Ecological Rationality Matters

1/26 was my first class with Professor/Dr. Pete Leeson. He seems to be very intelligent and also personable, but by nature of man and blogs I am choosing to write about some things he said with which I disagree rather than all of the things he said with which I strongly agree. The things he … Read more Ecological Rationality Matters

The Argument for Paternalism from Pleasant Surprise

This article argues for paternalism, but not statism, from pleasant surprise. Basically, the argument from pleasant surprise means that neither neoclassical nor Misesian efficiency may be optimal ex post. Just as with any other kind of shock. Here’s a short, entertaining video which touches on pleasant surprise: So what is a poor child to do? … Read more The Argument for Paternalism from Pleasant Surprise

Neoclassical Hypocrisy and Improved Long and Short Run Definitions

This article will criticize the Neoclassical School for hypocrisy and provide an improved definition of the long run and short run in economics. In the Neoclassical School of economics there exist two foundational ideas which have an important characteristic in common. The two ideas are the natural rate of unemployment and potential output, which is … Read more Neoclassical Hypocrisy and Improved Long and Short Run Definitions

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

The Importance of Moral Information

This article will argue that information is heterogeneous. It will further argue that a particular kind of information is moral information and that information is a key driver of consumer and producer preference. These preferential changes can result in significant shifts of entire supply and demand curves. Let’s say you are told something. You are … Read more The Importance of Moral Information