When you make the price (ceteris paribus) of a normal good lower (approaching or actually at zero), you should not be at all surprised when more people partake. [ Don't miss what Megan McArdle has to say on this. ] This isn’t…
Tag Archive for economics
Boudreaux on Complexity
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Wonderful column, worth the read. If only those with grand designs would understand their hubris. And the classic quote via The Unbroken Window: The curious task of economics is to demonstrate to men how little they really know about what…
Bootleggers and Baptists: Internet Sales Tax Edition
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When I first learned of this story I wasn’t aware of the ‘bootleggers and Baptists’ angle. One thing to notice and make one leery of this bill is that it has the word “fairness” in its name. The Internet Sales Tax Rush…
Three Good Paragraphs …
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This is good. More Income Redistribution Will End the Great Recession? : The Freeman : Foundation for Economic Education: There’s a more fundamental problem with the Progressive interpretation of static income statistics: It demonstrates a complete lack of understanding of…
Coke Meets Pencils
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Coke meets I, Pencil. A short and wonderful read. What Coke Contains — Editors’ Picks — Medium: The number of individuals who know how to make a can of Coke is zero. The number of individual nations that could produce…
Should “Local” Stores Accept Non-Local Orders?
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I saw this story on Twitter, posted by @shoplocally (site), and it got me wondering. My question applies generally, not only to this store. If a store is adamant in their “buy-local” support and advocacy, should they refuse to sell to…
Thoughts On The Minimum-Wage Dust-Up, The Moral Problem …
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Let’s concede for a moment that a legislated minimum-wage has no negative effect on employment (I find that hard to believe), or that the effect is minimal (I suppose that’s possible in some scenarios depending on other factors, for example, if it…
Boudreaux On The Fatal Silence of Markets
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Another brief and wonderfully-written column. Do read the entire thing, it’s brief. Silence golden for market economy – TribLIVE: But when the market works smoothly — as it typically does — hardly anyone notices. We take its successes for granted.…
Why Free Markets Are the Best System Of Allocation
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Fantastic column from Dr. Horwitz. “Who Gets What” Is Only Half the Problem – The Future of Freedom Foundation: But whatever the advantages and disadvantages of non-price allocation systems, they all have one enormous defect: the way goods are allocated…
Three From Papola: Ethanol, Inequality, & Consumption
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John Papola authored the Forbes piece, and linked to the other two. It appears that government is the cause of (rather than the solution to) most of our problems. Don’t tell Joe Stiglitz. The Unequal State of America: Redistributing Up -…