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Category Archives: Economics

Equalising consumption => lowering vulnerability

A comment on a previous post expresses a common set of views among conservatives: Darwin has the final word on sillyness. If same sex marriage was a useful thing in society, then the vast range of human societies would show us a successful society with same sex marriage as normal. This confuses natural selection with social selection, […]

Short observations 2

Smartphones slow down the restaurant experience (via). Time constraint means scarcity will always be with us. (That is scarcity in the trade-offs-have-to-be-made sense. Hunger and famine need not always be with us.) *** I find the notion that people without a state cannot have money risible. They may not have their own coins, but coins are merely branded […]

Short observations

Maverick Philosopher tells us that arguments don’t have testicles.  But they do have perspectives built into them. Including (in some ways especially) legal arguments. We should be wary of dismissing the importance of perspective, especially as a great deal of bigotry rests precisely on denying the legitimacy of particular perspectives. *** Currently reading an excellent popularisation […]

Regime matters

A recurring error in Western analysis is to not take ideology (particularly religious ideology) or regime structure seriously in analysing the behaviour of other states. Historian A J P Taylor’s famous statement that: In international affairs, there was nothing wrong with Hitler except that he was German. is a manifestation of this. But so is the […]

Migration, history and countries as club goods

This is based on comments I made here and here. Thin conceptions There is a line of argument which holds that if free trade in goods and services is good for economies, if free trade in capital is good for economies, then surely free trade in labour would also be good for economies. So, just as one should […]

The evolution of social bargains — operative not normative

I was reading Yoram Barzel‘s property rights analysis (pdf) of the rise of Parliamentary government in England, when the full force of his critique of normative concepts of the rise of parliamentarianism and representative government hit me. That Iraq is busily messily falling apart, following on from–and partly a consequence of–Syria doing so, with the advance of the Islamic State of […]

Memories of Ray Evans (1935-2014)

I was greatly saddened to learn, via email, of the death of Ray Evans.  I first met Ray sometime in the 1980s, when he was an indefatigable fighter for labour market reform. The attempt by the new Hawke Government, via the Hancock Report, to expand even further the legal privileges of the union movement inspired him to co-found the H […]

Why monetarist victory is necessary: so central banks cannot hide

A guest post at Marcus Nunes’s blog Historinhas (sans graphs). In the debate about how to think about the Great Inflation of the 1970s, Milton Friedman‘s policy advice–constant growth in a targeted monetary aggregate–turned out to be misplaced. Indeed, the failure of the Thatcher Government‘s monetary aggregate targeting led to the popularisation of Goodhart’s Law: Any observed statistical regularity will tend to collapse […]

Hard money is not the same as sound money

A post by Jonathan Finegold on sound money pointed me towards how to express an important distinction–that hard money is not the same as sound money. JF defines sound money thusly: a monetary system that best promotes coordination between market agents. Unsurprisingly, a somewhat “Austrian” definition, but clear enough. I would go with the money that maximises its transaction […]

Too big not to fail: the rise and fall of Fannie Mae

The debate over the role (if any) of the Community Reinvestment Act (CRA) in the sub-prime crisis, and thus the Global Financial Crisis (GFC), often seems to be a stand-in for other issues. In particular, to what extent was either financial meltdown the consequences of government regulation (or the lack thereof). The answer to the former question is: almost entirely, […]