Month: September 2014

The Multiplier Defect

This article discusses the fact that taxation has a multiplier defect, just as government spending has a multiplier effect. Once this is brought into a coherent macroeconomic model, the magical relative benefit of government spending compared to private spending vanishes.

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Bible Study Notes

This article is a collections of my notes from a Bible study today, 9/28/14: If you sin on accident, or you do something you do not think is sin but it actually is, you are still sinning. Leviticus 4 Why

The LGBTQ Movement and the UMC

The United Methodist Church is going through an internal struggle right now. I recently shared this article on Facebook. The article discusses the fact that the more liberal strains of the United Methodist Church, particularly as demonstrated by support for

More on Risk vs Uncertainty

I previously discussed risk and uncertainty here and I will continue the discussion in this article. Basically, I found this article which summed it up nicely. Economic risk refers to a probabilistic event which is quantifiable and may be taken

The Government Calculation Problem

Most people with an eye for economics are aware of the Socialist Calculation Problem, also known as the Economic Calculation Problem, but did you know that calculation problems exist outside of Communism as well? Asymmetric information is a less severe

Contra the Veil of Ignorance

An argument for income equality has often been based on the moral argument for fairness called the Veil of Ignorance. Originally put forth by John Rawls, this argument holds that equality is fair because it is the social distribution we

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Greedy Capitalist Pigs

My friend shared the following meme on facebook (except I added “Get the full story at…”): Consider the following response I gave: Chris, do you agree that if they were forced to share profits then they might not have gone

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Elasticity of Belief and Presuppositional Economics

In thinking about the relationship between Christianity and Economics, it is interesting to consider the possibility of adapting a style of Christian apologetics into an approach to economics thought. The particular style this article is concerned with is the idea

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Social Costs = Market Costs

Some of the strongest economic arguments for government intervention are based on the calculation of so-called social prices. These social prices may also be referred to as social costs, social benefits, or, less properly, external costs and external benefits. The

On Gruber, Free Riders, and Political Economy

Quote 1: “The problems faced by the city of Dhaka illustrate the difficulties of effectively addressing the free rider problem through a private mechanism. Goods that suffer from this free rider problem are known in economics as public goods, and

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