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James Ceaser is the Harry F. Byrd Professor of Politics at the University of Virginia, director of the Program for Constitutionalism and Democracy, and was a senior fellow at the Hoover Institution. He is the author of several books on American politics and American political thought, including...
On Fringe Benefits I Blew The Equilibrium
Three commenters whom I respect and whose work I respect--John Goodman, Tim Worstall, and Scott Sumner--made critical comments on my most recent blog post, "Fringe Benefits and Stagnating Wages." My basic point is right, but I blew the equilibrium.
Paul Romer On Urban Growth
Paul Romer of New York University talks with EconTalk host Russ Roberts about reforming cities to allow growth and human flourishing.
Ruinous 'Compassion'
It is fascinating to see brilliant people belatedly discover the obvious — and to see an even larger number of brilliant people never discover the obvious.
Duffie And Stein On Libor
Darrell Duffie and Jeremy Stein have a nice paper, "Reforming LIBOR and Other Financial-Market Benchmarks" I learned some important lessons from the paper and discussion.
The Ides Of March: Gordon Tullock Strikes Again
Phil Edwards over at Vox has written a fun piece on the assassination of Julius Caesar on the Ides of March. Most of us know what we "know" about it from Shakespeare. Bad idea, says Edwards, and he shows why. His piece is appropriately titled "6 myths about the Ides of March and killing Caesar."
Bryan Caplan's Notes
In a post this morning, co-blogger Bryan Caplan made the following statement:
Furthermore, when there's a surplus of workers, the cost of outright bigotry sharply falls.
Arezki, Ramey, And Sheng On News Shocks
I attended the NBER EFG (economic fluctuations and growth) meeting a few weeks ago, and saw a very nice paper by Rabah Arezki, Valerie Ramey, and Liugang Sheng, "News Shocks in Open Economies: Evidence from Giant Oil Discoveries" (There were a lot of nice papers, but this one is more bloggable.)
Gerson's Confusion About Inequality
"Putnam's goal is to reveal the consequences of inequality on kids. This unfairness is rooted in various, interrelated trends: family instability, community dysfunction and the collapse of the blue-collar economy."
Ed Lazear On Bloomberg
Hoover fellow Ed Lazear discusses the potential impact of a rate hike by the Federal Reserve as the bank readies its latest statement to be released later today.
Will Social Security Be There When You Need It?
Many people believe that Social Security will be bankrupt by the time they retire. In fact, a recent survey conducted by Bankrate found that nearly a quarter of Americans expect to receive no benefits from Social Security..
Levine On The Keynesian Illusion
Some big themes: Standard Keynesian economics violates budget constraints. He explains it well, but it is sure to occasion the usual venom from with the "Say's law fallacy" brigade that has a lot of trouble understanding the difference between budget constraints and equilibrium conditions.
John Taylor On CNBC
John Taylor, Hoover Institution, discusses whether the Federal Reserve should take on a more rules-based approach to monetary policy.
John Taylor On The Bloomberg Advantage
Hoover fellow John Taylor discusses how the Fed could use the Taylor Rule to get back to a rules-based strategy for monetary policy, which would lead to better economic stability.
Countries Or Jurisdictions With A Flat Tax As Of March 2015
Countries or Jurisdictions With a Flat Tax as of March 2015 (Includes Personal Exemption or Allowance. Effective Zero Rate on First Tranche of Earnings or Self-Employed Business Profits)
Central Banks Without Rules Are Like Doctors Without Checklists
Recent proposals for policy rules legislation have led to a fascinating replay of issues that have long been at the heart of the rules versus discretion debate.
Borio, Erdem, Filardo And Hofmann On The Costs Of Deflation
Claudio Borio, Magdalena Erdem, Andrew Filardo and Boris Hofmann have a nice paper, "The costs of deflations: a historical perspective"
A Rare Disagreement With Bryan Caplan
Last week I highlighted Bryan Caplan's comprehensive notes, homework sets, and keys to homework for the courses he teaches.
The Boys In The Boat
On my flight from Chicago to Phoenix on Thursday, I finished The Boys in the Boat. It's subtitled "Nine Americans and Their Epic Quest for Gold at the 1936 Berlin Olympics." I highly recommend it.
A Partial Defense Of David Friedman
Scott Alexander, about whom both David Friedman and co-blogger Bryan Caplan have raved, has a lengthy book review of David's The Machinery of Freedom. As I write this, there are 479 comments on his post and I looked only at about the first 100 or so to see if anyone was making the point I want to make. I didn't find it, so I'll make it here.
Campbell Harvey On Randomness, Skill, And Investment Strategies
Campbell Harvey of Duke University talks with EconTalk host Russ Roberts about his research evaluating various investment and trading strategies and the challenge of measuring their effectiveness.