Homework Assignment, Time Inconsistent Preference

From this , the following quote from Matthew Rabin : “...We call this “time inconsistent preference,” and it’s hard to convey how categorically, how unambiguously economists have been wrong about this. Economists have assumed a time-consistent discounting, that to whatever degree we care more about today than tomorrow, we care that same amount more about 7 days from now than about 8 days from now.

Inflated Rhetoric

In a recent TV debate I enjoyed with a prominent member of the East Coast Internationalist establishment, the usual complacency about the continuation of low inflation (read: published indices of price rises) was combined by my opponent with high words of praise for Alan Greenspan’s sound leadership and a panegyric to the US productivity revolution. Notwithstanding what should therefore be an unqualified endorsement of the vibrancy of the American economy and of the unrivalled supremacy of its economic ‘model’, he did also allow that the fiscal position was a matter of concern and that

Separation of Work & State

Wendy McElroy makes a string of good points about homeschooling in this column from Foxnews.com. Certainly, state education has failed the least of these among us. But here’s another idea. Everyone knows that crime is out of control. Crime is usually traced to poverty, lackluster education, and lack of opportunity. So let’s open up some opportunities. Specifically, let’s liberalize labor markets and legalize drugs.

Economics, Philosophy, and Politics

An extraordinary and wide ranging interview with Hans-Hermann Hoppe: “The apologists of the central state claim that a proliferation of independent political units would lead to economic disintegration and impoverishment. Today, however, manny small countries are all wealthier than their surroundings. Moreover, theoretical reflection also shows that this claim is just another statist myth.”