Category Archives: Economics

The Worship Of Abstract Theory Over Human Welfare

The buffered love to worship theory while the porous are more likely to love other things. Robert Lighthizer writes in his 2023 book, No Trade Is Free: Changing Course, Taking on China, and Helping America’s Workers: Free trade is always … Continue reading

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Trump Fires Fed’s Serial Fabulist Lisa Cooke

Peer-reviewed reanalysis Michael Wiebe (2024), “Can We Detect the Effects of Racial Violence on Patenting? Reanalyzing an Article by Lisa Cook,” Econ Journal Watch — questions log specifications, treatment of riots/segregation laws, and reproduces weaker/insignificant effects under alternative, arguably cleaner … Continue reading

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The Prestige Economy

The more prestigious your job (such as an Ivy League professor or network news anchor), the more vulnerable you are to cancellation for crime think. The professor and the elite journalist primarily work in a prestige economy while the businessman … Continue reading

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Politics As Resource Distribution

There seems to be a strong belief among the elite, as exemplified by the 2004 book What’s The Matter With Kansas?, that politics should primarily be about resource distribution. I moved to America in 1977 when I was 11. By … Continue reading

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The Wealth Of Nations (1776)

1. “Division of Labor” Yeah, Adam Smith says dividing labor increases productivity. Which explains why I’m broke—my labor’s been divided so many times there’s nothing left but me handing out resumes and emotional damage. 2. “Invisible Hand” Adam Smith’s invisible … Continue reading

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Did NAFTA improve the standard of living for the average American?

Nathan and Dave Green debate this question. Grok says: The North American Free Trade Agreement (NAFTA), implemented in 1994, had a mixed impact on the standard of living for the average American, with evidence suggesting modest overall benefits but significant … Continue reading

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The Washington Consensus

Grok says: The Washington Consensus refers to a set of ten economic policy prescriptions promoted in the late 1980s and 1990s by institutions like the IMF, World Bank, and U.S. Treasury, primarily for developing countries. Coined by economist John Williamson … Continue reading

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The World Turned Upside Down: America, China, and the Struggle for Global Leadership

Clyde Prestowitz wrote in this 2021 book: The United States got rich by imitating Great Britain and thereby marking a trail followed by Germany, France, Japan, South Korea, Singapore, the Netherlands, Switzerland, Sweden, Taiwan, and South Korea — all of … Continue reading

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Global Trade and Conflicting National Interests (2001)

Ralph Gomory, the former IBM chief scientist and Sloan Foundation president, and William J. Baumol, former American Economics Association president, wrote: * In [David] Ricardo’s time trade is estimated to have constituted about 1 percent of world GDP. Since then, … Continue reading

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The Prestige Of Economics

Inflation has dropped every month under Donald Trump. Economists and media are hardest hit. Economists in particular were predicting higher inflation due to Trump’s tariffs. They were wrong. Again. The credibility and prestige of social science depends in large part … Continue reading

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