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Comments on: Get the right counterfactual! http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/ The Visible Hand in Economics Thu, 12 Aug 2010 05:19:16 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rauparaha http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27015 Thu, 12 Aug 2010 05:19:16 +0000 http://www.tvhe.co.nz/?p=5239#comment-27015 @Eric Crampton
Sorry, it’s an obscure reference that will only make any sense to Matt and agnitio. I wasn’t directing it at anyone on particular.

]]> By: Eric Crampton http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27012 Thu, 12 Aug 2010 04:21:51 +0000 http://www.tvhe.co.nz/?p=5239#comment-27012 I’ll take libertarian, but calling me a right-winger is getting on the fightin’ side of me…

]]> By: rauparaha http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27008 Thu, 12 Aug 2010 03:20:10 +0000 http://www.tvhe.co.nz/?p=5239#comment-27008 Damn extreme right wing, libertarian economists!

]]> By: Paul Walker http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27005 Thu, 12 Aug 2010 00:29:04 +0000 http://www.tvhe.co.nz/?p=5239#comment-27005 The point I like to make when dealing with “market failure” is that a failure in one market brings about a another market to deal with it, eg adverse selection problems with second hand cars bought about another market for the checking of cars, by outfits like the AA, before they are sold. So any government answer to “market failure” has to be compared to the market answer, taking into account, as you note, government failure.

]]> By: Eric Crampton http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27002 Wed, 11 Aug 2010 23:38:11 +0000 http://www.tvhe.co.nz/?p=5239#comment-27002 @Matt: I have a love-hate relationship with the rest of the world, and it’s reciprocated.

@WH: A few do wind up at other places. Transport, RBNZ…

]]> By: WH http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27001 Wed, 11 Aug 2010 22:27:25 +0000 http://www.tvhe.co.nz/?p=5239#comment-27001 Eric – your students are not needed at Tsy and MED, they are really needed in the other departments. TSY and MED end up fighting rear guard actions, if there was better policy analysis in the first place – Govt policy could all take up step up in the value chain, maybe a little proactive work instead of constant reactive activity – although it is hard to stop politicians from wanted a knee-jerk response.

]]> By: Matt Nolan http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-27000 Wed, 11 Aug 2010 22:03:15 +0000 http://www.tvhe.co.nz/?p=5239#comment-27000 @Eric Crampton

I think economists are often so busy trying to show that we don’t hate the rest of the world, we forget to properly discuss the limits of government intervention. Public policy at Vic covers public choice from memory.

Treasury and MED sound like the right places to put your students since they do realise these limitations.

]]> By: Eric Crampton http://www.tvhe.co.nz/2010/08/12/get-the-right-counterfactual/#comment-26998 Wed, 11 Aug 2010 21:54:05 +0000 http://www.tvhe.co.nz/?p=5239#comment-26998 Heh. That’s week one of my Public Choice undergrad class: markets fail, so do governments, there are other econ classes that’ll tell you all about market failure, this one covers why policy isn’t always meliorative. I don’t think there’s any other econ department that covers public choice. Fortunately, a reasonable number of my students make it into Treasury and MED.

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