject and I see that Darwin already has posted on the same topic.  Normally I would simply trash my post, but this time I think our readers might find it amusing to see our different takes on this topic. Everyone loves a pop quiz

Ideology and Economic Knowledge

Prof Daniel Klein of had a brief piece in the WSJ this week talking about how people’s economic knowledge or ignorance breaks down by ideological lines. Zogby researcher Zeljka Buturovic and I considered the 4,835 respondents’ (all American adults) answers to eight survey questions about basic economics. We also asked the respondents about their political

Pope Speaks About Economics Again, "It's the Natural Law, Stupid"

After calling for Catholics to be liberated from their pet ideologies, Pope Benedict is helping flesh out a moral economic vision that puts the standard Left- socialism/Right- Free Markets debate into the dust bin for faithful Catholics.  The bottom-line seems obvious to me- you can’t demonize government and you can’t demonize business- both bring difficulties

Set Me Free (From Ideologies) Part 2

  To follow up on my first installment of “Set Me Free (From Ideologies), I am going to draw again from the rich well of Pope Benedict’s powerful encyclical Caritas In Veritate.  In this case it would seem that in paragraph #25 the Pope is sounding kinda liberal if we would attempt to fit the views

Ash over Europe, Wilting Flowers and Produce in Kenya

Economics may be the “dismal science”, but I find this kind of story about the interconnectedness of the world endlessly fascinating. With flights restricted throughout the UK and Northern Europe because of the volcanic eruption, vegetable and flower growers in Kenya find themselves with mountains of produce with no market. If farmers in Africa’s Great

Service Economy

One often hears polemics against the fact that our country is now dominated by the “service economy”. It is one of those phrases that gives a strong impression, yet is oddly difficult to pin down. If I may be indulged in an open-ended post: 1) How would you define the “service economy”? (with examples) 2)

From Sweat-shop Workers to Business Owners

The Oregonian features an article on how Chinese workers who spent years working in factories for American brands like Nike and Columbia Sportswear have become a major source of business startups and wealth in China’s rural interior. WUHU, China — Years after activists accused Nike and other Western brands of running Third World sweatshops, the

It's Not Subversion, It's The System

I ran across this Boston Globe article about a Boston College professor who believes she has successfully identified a new form of civil disobedience, or as she terms it “economic disobedience.” The interview changed the way Dodson talked with other supervisors and managers of low-income workers, and she began to find that many of them

Sweatshop Economics Must Not Continue

I don’t believe any good Catholic would say they are happy with the situation of so many sweatshops operating in China et al.  The problem is what to do (or not do) about it.  I am giving my students a research project premised on a single sentence- “How can I avoid buying sweatshop products?”.  We