Category Archives: Introductory Economics

Which concepts work in economics?

On Quora, I was asked where economics works. I changed the question to “which concepts work?” My answer was The laws of supply and demand work. The principle of substitution works (we do not run out of resources—we substitute away … Continue reading

Posted in Introductory Economics | 17 Comments

Russ Roberts on middle-class income stagnation

Using an animated format, he starts to delve into the statistics. It is aimed at people without formal education in economics, but it struck me that some of the points that it makes might be best appreciated by a trained … Continue reading

Posted in income distribution-wealth-poverty, Introductory Economics | 5 Comments

Thoughts on profits

I put this essay up on Medium. I like the concept of Medium. I would like to be able to reach some people who are on the left. Everyone seems to love the juvenile, anti-capitalist rants that people put up. … Continue reading

Posted in Introductory Economics | 8 Comments

What I’m Reading

Tim O’Reilly’s new book. He tries to grasp how technology affects the current business environment. He then proceeds to look at the overall economic and social implications. You can get some of the flavor of it by listening to his … Continue reading

Posted in books and book reviews, business economics, Introductory Economics, Tyler Cowen is my Favorite Blogger | Tagged | 5 Comments

Deirdre McCloskey on teaching economics

She writes, I think economics, like philosophy, cannot be taught to nineteen-year olds. . .A nineteen-year old has intimations of mortality, comes directly from a socialized economy (called a family), and has no feel on his pulse for the tragedies … Continue reading

Posted in Introductory Economics, Tyler Cowen is my Favorite Blogger | 19 Comments

Heterodox introductory economics

Samuel Bowles and Wendy Carlin write, The Economy takes on board the fundamental innovations of Hayek and Nash used in contemporary economics research. But concerns about climate and other market failures as well as economic instability provide reasons to doubt … Continue reading

Posted in Introductory Economics, Mark Thoma is Indispensable | Tagged , | 5 Comments

College women and the future of economics

Catherine Rampell writes, The shrinking of the middle is largely due to a recent rise in the share of women (who also represent a majority of college students) who identify as either liberal or far left. The share of female … Continue reading

Posted in Introductory Economics, links to my essays, Tyler Cowen is my Favorite Blogger | 24 Comments

Household Production, Continued

The insightful Handle writes, free YouTube videos combined with cheap and quick home delivery of tools and parts have made my own home, computer, and auto repairs much more worth my time than trying to arrange for an experienced professional. … Continue reading

Posted in Growth Causes and Consequences, Introductory Economics | Tagged | 18 Comments

Household Services: I have a different take

Timothy Taylor reports, The value of household services was equal to about 37% of GDP in 1965, but is currently equal to about 23% of GDP. Tyler Cowen implies that this is a bad thing. I think of it this … Continue reading

Posted in Introductory Economics, Timothy Taylor is my Favorite Blogger, Tyler Cowen is my Favorite Blogger | 22 Comments

The Economics of a Border-Adjustment Tax

Timothy Taylor writes, Most countries around the world and all high-income countries other than the United States have “border adjustments” in their tax code, but a key point to recognize is that border adjustments are typically part of a value-added … Continue reading

Posted in Introductory Economics, public choice, Timothy Taylor is my Favorite Blogger, Tyler Cowen is my Favorite Blogger | 6 Comments