"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" -JMK
- The New York Times on Greece and Britain. I've been interested in the amount of attention the British election is getting in America. It's practically driven Greece out of the news, at least for the day. It seems strange to me - the election seems so much less consequential than Greece, which is threatening the entire continent - if not the world economy. But Americans like their election coverage, and I imagine it's nothing more than that. The article draws parallels between Britain and Greece, but leaves out by far the most important difference between the two: Britain is not on the euro.
- Jonathan Finegold Catalán has a good post on property rights and the oil spill. His analysis is right on target. I think there are lingering questions about whether the ocean (or any number of other things) is something that we want to identify as property. But whether or not it is a good idea to consider it "property" - the fact that it isn't property has important consequences, which Jonathan does a good job analyzing.
- Steven Horwitz has a good post on mergers and monopolies. Monopolies have always been a boogey man for Americans especially, but also for advocates of the free market. Intuitively that makes sense - monopolies are anti-competitive, right? But the reality is more complicated than that. Monopolies are often given a bad name that they don't deserve.
- I've been doing some soul searching after my partial differential equations final. Considering some political economy programs that place less emphasis on the higher math. One of the things I think I'd be interested in pursuing in such a program is the political economy of monetary policy making - specifically with respect to the Triffin dilemma and the dual mandate of the Fed. These choices are in many ways political choices (and perhaps that's not always a bad thing). Anyway, over the course of googling these things just to get a sense of the problem, I came across this interesting piece on the political economy of monetary policy by Volcker back when he was at the New York Fed.
- Sometimes I wonder about Arnold Kling's views on liberals and libertarians. By this definition, I'm definitely a libertarian and I think a ton of people are libertarians. This is quite simply a classical liberal position, and the classical liberal assumption on these sorts of things is shared by a lot of people beyond just libertarians. I have no idea why it's so hard for libertarians to realize this. I mean - define it this way if you want. Go ahead. But then the term "libertarian" becomes meaningless and indistinguishable from "classical liberal".
- Further findings regarding life on Mars. Very important stuff, if not entirely conclusive yet.
- Mark Thoma at The Huffington Post explaining why it is so essential for economics programs to place more emphasis economic history again. I couldn't agree more. My dream job would just be to be an economic historian. Unfortunately, that's a fairly restrictive skill set with restricted employment options so it's better left as a hobby and personal interest I think.
- Another sad example of moderates being dismissed by extremists.
Comparative advantage: a partial truth
2 hours ago