The Downside of the “Tea Party”
The Great Can Opener Gap
I’m sick of our economic whiners and their tear-stained statistics. “Ten Million American children go to bed hungry every night.” Baloney, thick sliced and ready for your intellectual palate! Who believes such falsification? Were it true, fifty million Americans, given the generosity of Americans, would announce a bedtime snack program. “Kid, if you’re hungry come by my house — or better yet, I’ll bring by a couple pieces of fried chicken with a side of fries. Total cost: about 40 cents in my kitchen.
Mises and Hayek “refused to do empirical work”
This article by Mark Skousen makes the preposterous claim that Mises and Hayek “refused to do empirical work” whereas Milton Friedman did do empirical work, which accounts for his influence and their marginalization.
Open Skies?
Virgin America’s Bid to Start Flights Denied by U.S. From Mike Shedlock comes this analysis:
Re: Patents and Utilitarian Thinking Redux: Stiglitz on using Prizes to Stimulate Innovation
In a previous post, I noted that Nobel-prize winning economist Joseph Stiglitz had advocated replacing the patent system with a system for “awarding prizes”—presumably taxpayer funded—for innovations and inventions.
A new tactic for the Think Globally, Act Locally crowd
The Chicago Tribune and The Columbus Dispatch are reporting a Washington Post story on the federal push to make the polar bear the first mammal to be listed as in-risk of extinction due to global warming. According to the reports, “The Bush administration has decided to propose listing the polar bear as threatened under the Endangered Species Act, putting the U.S.
We Need an Angel Like Clarence
The Socialism of Mr. Shaw
Medieval Boom and Bust
Gerard Jackson takes on Alan Wood and Robert Shiller on the cause of speculative asset price bubbles in Medieval booms and historical and economic amnesia. Wood, citing Shiller, identifies media hype as the cause of speculative manias. Jackson responds that boom and bust cycles have been evident in times and places without news media. The only constant is the presence of fractional reserve banking: