Economics

Archive for Economics

Jeff Tucker Interviews Murphy About The Econ Textbook

This is 24 minutes or so, but it moves fast…

Murphy TSA Twin Spin

Here’s the full version of privatizing airline security, complete with a numerical example: [An] actuary could tell the airline, “Using only conventional metal detectors and X-ray machines on luggage, you should expect 10 terrorist incidents, each costing on average $300 million in legal damages, for every 100 million passengers who fly on your airline.” The […]

Save the Bluefin Tuna With Property Rights

My article yesterday at Mises.org. BTW lately my articles have benefited from the customized artwork of Evan Wondolowski. An excerpt: Over the past two weeks, National Public Radio (NPR) has carried stories on the plight of the bluefin tuna and on the conservation campaign designed to save the endangered fish. Restaurants and supermarket chains have […]

Quotable Quotes

Wittiest thing I heard today: A client whose check for my traveling expenses hadn’t shown up wrote something like, “Sorry Bob I mailed that on November 24. It’s not impossible that the Post Office just hasn’t delivered it yet, with the holiday. As my husband says, that 44-cent stamp is 14 cents for postage and […]

Potpourri

Once again the browser becomes turgid with tabs: * Jim Manzi has been having a good discussion/argument with Karl Smith, on the confidence economists should have in their models. If you go to this post, you can get up to speed. It’s an interesting discussion because if you read either of them, you totally “get” […]

Could the Fed Become Insolvent?

I discuss this possibility today at Mises.org. I walk through three separate (hypothetical) Fed balance sheets to show how it could occur. An excerpt: Although our central bank appears to be insolvent, in practice what would hinder its continued operation? Its liabilities consist in the legal-tender fiat money of the land. If someone walks into […]

How Does Scott Sumner Really Feel About “Income”?

I was reading Scott Sumner’s blog and was moved to send him this email (with links added): I was going to do a really smarmy post once I realized this, but I want to give you a chance to defend yourself. Here’s my problem: (A) You have been arguing that income is a meaningless concept, […]

“The Day the Dollar Died”

This is the coolest commercial for a non-profit organization I have ever seen. Their doomsday scenario is very plausible, in my view. (HT2 Jeff Tucker)