Economics

Archive for Economics

Praxeology and Prediction

[UPDATE: It was not until I pushed this post out on Twitter that I realized I should have called it, “WHY DID THE ECONOMIST CROSS THE ROAD?” Ah, life is full of regrets. But seriously, that is a clever title for this content, beyond the obvious.] I am in the middle of a lot of […]

Spillover Bias in Contiguous County Approach

Daniel Kuehn has a very interesting new paper on possible spillover bias when using a “contiguous county” approach in economic analysis. For example, this is the approach in the influential Dube et al. (2010) minimum wage paper, which Paul Krugman for example singled out as epitomizing the new research that overturned the old view about […]

Tom Woods and I Talk About the History of Economic Thought

Right here. If you want to sign up for Liberty Classroom to get access to my super duper course, use this link.

Gun Stocks and the Efficient Market Hypothesis

Does it make sense that gun stocks soared when Obama won, and tanked when Trump won? The layperson intuition is obviously, “People rush to buy guns when they think a ban is imminent, and so the higher sales are good for Smith & Wesson stocks.” However, does that make sense? Shouldn’t today’s stock prices reflect […]

Even Economists Should Check Out My GDP Article

I realized my last excerpt might not have alerted professional economists to the fact that I have some novel (I think?) points on GDP accounting in my latest EconLib piece. Some excerpts: [S]uppose that one method of producing 1,000 cars draws down on the fixed stock of iron ore located in a country’s mines, while […]

Murphy Twin Spin

==> The latest episode of Contra Krugman has Tom and me discussing the FBI. (We are experts.) But for real, some good stuff on affirmative action. ==> My new EconLib is up, on problems with GDP accounting. An excerpt: People often use the GDP formula to erroneously derive conclusions about economic causation. For example, in […]

Why Market Exchanges Are Not Acts of Measuring Value

Hoisted from the comments of my last post: This is in response to Tel, but I’m doing it stand-alone so it doesn’t get lost in the indentation: Shoot, Tel, I meant to hit this point but I forgot. When Jim trades 10 pizzas to Sally in exchange for a painting, we can say that the […]

Three of My Talks From Mises U

Hmm I realized I don’t always post these, since a lot of it is repeated from previous years. However, you should watch my opening jokes for the first one below, because some of them are new. Also, I think I did the second talk (featured below) a bit differently from how I normally do. Finally, […]