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I started life as a microeconomist, which is why the sort of discussion about nominal shocks going on between Sumner, Kling, and Woolsey seems a little weird to me. To horrendously oversimplify the positions in order to make this post easier to tie together, Sumner seems to state that the Fed needs to print money […]
There seems to be a lot of discussion surrounding economists position on the political spectrum. My answer to this would be that economists are not a political group or a club so economists themselves will be spread over the political spectrum. However, I have to admit that the process used when discussing economic issues does […]
Over at Marginal Revolution, Tyler Cowen posts on what some people have to say about rent control. Several points are put forward as to why rent controls are a good thing, namely: People do not become happier from a larger, or better quality house and so a lower quality – lower price equilibrium would be […]
So the latest finance firm to collapse was actually in good shape, until good old investor panic lead to a run on funds took it out. The eight company since May 2006, I bet you a lot of people feel scared now. The main thing to remember is that this company was small, $19m owed […]
The Economist Blog pointed out the following blog article. In this article Michael Munger points out how a marriage is like a firm, in the way that it internalizes all the transaction costs associated with purchasing ‘relationship’ goods (this is an application of the Coase theory of the firm). Although the Economist Blog agrees with […]
For the first substantive post on this blog I’ve gone with a topic that’s an oldie (for NZers), but a goodie: banning smoking in public places. Britain’s currently going through the growing pains of a conversion to smoke-free public places and economist Tim Harford thinks that the economics of the change just don’t stack up. […]