"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" - JMK
- Urban Institute researchers propose "social impact bonds". It's an interesting idea, but it seems restricted to situations where the government isn't good at seeking out profitable opportunities and the private sector is too afraid to take risks. This seems like it would have limited application to me. We'd really like to motivate the government to invest in things where profits are not available precisely because benefits are diffuse, and when the benefits come farther in the future. If a profit is clearly identifiable it's not clear why government ought to be there in the first place and generally speaking we don't think risk is the major obstacle to private investment either.
- Peter Boettke shares two contrasting visions of the role of the economist. I have thoughts in the comment section - I don't think they contrast as much as he suggests (one is an "is" statement and one is an "ought" statement), but they do provide good food for thought.
- Jared Bernstein on budget facts and why nobody in Washington seems to care.
- Jonathan Catalan on the Pure Theory of Capital.
1 hour ago