Market Reflex

April 28, 2016

There are a few thoughts or words in a normal economics discourse that trigger what I call my 'market reflex'.  Asad Zaman just triggered it. Of course he didn't mean to, and the sentence in question is in an article I agree with. Further, the sentence, on the surface, looks and sounds so innocuous. Here [more…]

American Amnesia?

April 26, 2016

That's the title of a book I am looking forward to reading over the summer. It's by Jacob Hacker and Paul Pierson, and I just read a summary essay they published called: "Making America Great Again - The Case for the Mixed Economy". Let's overlook the loaded content of the first part of the essay title, and focus, [more…]

Hope 101?

April 22, 2016

A nice way to end the week:

I overheard a conversation between two high school students this morning.

The first person was asking about which classes the second was going to take next. One of those mentioned was microeconomics.

"Oh, that's easy" said the first, "You just have to remember that its all rubbish - [more…]

101 or Not 101- Uber Knows?

April 21, 2016

Paul Krugman has this in his blog today:
The name is a takeoff on Noah Smith’s clever writing about “101ism”, in which economics writers present Econ 101 stuff about supply, demand, and how great markets are as gospel, ignoring the many ways in which economists have learned to qualify those conclusions in the face of [more…]

New York Stops The Revolution in Economics Too?

April 20, 2016

Yesterday's election result in New York State effectively ended Bernie Sander's tilt at the Democratic windmill. Here's what I wrote to a friend who was intent on parsing the numbers:
And, the point is?

We can analyze all we want. It doesn’t alter the result. It provides nice fodder for coffee shop talk, but doesn’t [more…]