Monthly Archives: August 2015

Can Computers Solve the Socialist Calculation Problem?

Malcolm Harris writes, What if the problem with the Soviet Union was that it was too early? What if our computer processing power and behavioral data are developed enough now that central planning could outperform the market in the distribution … Continue reading

Posted in Specialization and Trade Economics Intro, Tyler Cowen is my Favorite Blogger | 22 Comments

The Econometrician and the Entrepreneur

Don Boudreaux writes, The market itself is a vast and on-going laboratory of experiments – experiments that are relevant, real, and revealing. These experiments are valuable not least because they are made under real-world circumstances and by people with strong … Continue reading

Posted in markets, Specialization and Trade Economics Intro | 11 Comments

The Null Hypothesis Strikes Again

Jason Richwine writes, Now a new report from the Institute of Education Sciences (IES), a research division of the Education Department, has poured more cold water on the idea that pursuing better teachers automatically translates to better student performance. The … Continue reading

Posted in Economics of Education | 7 Comments

Tyler Cowen Interviewed

The transcript is interesting. I could have annotated almost any one of his answers with comments of my own. One example: the best way to “educate yourself,” for most people at most stages in your life, is to make marginal … Continue reading

Posted in Economics of Education, Tyler Cowen is my Favorite Blogger | 2 Comments

The State of the Phillips Curve

John Cochrane writes, There is supposed to be a stable negatively sloped curve here by which higher inflation comes with lower unemployment. Beyond that correlation, most policy economists read it as cause and effect, higher unemployment begets lower inflation and … Continue reading

Posted in PSST and Macro | 1 Comment

A Philosophy of Markets

from Jason Brennan: Peter Jaworski and I have a book on commodification, Markets without Limits, coming out next month. Our thesis is that any service or good that you may give away for free, you may sell for money. Pointer … Continue reading

Posted in books and book reviews, Libertarian Thought | 5 Comments

Is This True of Progressive Education?

Peter Berkowitz writes, Progressives also abandon the idea of liberal education. Rather than transmitting the basics of the humanities and sciences, teaching the principles of freedom, and cultivating the capacity of students to think for themselves, progressivism supposes that the … Continue reading

Posted in Uncategorized | 16 Comments

A Case of Over-Supply

Steven J. Harper writes, Amazingly (and perversely), law schools have been able to continue to raise tuition while producing nearly twice as many graduates as the job market has been able to absorb. How is this possible? Why hasn’t the … Continue reading

Posted in public choice | 3 Comments

Markets and Trust

Liran Einav, Chiara Farronato, and Jonathan Levin write, Businesses that hope to create successful marketplaces or platforms for matching buyers and sellers have to solve several problems. They need to help buyers and sellers Önd each other, either by developing … Continue reading

Posted in business economics, Specialization and Trade Economics Intro | 9 Comments

Ray Fair on Macroeconometrics

He writes, Take a typical consumption function where consumption depends on current income and other things. Income is endogenous. In CC models using 2SLS, first stage regressors might include variables like government spending and tax rates, possibly lagged one quarter. … Continue reading

Posted in Economic education and methods, Mark Thoma is Indispensable, PSST and Macro | 6 Comments