- March 10, 2022
Published by The Gazette, July 4, 2021 By Paul Prentice, Ph.D. One of the most important principles of Economics is that people respond to incentives. You get more of whatever you incentivize. You get less of whatever you disincentivize. This is irrefutable. The supplemental unemployment payment does both – it incentivizes people notREAD MORE
by Paul Prentice As the human tragedy and economic damage from Hurricane Harvey continue to mount, it won’t be long until several tired old economic myths are trotted out. First among these is what Frederic Bastiat called the “Broken Window Fallacy”. Accountants-disguised-as-economists will point to the so-called economic stimulus from the rebuilding efforts. But theREAD MORE
The political left is very vocal in their criticism of science deniers. After all, the denial of reality ultimately harms humanity. Unfortunately, the left has a similar blind spot when it comes to regulation. Economic fundamentals also have a claim on reality, a claim we ignore at our peril.READ MORE
Printed in the Boulder Daily Camera, summary: Nobel laureate economist Paul Krugman says a massive defense buildup in response to “fake an alien threat” would end the economic slump. An EconStories rap explains the fallacy: “If every worker was staffed in the army and fleet, we’d have full employment and nothing to eat.” Repealing the 2010 health control act would spur employment. Continue readingREAD MORE
In the American Spectator David Catron points out a disturbing quote from Medicare & Medicaid Services head Donald Berwick is.
Berwick’s view of rationing is, in fact, the opposite of [Paul] Ryan’s. The latter believes it should be driven by the informed decisions of consumers in a free market, while […]
Isn’t economics the “dismal science”; that thing you had to suffer through in college with graphs and equations, none of which seemed to make sense? Economics is actually very simple. Human beings, by their nature, must be free to take action to achieve their goals. We don’t have fur, claws and instincts like lower animals.READ MORE