Take a look at the graph below. From the end of World War II until 1964 the poverty rate in this country was cut in half. Further, 94% of the change in the poverty rate over this period can be explained by changes in per capita income alone. Economic growth is clearly the most effective […]
Read MoreUwe Reinhardt argued against the volunteer army at The New York Times economics blog the other day and I think his post is remarkable for reasons that have nothing to do with the military draft. But first things first. Uwe acknowledges that the weight of economic reasoning about conscription is traditionally thought to be […]
Read More“Krugman’s depiction is not the way real economists would describe any of this.” – John Goodman in today’s FREE Insight Individuals working in the world of ideas lack sanctified immunity to the consequences of inconsistency. Others monitor what they write and expose errors, especially those linked to ideology. Here libertarians, aka classical liberals, have a […]
Read MoreEconomists’ Favorite Bible Verse – An intro to today’s FREE Insight from the Chairman If political economists were to pick a favorite Bible verse I suggest it would be Proverbs 4:7. King James Version reads: “Wisdom is the principal thing; therefore get wisdom: and with all thy getting get understanding.” Alas too many people neglect […]
Read MoreIf there is a single issue that most divides economists from non-economists, it’s the way they view prices. Economists view prices as creators of incentives for buyers and sellers. When prices change behavior changes. As a result, prices are mechanisms for determining the allocation of resources. If they are not allowed to perform this role […]
Read MoreDo I owe something to the beggar on the street? If so, can I discharge that obligation by writing him a check? Does he have a claim against me? If so, can he make that claim by presenting me with a bill? Is my obligation smaller if the beggar lives in another city? […]
Read MoreThe labor market is one of the most regulated markets in our economy. Minimum wage laws effectively tell teenagers they cannot work unless they can produce $7.25 an hour. When the ObamaCare mandate kicks in next year, that hurdle will climb to more than $15 an hour for many potential employees. OSHA regulations dictate what risks workers […]
Read MoreIntroduced here by Dr. John Baden A Tale of Two Cities, Boulder and Bozeman First, an admission: I like Boulder, Colorado–as a place to visit and from which to learn. I’ve been there several times and always enjoyed my visits. Many say Bozeman is like Boulder was 30 plus years ago. They mean that as […]
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Introduction by John Baden: Ramona and I often are out of town on the Tuesday after the first Monday in November, Election Day. Since we are likely to be gone, we are registered to receive “absentee ballots.” How easy they are; mark, sign, stuff into envelopes, put on a stamp, and we’ve done a small portion of […]
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John Goodman’s article for FREE this week underscores a crucial flaw in ObamaCare. Not a flaw of legislation, regulation or execution, but a very serious flaw in understanding how medicine works. The fundamental unit of health care is the physician and the patient, making and discussing the diagnosis together and jointly deciding the best diagnostic […]
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