An article from The Economist last April explored Margaret Thatcher’s influence on government spending in Britain during her tenure as prime minister. The magazine published a very interesting graphic, showing the rise of government spending in five countries. I thought I would reproduce the picture for you here, because it illustrates some fascinating issues: First, at…
It’s always tricky to judge anyone’s moral character, much less that of historical figures who lived during times very different from our own. Most of the great people who founded the United States, for example, had slaves. Some even sired children with those slaves – like Thomas Jefferson. Hard to know how to judge that….
In the wake of the horrific floods that struck Colorado recently, many people have debated whether global warming is to blame. The same goes for wildfires that hit that state this summer and for the massive tornado that struck in Oklahoma this spring. In the wake of that tornado, for instance, Senator Sheldon Whitehouse from…
In their book Animal Spirits, George Akerlof and Robert Shiller recount the intellectual battles waged between Milton Friedman and Paul Samuelson, two of the 20th century’s most important economists. Friedman was a huge believer in the power of markets, and in consumers’abilities to make rational decisions. Samuelson also recognized the power of markets, but thought…
Here is a link to a story run by Marketplace on the crazy advertisements trying to influence whether people buy health insurance on the new Obamacare health insurance exchanges. The producers at Marketplace did an amazing job of making me sound almost semi-coherent. I’d love to hear your thoughts on the topic – the topic…
Albert Rees was a University of Chicago trained economist who wrote some of the most influential works in the field of labor economics. Despite his Chicago training – Chicago being the epicenter of the idea that humans are guided largely by rational choice – he was well aware of something crucial missing from economic theory:…
Here’s the opening paragraph from a New York Times magazine article published in May of this year, about monk seals. What a great way to open the piece: The Hawaiian monk seal has wiry whiskers and the deep, round eyes of an apologetic child. The animals will eat a variety of fish and selfish, or…
Until recently, hospitals in California had little reason to reduce the fees they charged for procedures like knee and hip replacement. Insurance companies might come their way, trying hard to bargain down their rates. But the hospitals knew that if enough of them said “no” to these lower fees, insurance companies would be left with…
During a particularly miserable World War II battle, a military analyst estimated that it cost $25,000 in artillery shells for each enemy soldier killed. That caused one soldier to ask: “Why wouldn’t it be better to just offer the Germans $25,000 to surrender?” If only the world were so rational! (Click here to view comments)
I thought I would share this paragraph with you: “They tramped through a land as exotic as North Africa, a land of village witches and exorcists, where the sick swallowed powdered amber or drank the dust of St. Peter’s bones. Big-wheeled carts clattered on iron rims over the cobblestones; the scenes painted on their sides…