The Risk Paradox

In economics, the theory goes, actors can be risk loving, risk neutral, or risk averse. Most people, the theory continues, are risk averse. Insurance institutions are risk neutral and rarely you will encounter perhaps a gambling addict or some such individual who is actually risk loving. Risk loving actors introduce a paradox which is not … Read more The Risk Paradox

Comparative Government Efficiency

This article discusses the fact that government is usually less efficient that the free market and estimates the inefficiency factor. We then correct a classic view of measuring cost to society of government intrusion into a free market by introducing the government inefficiency factor to a standard measurement model. Government inefficiency is a hot topic on … Read more Comparative Government Efficiency

Healthcare Works in a Free Market

This article will argue that healthcare works just fine on a free market, in contrast to what many mainstream economists seem to think. Let’s start with an outside source. Peter Klein is a big name Austrian and he discusses this subject in a solid video shown below: Key highlights: “Healthcare” is not a useful term … Read more Healthcare Works in a Free Market

Nash Equilibrium and the Prisoners’ Dilemma

This article will introduce Nash Equilibrium and the Prisoners’ Dilemma. I will argue that prima facie these provide proof that empathetic markets can produce Nash-Superior equilibria. Let me start off by saying Khan Academy is super awesome. See their short introductory video on Nash Equilibrium and the Prisoners’ Dilemma: First thoughts: The PD does not … Read more Nash Equilibrium and the Prisoners’ Dilemma

Two Disruptive New Precedents in Higher Education

This article will cover two new trends in higher education which may disrupt the institution of higher education in the US and elsewhere. I cover education reform, as an institution not only as a public policy, quite often. In one article I specifically mention that MOOCs provide an new model of education with significant benefits … Read more Two Disruptive New Precedents in Higher Education

My Thoughts on Raising Minimum Wage

A friend of mine, an intelligent one at that, recently posted on Facebook that he would raise minimum wage. He said he would do this because there are many poor people and their income rises very slowly. I didn’t even address the problem that the term poor is a nearly useless designation. Instead I went … Read more My Thoughts on Raising Minimum Wage