Category Archives: Economics

taxi avoidance of regulation

About 14 million people live in Bangkok. The city is a sprawling maze of streets with the traffic density to match. Most residents drive scooters, but plenty of cars are also to be found. Many (a visible estimate of half) … Continue reading

Posted in Econ 101, Economics, Incentives Matter | Leave a comment

price fixing in phuket

Recently I had a chance to visit Phuket, a tourist Island in southern Thailand. Hotels during the off season were priced reasonably, $15 dollars a day for a queen bed and hot shower. But, food and clothing prices seem to … Continue reading

Posted in Economics, Price Controls, prices | Leave a comment

weaknesses of the left

Scott Sumner identifies some weaknesses in left wing thinkers: Weakness #1: Intellectuals on the left go through the following thought process. First they observe a “problem.” Then they declare a “market failure.” Then they consider what sort of government policy … Continue reading

Posted in Economics, Human Nature, Leftists, Science, Women | Leave a comment

when vanderbilt beat government corruption

From Capitalism: the Unknown Ideal: When Vanderbilt began to organize several small, obscure railroads into what was to become the New York Central system, he had to obtain a franchise from the City Council to permit his railroad, the New … Continue reading

Posted in Economics, Goverment, History | Leave a comment

the nirvana fallacy

From a post by David Henderson: When people advocate government intervention, they rarely, maybe never, tell us how the incentives will be set up so that government will do the right thing. Think about how asymmetric the argument is. Incentives … Continue reading

Posted in Econ 101, Economics, Goverment, State Worship | Leave a comment

the black market for legal controlled drugs

A while back, I listened to an NPR story about black market drugs. These were normal drugs like Viagra and pimple medication. Because patents and copyrights create a framework for overpriced medicine, black markets in generic knockoffs are thriving. The … Continue reading

Posted in Econ 101, Economics, Goverment, prices | Leave a comment

caplan on rational irrationality

Posted in critical thinking, Economics, Human Nature | Leave a comment