TweetOne of my closest friends is Lyle Albaugh. He’s an extraordinarily smart, entrepreneurial, energetic, creative, and successful businessman in the D.C. area. Lyle is always at the back of my mind whenever I advise (as I often do) academics and pundits who complain about the current state of the market to put their money and […]Unconditionally. - Cafe Hayek. No Conscription. Ever. Unconditionally. Criticizing my unconditional opposition to conscription, you ask what I would do if “our fighting forces were undermanned and needing substantial infusions of manpower to protect our freedoms.”. That’s easy: raise soldiers’ pay until the supply of such workers is ...TweetHere’s a letter to a listener of Russ Roberts’s wonderful podcast, EconTalk: Mr. G___: Thanks for your kind and constructive feedback on my EconTalk episode on Covid. You ask for evidence on the ineffectiveness of lockdowns. In my talk, rather than saying that there’s little evidence that lockdowns reduce the spread of Covid, I should […]Oct 24, 2023 · TweetElon Musk tweets his endorsement of Johan Norberg’s new book, The Capitalist Manifesto. My GMU Econ colleague Bryan Caplan offers thoughts on his recent debate, at TCU, with Scott Sehon on capitalism versus socialism. Two slices: Sehon briefly talked about rights-based objections to socialism. He seemed to accept the old-school ACLU rights, but scoffed at […] Dec 3, 2021 · Please enter all required fields . Correct invalid entries . No spam, ever. Promise. Powered by FeedBlitz Sowell on Scarcity. by Russ Roberts on May 10, 2006. Tweet. Here is Thomas Sowell’s deep insight about economic reality from Basic Economics: A distinguished British economist named Lionel Robbins gave the classic definition of economics: Economics is the study of the use of scarce resources which have alternative uses. What …Sep 1, 2009 · TweetBenn Steil’s and Manuel Hinds’s Money, Markets & Sovereignty is among the most impressive books that I’ve read in a long time. I quoted from it in an earlier post, and I’m sure that I’ll do so in several other posts — including this one: Most wealth is created de novo in the process of […] Some Links. by Don Boudreaux on January 22, 2024. Tweet. Thomas Lambert and Tate Cooper methodically expose the errors, illogic, and arrogance of the neo-Brandeisians. Two slices: Two of Neo-Brandeisianism’s reform proposals are unique to the movement and follow from its distinctive criticism of the prevailing antitrust regime.Some Links. by Don Boudreaux on January 24, 2024. Tweet. At Law & Liberty, Phil Magness today exposes several of the many misunderstandings that infect Oren Cass’s January 2nd essay at that site. Four slices: Cass begins his historical account with a novel claim. “For more than a century after Ricardo introduced the concept of …Japan is known for things like sushi, Nintendo and tea ceremonies. However, it’s also renowned for its love of cats. The country not only has cat cafés, but also several islands po...Discoursing on Trade Deficits. Whatever credibility might reside in Kenneth Rapoza’s argument for us Americans to be wary of our trade with the Chinese is seriously diluted by his crude misunderstanding of trade balances (“ In the U.S.’s Fight Against China, We’re at a Distinct Disadvantage ,” January 3).I'm grateful for my long friendship and collaboration—not least through our blog Café Hayek. (www.cafehayek.com)—with Russell Roberts, now of the Hoover ...Feb 7, 2024 · Cafe Hayek is a blog by Don Boudreaux that covers various topics related to economics, such as fiscal policy, trade, and inflation. The Economics Archives page lists the latest posts on different economic issues, with links to the original sources and comments by the author. The problem that you fret about doesn’t arise. I close by expressing agreement with Adam Smith when he wrote that “nothing, however, can be more absurd than this whole doctrine of the balance of trade.”. Economic policy would today be far better had this foolish mercantilist notion been completely discarded in the 18 th century and ever ...Help Improve the Cafe. Contact our webmaster about errors on the site. ...Jan 8, 2024 · Some Links. by Don Boudreaux on January 8, 2024. Tweet. Rich Vedder and Bob Lawson, writing in the Wall Street Journal, remember the great Florida State University economist Jim Gwartney. A slice: Gwartney was a founding coauthor of the Economic Freedom of the World index, which since 1996 has been published by more than 100 institutions ... Jan 25, 2024 · Inhabited by squatters, these buildings were abandoned decades earlier by their owners because New York City’s draconian rent-control regime made it impossible for these buildings to be operated profitably as rental units. And due to their location, these buildings weren’t candidates to be refurbished into owner-occupied units. Coffee machines are an essential part of any cafe or restaurant. They allow us to enjoy a freshly brewed cup of coffee with just the touch of a button. However, like any other appl...It’s possible that an effective prohibition on price hikes will result in the poor getting a greater quantity of these goods than they’d get absent the prohibition, but arguments in favor of prohibitions on so-called “price gouging” typically merely assume that this outcome will arise. Yet the validity of this assumption can plausibly ...TweetRuss Roberts talks with Mike Munger about industrial policy. Here’s a slice, from the transcript, of Munger’s remarks: Look, elected officials have a two-year time horizon until the next election. And that’s in November. So, in December they have a 23-month time horizon. So, politics has a really, really short time horizon, and that’s why […]Help Improve the Cafe. Contact our webmaster about errors on the site. ...Coffee iced, also known as iced coffee, has become a popular beverage globally. Its origins date back to the early 19th century when it was first introduced in Algeria. Since then,...DBx: Proponents of industrial policy arrogantly suppose that they, or government officials, can and will divine the correct answers to these questions if only given the power to obstruct ordinary people’s consumption and investment decisions. Details of this supposed process of divination are, of course, never revealed.Approximately 20 percent of all US manufactured goods exports in 2021—totaling more than $169 billion—were “ high technology ” products (i.e., “products with high [research and development] intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery”). …..TweetI’d like to interview Bill Bryson for EconTalk. Does anyone know how to reach him? Please send me an email russroberts at gmail dot com. Share Tweet Share Email PrintCommentsTweet. Some commentors here at the Cafe have insisted that – as “Brutus” put matters today when commenting on this post – “If the history of mercantilism showed that it weakened an economy, then I would agree with you [that protectionism harms an economy]. But the data indicates [sic] the otherwise, including the history of the US.”This myth is …TweetIn my latest column for AIER, I share a few letters that I’ve sent over the years to students and high-school teachers. A slice: Next is a 2019 letter to a high-school student in California who applied to George Mason University: Ms. S: Thanks for your e-mail. I’m honored that you read Café Hayek, and […]TweetThe Secretary of Energy gives us his view of Americans (HT: Drudge): When it comes to greenhouse-gas emissions, Energy Secretary Steven Chu sees Americans as unruly teenagers and the Administration as the parent that will have to teach them a few lessons. Energy Secretary Chu: A teaching moment (AP) Speaking on the …Cafe Hayek. where orders emerge. Adam Smith and His National-Defense Exception to a Policy of Unilateral Free Trade. by Don Boudreaux on September 18, 2020. in Adam Smith, Trade, Video, War. Tweet. In his short video I discuss Adam Smith’s national-defense exception to a policy of unilateral free trade. (Again, I thank my Mercatus Center ...Dec 3, 2021 · Please enter all required fields . Correct invalid entries . No spam, ever. Promise. Powered by FeedBlitz Sep 12, 2023 · TweetThe Cato Institute today begins the release of a series of papers in its new and important project “Defending Globalization.” I’m pleased to have contributed the first of these papers; it’s titled “Comparative Advantage.” A slice: The scholar, financier, and statesman David Ricardo (1772–1823) is credited with first clearly identifying comparative advantage. He did so […] Jan 6, 2020 ... Hayek's “Curious Task”. For more on teaching economics, see “Economics ... He blogs at Café Hayek (www.cafehayek.com). For more articles by ...Dec 14, 2022 · … is from pages 120-121 of F.A. Hayek’s 1950 paper “The Meaning of Government Interference,” which appears for the first time in print as Chapter 8 of Essays on Liberalism and the Economy (2022), which is volume 18 (expertly edited by Paul Lewis) of The Collected Works of F.A. Hayek: Tweet. Here’s a letter to the Wall Street Journal:. Editor: By my count, Peter Navarro’s op-ed in today’s pages – “Give Trump’s Tariffs a Fair Test” – is the seventh such piece that you’ve published by him since he became Donald Trump’s trade shaman. Each of these essays is a cascade of contradictions and confusions so immense that even listing them would …Tweet. Today’s Wall Street Journal exposes the lie that is the so-called “Social Security Trust Fund” – and further reveals the disgraceful flippancy with which politicians and their go-fers mislead the public about it. Here’s a slice: President Obama famously played to grandma’s Social Security fears this week, saying in an interview about the debt-ceiling …In no universe is such a policy prudent. Nor were lockdowns “essential.”. As Nocera and McLean note, “the weight of the evidence seems to be with those who say that lockdowns did not save many lives. By our count, there are at least 50 studies that come to the same conclusion. After The Big Fail went to press, The Lancet published a study ...4 days ago · It’s curious, isn’t it?, that among the people who roar most loudly in opposition to subsidized imports are people who proudly shout “put America first!”. You’d think that everyone who admires Donald Trump’s alleged genius at re-arranging trade so that we Americans “win” at the expense of foreigners would be delighted at the ... by Don Boudreaux on December 3, 2023 Tweet In my latest column for AIER I ponder lost possibilities. Two slices: Many people understandably wonder what spectacular music …Sep 12, 2023 · TweetThe Cato Institute today begins the release of a series of papers in its new and important project “Defending Globalization.” I’m pleased to have contributed the first of these papers; it’s titled “Comparative Advantage.” A slice: The scholar, financier, and statesman David Ricardo (1772–1823) is credited with first clearly identifying comparative advantage. He did so […] Quotation of the Day…. by Don Boudreaux on November 24, 2023. Tweet. … is from page 5 of the 2015 Fourth Edition of Douglas A. Irwin’s important book, Free Trade Under Fire: In fact, the economic case for free trade is based not on faith but on logic and evidence. DBx: Yes.Jan 12, 2024 · Help Improve the Cafe. Contact our webmaster about errors on the site. ... Quotation of the Day…. by Don Boudreaux on January 16, 2024. Tweet. … is from page 4 of the 1976 second edition of my late, great teacher Leland Yeager’s magisterial International Monetary Relations: Theory, History, and Policy (original emphases; footnote deleted): Our opportunity for gain is genuine regardless of why foreigners sell so ...Some Links. by Don Boudreaux on February 15, 2024. Tweet. My intrepid Mercatus Center colleague, Veronique de Rugy, understands well the folly of those people who wrongly suppose themselves to be wiser-than-thou in rejecting Adam Smith’s observation that “consumption is the sole end and purpose of all production; and the …Maybe the dogs don’t like it. by Russ Roberts on January 19, 2010. Tweet. Once upon a time a pet food company created a new variety of dog food and rolled out a massive marketing campaign to introduce the product. Despite hiring a first-rate advertising agency, initial sales were very disappointing. The agency was fired and a new agency …For coffee lovers, there’s nothing quite like the taste and aroma of a freshly brewed cup of joe. But with our fast-paced lives, finding the time to go to a café and wait in line f...Jan 2, 2024 · Some Links. by Don Boudreaux on January 2, 2024. Tweet. The Wall Street Journal ‘s Editorial Board wisely rejects Donald Trump’s and Robert Lighthizer’s case for protectionism. A slice: This reveals what tariffs often do in real life, which is to rob some anonymous Peter to pay some politically powerful Paul. Some Links. My GMU Econ colleague Vincent Geloso is correct: “If you care about social mobility, you need to let markets work.”. Here’s his conclusion: Our results show that economic freedom is a potent determinant of intergenerational income mobility. A person born in the economically freest quartile of metropolitan areas experiences ...Get in Touch. by Don Boudreaux on February 14, 2024. Tweet. Here’s a letter to Yahoo!Finance: Editor: May I plead with you to improve the economic literacy of your reporting on international trade? A few days ago your reporter Enda Curran opened a story with this line: “The US goods-trade deficit with China shrank to the smallest total ...Approximately 20 percent of all US manufactured goods exports in 2021—totaling more than $169 billion—were “ high technology ” products (i.e., “products with high [research and development] intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery”). …..A birthmark is a skin marking that is present at birth. Birthmarks include cafe-au-lait spots, moles, and Mongolian spots. Birthmarks can be red or other colors. A birthmark is a s...Jan 9, 2024 · In a free society, characterized by individual liberty, each one pursues his own goals (his “ends” in the terms of Friedrich Hayek ). Each one is free to pursue his own happiness. That the collectivist ideology espoused by protectionists would lead to logical contradictions is not surprising. In defending the “national interest ... Some Links. by Don Boudreaux on January 22, 2024. Tweet. Thomas Lambert and Tate Cooper methodically expose the errors, illogic, and arrogance of the neo-Brandeisians. Two slices: Two of Neo-Brandeisianism’s reform proposals are unique to the movement and follow from its distinctive criticism of the prevailing antitrust regime.Starbucks coffee stores and stands, as with many other coffee shops, offer a “cafe breve” version of the company’s lattes, in which half-and-half or light cream is substituted for ...Dec 2, 2014 · Roberts takes a different tack. He argues that Smith’s two books are about different and nonoverlapping spheres of human interaction. Borrowing from economist and philosopher Friedrich Hayek, he argues that “we need to inhabit two different worlds at the same time to interact within our families and then move into the commercial sphere and ... New York Times Reports Evidence Against Monopsony Power. by Don Boudreaux on February 16, 2014. Tweet. Here’s a letter to the New York Times: You report that higher minimum-wage rates in Oregon, Washington State, and Nevada prompt many Idahoans to quit jobs in their home state in order to take higher-wage jobs in these …Apr 19, 2023 ... You have a blog called “Cafe Hayek,” which I recommend to everyone listening that they go to Cafe Hayek. You put new content just about ...Cafe Hayek. 5,513 likes. Education website Help Improve the Cafe. Contact our webmaster about errors on the site. ...TweetAn economist friend, who teaches at a prominent U.S. university (not George Mason!), just sent to me the following e-mail in response to this earlier Cafe Hayek post in which I quote Thomas Sowell on the abuse of science. I share the e-mail with my friend’s kind permission, but my friend wishes to remain anonymous. […]by Don Boudreaux on January 12, 2024. Tweet. Several weeks ago I spoke with Drew Benson about international trade and protectionism. I very much enjoyed our conversation. Next post: A Modern Economy, As Such, Cannot Owe or Be Owed Anything.Keynes, Savings, and the Jews. by Russ Roberts on September 30, 2012. Tweet. In this week’s EconTalk (to be released tomorrow morning), I talk with Robert Skidelsky about his new book, co-authored with his son Edward, How Much is Enough: Money and the Good Life. The opening of the conversation is about an essay that …As of 2014, the main difference between the GE Cafe and GE Profile series is the style of the appliances. The GE Cafe series has robust door handles, large control dials and a stur...How long does a similar worker today have to work to buy similar items? (Note that that worker in 1975 earned, in 1975 dollars, $4.87 per hour. A similar worker today earns, in 2012 dollars, $19.84 per hour.) – Manual treadmill: 1975 price was $89.99 (or 18.5 hours of work in 1975); 2013 price is $127.99 (or 6.5 hours of work today)improving social epistemology, rewarding reasoned discourse. Click to read In My Tribe, by Arnold Kling, a Substack publication with thousands of subscribers.. TweetDr. Peter Navarro University of California – Irvine Dr. NJul 29, 2009 · Archives - Cafe Hayek. Complexity Tweet. Here’s a letter to the Wall Street Journal:. Editor: By my count, Peter Navarro’s op-ed in today’s pages – “Give Trump’s Tariffs a Fair Test” – is the seventh such piece that you’ve published by him since he became Donald Trump’s trade shaman. Each of these essays is a cascade of contradictions and confusions so immense that even listing them would … Friedrich Hayek: A famous economist born in Vienna, Aus Feb 14, 2024 · Get in Touch. by Don Boudreaux on February 14, 2024. Tweet. Here’s a letter to Yahoo!Finance: Editor: May I plead with you to improve the economic literacy of your reporting on international trade? A few days ago your reporter Enda Curran opened a story with this line: “The US goods-trade deficit with China shrank to the smallest total ... He is the author of the books The Essential Hayek, Globalizatio...
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