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Most Active Discussions

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  1. Dissing "The Theory of Moral Sentiments": Twenty-Six Critics, from 1765 to 1949

    • Addition to previous on Hugh Murray (1808): The four-stage theory appears 157ff.

    • 9 comments
    • First comment 11 Jun 2018 by Daniel Klein
    • Last comment 23 Jan 2019 by Daniel Klein
  2. Economic Enlightenment in Relation to College-going, Ideology, and Other Variables: A Zogby Survey of Americans

    • That this “survey” passes for anything other than the ridiculous crock it is is extremely troubling. 8 agree or disagree statements, with and admitted political bias (In what way does asking questions which only challenge liberal mentalities give any kind of a useful result measured against political ideology?). What’s more, all but two of the questions could be correctly answered by simply following the “all government action bad” philosophy.

      Especially troubling are the following two questions: “Third-world workers working for American companies overseas are being exploited,” and “Free trade leads to unemployment.” The first question is WAY too open to interpretation as to the meaning of the word “exploited,” while the second should certainly be qualified by a statement either limiting it to immediate effect (assuming that this does not contribute positively to specialization, allowing new industries to develop which might suck up the surplus), or at least noting noting that it does not refer to a poorer country which signs a free trade agreement with a richer one.

      The two remaining questions, which aren’t simple “government bad” types, aren’t terrible, but any test that you can score highly on with no knowledge other than “biggest market share does not necessarily equal monopoly, government is bad, and stuff is better than it was” can hardly be said to be an indicator of economic knowledge.

      I don’t know if the authors are trying to push a political ideology as grounded in fact (an easy conclusion to reach, given the giddy, masturbatory response the study has had on arch conservative online publications such as “American Spectator”), but this survey should be fully discounted by every respectable publication as the crock it is. This is the first thing I’ve come across on Econ Journal Watch, so maybe it’s a joke publication, but if not, for shame.

    • 6 comments
    • First comment 10 Jun 2010 by N. Joseph Potts
    • Last comment 16 Nov 2015 by wargames83
  3. Adam Smith, the Last of the Former Virtue Ethicists

    • McCloskey faults the project of the Enlightenment philosophers, Smith included, for neglecting two of the seven virtues of Thomas Aquinas: hope and faith (though she does claim these were smuggled in through the back door of their philosophies). I must admit to being puzzled about what use a secular moral philosopher should have for either virtue, both of which being explicitly based in religion.

      McCloskey describes hope and faith as two sides of the same coin, the forward-looking imagination and backward-looking imagination, respectively. Without hope, she tells us, there can be no ‘human project.’ Without faith, no ‘human identity.’ They do not, she asserts with no further explanation, ‘have to be theological.’ She implies that without hope as an independent virtue, suicide would be our only recourse, and without faith as an independent virtue, we would forget our identities. She claims that this makes the two virtues intelligible in secular terms, but as I can make no sense of any of it, I have to disagree.

      The ability to carry on projects that will bear fruit in the future does require a kind of simple “hope” that one’s plans will succeed. However, surely if this is all that hope consists of, skepticism must be a coequal virtue, otherwise the wasting of resources on impossible projects would be laudable and proper. And neither hope nor skepticism is an independent virtue, as hope could be described as prudence plus courage in imagination, and skepticism, prudence plus temperance in the same. Indeed, to an atheist, praying for eternal life perfectly fits the idea of “wasting resources on an impossible project.” I can understand hope as an independent virtue only in a specific theological context. The ancient pagan virtue ethicists also distrusted hope as a virtue, pointing out that hope adopted as a stable habit of mind would lead to continual bitter disappointment.

      With regard to faith, to twist it into a secular virtue when its commonplace meaning is the belief in a religion is to do violence to language and reason. McCloskey attempts to describe a physicist’s assumption of the orderliness of the universe as piety and faith (a faith slipped in stealthily whenever an Enlightenment philosopher refers to Nature), but it is nothing of the sort. She uses this poor argument against Rosalind Hursthouse’s reasonable contention that religious piety is “based on a complete illusion” from an atheist’s point of view and then rolls on to blame our uptight refusal to recognize the existence of hope and faith as independent virtues in Western philosophy for the rise of Bolshevism, Hitler, and “all our woe.” Despite violating Godwin’s law here, she declares her position defying two centuries of philosophy evidently correct, and “warmly recommends” her own flavor of non-secular hope and faith.

      McCloskey points out another way God allegedly sneaks in the back door in Smithian moral philosophy: through the idea of an impartial spectator. She claims: “The impartial spectator…is not merely [a behavioral observation] about how people develop ethically. [It is a recommendation.]” This assertion stands in baffling contradiction to much of The Theory of Moral Sentiments, which painstakingly describes a positive process of an individual judging the propriety of actions he observes or proposes to undertake with recourse to sympathizing with an imagined impartial spectator. TMS is not a long harangue from “an urbane resident of Edinburgh…hopeful for a rather better society, loving sweetly the imagined result” exhorting its readers to follow a system of virtues. It is principally a description of a positive system of moral philosophy: how we in fact judge the propriety of actions, not how we ought to. Though Smith often lets his values and opinions leak through to color the text, to an extent unfashionable among modern philosophers but charming in this case, the meat of the book is about how humans act, not how Smith believes they should.

    • 6 comments
    • First comment 22 Sep 2010 by Steve Kunath
    • Last comment 14 Nov 2012 by Todd Peckarsky
    • Oh, please, please, please give us a link to where Paul Krugman said the 2009 stimulus was going to lead to “strong growth”.

      (And if you are unable to, does that mean you are, as Krugman contends, making it up?

    • 5 comments
    • First comment 23 Sep 2012 by Brooks
    • Last comment 24 Sep 2012 by Alex Nash
  4. Religion, Heuristics, and Intergenerational Risk Management

    • I found this to be a stimulating and useful article. However I find two major shortcomings. Firstly it could provide more substance to illustrate various religious taboos. Secondly it could examine beyond hard religion and look at social taboos/ tabus as projected by groups less formally spiritually aligned.
      I am partial to the perspective shared by Harari in his recent book “Sapiens” (and before that by others) that like most human concepts and beliefs, religions are simply self-serving myths that either evolved or were constructed for various reasons – control and power, security, resilience, etc. Most of the mainstream, monotheistic religions – which the authors focus most closely on – arose out of various distillations of incorporated belief systems. For instance the Abrahamic faiths – Judaism, Islam and Christianity incorporated various beliefs and myths from other sources, as reflected by various branches of those religions. For instance Catholics consume fish on Fridays but Protestants are less likely to. Alligator is considered a fish by New Orleans Catholics, reflecting one of many local belief systems. These various belief systems are largely reflected by the various sects of the Abrahamic (and other) religions.

      What is interesting for me, as a scholar of food, agriculture and diet, are the prohibitions, which can also be expressed as taboos in other non-Abrahamic cultural / spiritual beliefs, on consumption of various varieties of food, or the mixing of various foods.

      This is particularly strong in the Jewish Kosher tradition, around shellfish, mixing of milk products with meats, consumption of pork and so on.

      This prohibition is echoed in the Islamic fatwa against the consumption of pork as haraam (forbidden). If we consider why these particular foodstuffs have been forbidden, we can propose that there are good reasons for doing so. Pigs have long been considered dirty, although this is largely a condition of their domestication and scavenging nature. Imagine also, in the Middle East, pork would have been more likely to spoil, given the associated pathogens from its living in close association with humans, exacerbated by the hot climate.

      Further, as scavengers pigs are prone to infection by various helminths (worms) such as tapeworm and roundworm, which are readily passed onto those who consume their meat, weakening and often killing people if not treated.

      It is also interesting to consider the fact that pork, is said to be closest to human flesh (in Polynesia humans were called “long pig”) when cooked and consumed, so a further, obvious reason for taboo can be postulated.

      Considering shellfish, why would these be forbidden? Look no further than dinoflagellate toxins (caused by so called red tides, a fairly common global event) that can cause paralysis and death – and are impossible to detect without modern laboratory equipment. Shellfish are also readily prone to spoilage if not kept properly without refrigeration. Crustacea such as crayfish, lobster and prawns are bottom feeders, literally and scientifically, consuming detritus at the bottom of the food chain. Crayfish and lobster, for instance are noted to congregate around sewer outfalls and are also prone to rapid spoilage.

      Cholera outbreaks are associated with the consumption of raw shellfish, particularly in Peru, Chile and Ecuador (ceviche, etc.) where this is a common practice. So again, using religion to reinforce this absolute interdict, followers are protected and are more likely to survive than those who do not follow that religious belief. This provides an evolutionary as well as an economic advantage. Because the population will be less prone to infections, plagues or parasites, it is less likely to be unwell and able to be economically productive and to be able to contribute to the community, the church, the faith, etc. Therefore an evolutionary advantage emerges from such an interdict, providing increased resilience or a tendency to reinforce antifragility in individuals, in communities and in religions, benefiting all who subscribe to these interdicts. So while the religion may be based on a myth, the related interdicts and taboos reinforce the power of those who have logically and experientially curated and evolved the heuristics to improve on the lot of those who follow these shared belief systems. Those on the margins or those cast out or rejecting such systems would become prone to genetic and economic erosion and extinction.

      I thought I would share these considerations with the authors as I believe they provide some useful practical examples of application of the sort of heuristics, expressed as a religious taboo or interdict, able to confer practical and real social advantages. Given the nature of this forum I don’t really want to go much further beside say that these examples can be extended to other foods, seeds, poison fruits, mixing of dairy and other foods, ways of food storage and treatment, etc. that have bearing on the how risk and religion are managed and analysed.

    • 5 comments
    • First comment 30 May 2014 by Tom Garnett
    • Last comment 15 Aug 2015 by G. Ashton
  5. Advanced Placement Economics: The Good, the Bad, and the Ugly

    • Excellent article. I concur with Paul Johnson. Very sad that AP Economics includes so little real economics and so much of the bogus mechanistic/mathematical type.

    • 4 comments
    • First comment 25 Jan 2011 by Paul Johnson
    • Last comment 16 Mar 2011 by David B
  6. The Ideological Profile of Harvard University Press: Categorizing 494 Books Published 2000-2010

    • My two lines about Professor Luft’s book are perfectly accurate and not disputed by him. He does call for compulsory insurance to cover most medical costs. He thinks that this does not justify classifying his book as “left”, because he limits the compulsory coverage to certain conditions and wishes to rely on market mechanisms for other things. I stand by my classification, but this is a difference of opinion, not a failure on my part to get my facts straight.

    • 4 comments
    • First comment 24 Jan 2011 by Hal Luft
    • Last comment 16 Feb 2011 by Milo Schield
  7. The Liberty of the Ancients Compared with that of the Moderns

    • Constant provides an enlightening look at the concept of liberty in ancient western civilizations. For the ancients, liberty came through collective and direct participation in the polity. Life was affirmed through the polity: the alternative was to live as a barbarian. Freedom came collectively and was a privilege that could be taken away by the polity. Constant doesn’t mention that in some way such privileged liberty is similar to that of the towns and burghs that developed during the Medieval period, where citizens faced returning to manor life should they not temper themselves to the rules of the city (to be sure, the liberty that emerged in Medieval burghs resembled more closely individual modern liberty).

      Constant delivered his lecture in 1819, but his insistence on affirming that modern liberty is individual – as opposed to the collectivized liberty of the ancients – is as important today as it was then. He criticizes Rousseau , de Mably, and Montesquieu for conflating ancient and modern liberty in an attempt to assert the power of the state – and those at its helm. Still today – though perhaps without reference to ancient philosophy – illiberal thinkers assert that liberty comes through the state and is not held individually. In a very nice small section on commerce, Constant talks about ‘owning’ being merely a use-right to a piece of land; something we see today in the bundle theory of rights.

      He ends with a beautiful call for institutions to carry out the moral education of their citizens, not by forcing upon them some interpretation of morality, but by respecting their individual rights and creating proper incentives for moral behavior and civic participation. He mentions institutions in the context of the work of the legislature, but doesn’t say explicitly that all such institutions must come from the state, leaving one to think he refers not only to institutions of government but also those created by the culture and the market.

    • 4 comments
    • First comment 15 Apr 2011 by Ariel Nerbovig
    • Last comment 06 May 2011 by Stephanie Myla Helmick
  8. Entrepreneurship and Islam: An Overview

    • Are you aware of English language resources which make apparent the main schools of thought and areas of unresolved discussion in current religious and/or secular debates in Islamic entrepreneurship and/or finance?

    • 4 comments
    • First comment 31 May 2014 by Eric Rasmusen
    • Last comment 03 Jun 2014 by Nathan W
  9. Faculty Voter Registration in Economics, History, Journalism, Law, and Psychology

    • Sean T. Stevens, in preparing a blog post for Heterodox Academy about the Langbert, Quain, and Klein article in EJW, scrutinized the article and caught a problem, and then kindly sent us a query about it.

      Sean noticed that in footnote 5 (p. 424) we list University of Florida and University of Miami as among those universities that, though ranked high enough by U.S. News to be included in our investigation, were not included because they sit in states not covered by Aristotle (the database used for the study).

      But Sean noticed that in footnote 4 (p. 423), listing the states not included in Aristotle, Florida is not listed. In fact, Florida is covered by Aristotle. In fact, those two Florida universities should have been included in our investigation.

      To rectify the problem, we need to investigate the two universities that have been mistakenly left out of our analysis, which covered 40 universities. Although our subscription to Aristotle had expired, Aristotle has generously restored to us temporary access, to rectify the problem. We are proceeding now and will report back on the findings; look for a notice here at EJW News.

      We are grateful to Sean for catching our error and bringing it to our attention!

    • 4 comments
    • First comment 02 Oct 2016 by John Quiggin
    • Last comment 17 Oct 2017 by Mitchell_Langbert
  10. Preference Falsification in the Economics Profession

    • When I was a cadet in my senior year, we had to take a class with the senior officer in charge of the ROTC department. One of the concepts that I remember him trying to drive home was that we were preparing to enter a “profession”. At the time it struck me that he was grinding some sense of inadequacy, looking for a word that would make his own career more significant in the way some janitors want to be called “sanitary engineers”. However, two elements of his definition of a profession have remained with me (I’m sure there were more). In the colonel’s definition, a career field was a profession if it had a body of knowledge and an ethical code of conduct. Merely having an expert knowledge of a field made you a technician, not a professional. The ethical code of conduct instructed you on how you were to use your expert knowledge, and provided purpose for professional practice.

      In the quote above, Davis is referring to what the important work of the economics profession is, rather than what is important to be successful in the profession in this particular quote, but in an ideal world, the latter should flow from the former. I believe many people come to the social sciences with a desire to make society better (we may not all agree on what “better” means, but that is a separate issue). The dissatisfaction I read, overtly and between the lines, is that the “profession” of economics, in its pursuit of the air of positive science, has lost its ethical code of conduct and has devolved to a technical career field. The statement, “The economics profession is a bad joke. More and more economists are saying less and less to fewer and fewer people. And they conceal their vacuity in abstruse language and mathematical formulae” (p. 364), strikes at the heart of the loss of a professional ethic in the field. What is the ultimate purpose of economics but ultimately to increase society’s understanding of the economy and thereby guide policymakers to make effective policies? This does not necessarily mean that a lay person should be able to pick up an economics journal whose audience is intended to be professional economists and understand it fully any more than a lay person should be able to pick up a copy of the New England Journal of Medicine and expect to fully understand it. Every profession must have an introspective element that works to extend the professional knowledge, and a means of communicating that new professional knowledge.
      Davis paraphrases respondents who say collectively “The bifurcation of the economics profession into researchers, teachers, and policy-makers has gotten worse and the number of individuals who are respected for contributions in all three areas gotten fewer and farther between” (364). I am not sure this is actually a problem – it sounds like a matter of comparative advantage for the individuals involved. We are after all the field that promotes specialization of labor. The real problem seems to be that the economics field has been overwhelmed by its pursuit of the professional body of knowledge, and in particular a very narrow portion of the body of knowledge as defined by the use of mathematical methodology, and has lost its commitment to the ethic of betterment that defines social science practitioners as professionals rather than as mere technicians.

    • 3 comments
    • First comment 21 Apr 2010 by Jon Goldstein
    • Last comment 22 Apr 2010 by Shawn Reed
  11. A Life among the Econ, Particularly at UCLA

    • As a student during this period (PhD 1972) I was extremely fortunate to have been taught by these professors. Well remembered is the BSU bomb incident at the department as well as tenured faculty guarding halls against crazies disrupting classes. Learning to reason as an economist was paramount. On one qualifying exam, I felt one question assumed away the problem and rather than give an answer I pointed out the error. This risky strategy was well received. Alchian was on my dissertation committee but was slow to read the work. Knowing his keen interest in market transactions and since i was facing a deadline for a fellowship stipend, I made him a non serious offer. If he would just read it, I would split any stipend with him. This was not asking for an approval, just a reading. Obviously he would never accept any money, but as i knew he would, the market spirit of the offer was appreciated. During meetings of my nonacademic career, my annoying market based queries would often elicit the query “Where did you come from?”. I now know that the answer should have been “The Golden Age of Alchian’s UCLA Economics Department”.

    • 3 comments
    • First comment 08 Sep 2010 by morrie goldman
    • Last comment 17 May 2011 by josil
  12. Individualism: True and False

    • Using the contrast between two philosophies that both have been referred to as individualism, Hayek outlines many of the usual justifications for a government and an economic system built around precepts of individual liberty. He tracks the intellectual history of the word “individualism”, claiming that what he calls false individualism leads inevitably to socialism and collectivism. He praises true individualism as worthy because it produces the most desirable results; false individualism has been wrongly associated with it and thus usurped its meaning.
      Hayek argues that the basic principle dividing the two philosophies is their differing conceptions of human nature. False individualism is more or less an overconfident humanism, while true individualism freely admits to human foibles and limitations. Thus, people who subscribe to false individualism have inflated expectations that men can rationally design the perfect society. Hayek argues for property rights, limited government, free exchange of goods and services, and the price mechanism built on the idea that men are fallible. The order in society develops unintentionally from the choices that free people make. Hayek’s defense of a classical liberal society on these grounds is utilitarian and compelling.
      It is somewhat surprising the particular battle lines Hayek drew. He equates true individualism with the Anglo-American culture and its associated thinkers, like Adam Smith and Hume, while pointing to French thinkers following in the tradition of Descartes as the primary source of false individualism. Hayek claims that German culture has yet another sense of the word individualism, which is the rejection of historical tradition as a source of authority over one’s behavior. It is an interesting division but a little difficult to believe that nationality follows the divisions between the intellectual traditions so simply.
      The most surprising point in the essay is Hayek’s effort to demonstrate that liberty and cultural traditions are consistently compatible. Cultural norms develop from a spontaneous order that reflects the process of the market. Hayek argues that respect for naturally evolving norms, rather than designed ones, encourages respect for the power of spontaneous order to produce the most desirable outcomes. His assertions seem to match the historical outcomes of the French Revolution, which ended with a military dictatorship, and the American Revolution, which resulted in a system of government with a strong presumption of liberty. The former tried to radically remake the society but the latter was simply an assertion of principles deeply ingrained culturally.

    • 3 comments
    • First comment 22 Sep 2010 by Tony Quain
    • Last comment 10 May 2013 by Matt
  13. "The Two Faces of Adam Smith"

    • Echo’s critique is insightful, and touches on Hanley’s recent appraisal of the article. I would like to suggest that while Vernon Smith’s experiments are very interesting, that his jumping off point misses a better way to reconcile Adam Smith’s two works.

      Although Adam Smith does attribute the propensity to truck, barter, and exchange to man as one of his most innate qualities, it is not the most obvious bridge between the two books. As a method of operation in the world, the propensity is important; as an explanation of the origin of our behavior, less so. The Adam Smith of the Theory of Moral Sentiments proposes a picture of man who receives input from the world around him about how he ought to behave. The man wants to be loved and to be loveable out of a concern for his self-interest. Both works address the content of self-interested behavior. The content which makes up self-interest in each book is explained differently, but they both amount to an exploration of self-interest in different frames. Paganelli (2008) even suggests that self-interest is judged with a more friendly result in the Theory of Moral Sentiments than in The Wealth of Nations.

      Self-interest, rather than the propensity to truck and barter, is perhaps the real tie between the two works. In the Theory of Moral Sentiments Smith addresses humanity in the full context of human interactions, while in the Wealth of Nations he addresses that part of society most affected by the virtue of prudence. The method of approach is therefore different, but the starting point for each is not so far apart as is often assumed.

    • 3 comments
    • First comment 25 Apr 2011 by Echo Keif
    • Last comment 06 May 2011 by Steve Kunath
  14. Economic Enlightenment Revisited: New Results Again Find Little Relationship Between Education and Economic Enlightenment but Vitiate Prior Evidence of the Left Being Worse

    • People believing firmly in free market and voluntary exchange efficiency (just missed some fluctuations in Q.16 and negative externalities in Q17) are wrong and “Unenlightened”.
      People believing after USSR economy TOTAL failure and China transition to market economy that voluntary transactions are inefficient and only Gosplan could succeed to organize it are right and enlightened? Are you sure Q16-17 really helpful?
      BTW, conservatives actually able to count negative externalities.
      Q14: say Farmer A hired 5 immigrants from the country w/o tradition to respect property and human life, dignity etc. Let Farmer A saved for a Seazon $100K his costs (taxation, salary) and shared part of $100K among his product consumers. So, public wealth increased $100K. OK, now, close to the end of the Seazon (game almost over, last move of the gamer could be very unpleasant) this immigrant workers grabbed and killed farmer B and raped farmers’ C daughter and escaped to Mexico.
      Public losses counted say $5 million at least. So, conservatives actually count negative externalities, some libertarians so stubbornly ignore (Caplan vs. Friedman):
      http://econlog.econlib.org/archives/2008/06/milton_friedman_10.html

    • 3 comments
    • First comment 17 May 2011 by rihir akidan
    • Last comment 28 Apr 2012 by Moshe
  15. The Invisible Hand of Jupiter

    • The main point of Macfie’s article, The Invisible Hand of Jupiter (1971), is to analyze, and attempt to reconcile, Smith’s various uses of the famous, yet mysterious, “invisible hand” metaphor throughout his work.

      The original use of the invisible hand is in Smith’s History of Astronomy, an early essay written by Smith, which was published posthumously. In History of Astronomy, the invisible hand belongs to the Roman god Jupiter, and is used by polytheistic “savages” to explain seemingly irregular natural phenomena that interrupt the status quo (e.g., lightning, thunder). In The Theory of Moral Sentiments (TMS) and Wealth of Nations (WN), the invisible hand, assumed by Macfie, among others, to belong to the Christian Deity, is a mechanism of coordination that guides people’s self-love in order to achieve universal benevolence.

      While the uses of the invisible hand seem contradictory, Macfie contends they are not. He suggests that the use of the invisible hand in History of Astronomy was merely where Smith first coined the phrase, and has no significant bearing on its later use in TMS and WN. Macfie interprets the invisible hand metaphor in TMS and WN to be Smith’s attempt to express “his own view as to the relation between divine guidance, the system of nature, and human behavior”, accordingly becoming the energizer of his entire system of thought (pp.598-99).

      While Macfie’s interpretation may be plausible, there is another way to interpret Smith’s use of his famous metaphor. I believe that Smith used the invisible hand metaphor when talking about things beyond human understanding. In History of Astronomy, the savage ascribes lighting, a natural occurrence that he cannot understand, to the mood swings, and invisible hand of Jupiter. In TMS/WN, Smith employs the same invisible hand metaphor when he talks about markets; in doing so, he suggests that people cannot understand why order emerges spontaneously when people pursue their own ends in free markets, but can merely observe that it does. Perhaps this emergent order in markets can be attributed to a benevolent Deity, but, if the use of the metaphor is consistent with its use in History of Astronomy, Smith argues that the cause of this order is outside the realm of human understanding. With this interpretation of the invisible hand, Smith’s seemingly contradictory uses of the metaphor can indeed be reconciled.

    • 3 comments
    • First comment 15 Oct 2011 by Pavel Kucha?
    • Last comment 15 Nov 2012 by Francis Conlon
    • I do not share Eric’s confidence in perfectly and justly adminsitered providence.

      If we want things to be better on earth, I do not think we should wait for providence. We may have to wait for a very long time, and poor, starving and vulnerable populations worldwide need out compassion and support today, not whenever providence thinks it is time to do it.

    • 3 comments
    • First comment 30 May 2014 by Eric Rasmusen
    • Last comment 10 Jun 2014 by Nathan W
  16. Education Premiums in Cambodia: Dummy Variables Revisited and Recent Data

    • John, I do not believe you understand my point. Computed as discrete changes, which is what you do, the percentage difference of the premia (college versus high school) is not equal to to the difference of the percentage premia (college versus base minus high school versus base). You are implicitly using a false assumption; it is the same false assumption made by the Mexican government in the example I cited: that the difference of the percentage changes (+50 – 33.3) is the percentage change of the difference. It causes you to greatly overestimate the education premium.

    • 3 comments
    • First comment 30 Sep 2015 by Ronald Michener
    • Last comment 30 Oct 2015 by Ronald Michener
    • I am and always have been surprised by the “cartel” view of taxis. No one calls the Maine lobster industry a cartel. Yet surely and appropriately it is. The lobster fishery is a common access resource. So, too, are the streets of a city. Part of the income enjoyed by lobster fishermen is a scarcity rent. So, too, is the price of a taxi and a taxi-cab medallion. Cities for many, obvious political-economy reasons are awful at managing common access to the streets. Nonetheless, the social value of Uber is not to lower the price of a taxi, which should be even higher in some cases, but to offer the consumer a more technologically efficient way of delivering the scare good

    • 3 comments
    • First comment 30 Sep 2015 by Michael Maloney
    • Last comment 24 Oct 2015 by Carl Edman
    • Hoover Institution publication Policy Review just printed its last issue this month (2/2013). That’s one less conservative SSCI journal cited in the Klein and Chiang article. Will any of the remaining conservative academic journals (such as ANAMNESIS, Academic Questions, First Things or Modern Age) ever obtain SSCI?

    • 2 comments
    • First comment 01 Nov 2011 by Alex Littlefield
    • Last comment 11 Feb 2013 by Alex Littlefield

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