The Latest from Cafe Hayek |
Posted: 24 Sep 2019 04:18 AM PDT (Don Boudreaux)
Steve Davies describes what he believes is, today, not a collapse of democracy but realignment.
Tim Worstall offers some adult advice to St. Greta of Stockholm. A slice:
Mark Perry summarizes some of the many failed predictions of environmental calamity. Arthur Diamond sings the praises of market-tested innovation. David Bier argues that legal immigration will resolve America’s real border problems. Richard Epstein laments California’s assault on the gig economy. |
Posted: 24 Sep 2019 03:13 AM PDT (Don Boudreaux)
… is from page 295 of Thomas Sowell’s 2009 book Intellectuals and Society:
DBx: Indeed. And nothing is more childish than supposing that youth supplies an especially rich source of knowledge and wisdom about social and economic matters – matters that are inherently complex and involve the making of countless trade-offs at the level of the individual. |
My Coming Webinar On Labor-Market Realities Posted: 23 Sep 2019 01:57 PM PDT |
So-Called “Price Gouging” Under Desperate Circumstances Posted: 23 Sep 2019 11:01 AM PDT (Don Boudreaux)
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Are You Sure Stoller’s Piece Really Isn’t from The Onion? Posted: 23 Sep 2019 07:45 AM PDT (Don Boudreaux)
For anyone who has studied the work and influence of the late Aaron Director – especially as that work and influence helped to successfully bulldoze off of antitrust economics and policy the heavy, thick layers of truly awful ‘economics’ that had encrusted it for much of the 20th century – encountering Matt Stoller’s post on Director is surreal. I encountered this post through David Henderson at EconLog. David is too kind to Stoller. Stoller is correct that what by the mid-1970s had come to be known as the “New Learning” about antitrust was very much a product of Aaron Director’s influence. But Stoller – unable to understand that bit of economics, and also apparently in the grip of the juvenile notion that “big” business means “monopoly” business – resorts to telling a childish and economically ignorant tale. I’ve not now the time to offer a more comprehensive criticism of Stoller’s error- and myth-ridden ‘analysis.” David does a good job. But I will here make two points. First, the market-process understanding of competition that was championed by Director – and that was polished and explained by the many scholars whom he influenced – has a long and honored pedigree. I believe, for example, much of it can be traced to Adam Smith. Some of the other notable scholars who had this market-process understanding include (in no particular order): – Joseph Schumpeter – Ludwig von Mises – F.A. Hayek – Israel Kirzner – Mario Rizzo – Ronald Coase – Harold Demsetz – Armen Alchian – Kenneth Elzinga – Yale Brozen – Thomas Sowell – Donald Dewey – Fred McChesney – Thomas Hazlett – George Bittlingmayer – Dom Armentano – Vernon Smith – Jim Liebeler – Bob Higgs Perhaps Stoller thinks that all of these scholars were and are in the pockets of oligarchs. Also, Stoller’s portrayal of H.L. Mencken is comically wrong. Here’s a comment that I left on David’s post at EconLog:
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Posted: 23 Sep 2019 06:15 AM PDT (Don Boudreaux)
James Peron warns of the danger to liberty posed by some who pose as friends of liberty. A slice:
Jeffrey Tucker is among the fans of Downton Abbey. George Will ponders what Hong Kong’s resistance means for Taiwan. Wendy Kaminer is unimpressed with an attempt to make a case against free speech. |
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