Endogenous and exogenous steering

You occasionally see people debate whether money is “endogenous” or “exogenous”. I will try to explain that debate using the analogy of endogenous and exogenous steering of a car. Imagine a road network with a series of relatively straight but bumpy highways, and then occasional […]

Man on a Tightrope

Various commentators over the years have pointed out that while the number of movies about the horrors of Naziism is large, as it should be, the number of movies about the horrors of Communism is small, as it shouldn’t be. Recently, TMC showed a 1953 […]

“You tell me the rules and I’ll tell you what outcomes to expect.”

We hear a lot about the Chicago and Austrian schools of economics, but what about the UCLA school? In this episode, EconTalk host Russ Roberts welcomes EconLog’s David Henderson, who recently co-authored The Essential UCLA School of Economics with Steven Globerman. The theme of the […]

Contra Gensler and the Chinese Mirror

Gary Gensler, the chairman of the Securities and Exchange Commission, may be everything a classical liberal wants to avoid. I will take him as representative of the federal bureaucracies that want to control cryptocurrencies and the emerging decentralized finance (“DeFi”) markets. (See Andrew Ackerman, “Stablecoins […]

Build, Baby, Build in Nashville

I’m speaking on Build, Baby, Build in Nashville on Thursday night. Venue: The gorgeous Richland Country Club. Free for anyone with a .edu email address, and there is a lavish reception beforehand. And no mask requirement. If you come, be sure to introduce yourself! Register […]

The Continua of Excludability and Rivalry

The classic definition of a “public good” is that it is both “non-excludable” and “non-rival.” Textbooks normally treat these traits as binary, delivering this 2 x 2 typology: Yet in the real world, both excludability and rivalry lie on a continuum. Almost nothing is 0% […]

Poverty Isn’t Just About Money: Expanding the Child Tax Credit

The Wall Street Journal’s editors have written another great editorial, this time on the expansion of the child tax credit into an UBI [Universal Basic Income] for children. Parents can now claim a maximum of $3,000 for those ages 6 to 17 and up and […]

Khan’s ‘Vision and Priorities for the FTC’ Statement Lacks Humility and Strategic Insight

Federal Trade Commission (FTC) Chair Lina Khan’s Sept. 22 memorandum to FTC commissioners and staff—entitled “Vision and Priorities for the FTC” (VP Memo)—offers valuable insights into the chair’s strategy and policy agenda for the commission. Unfortunately, it lacks an appreciation for the limits of antitrust […]

Noreena Hertz on the Lonely Century

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