HispanicPundit + roberts   82

Charity: The Concise Encyclopedia of Economics | Library of Economics and Liberty
But with the dramatic increase in public aid during the Great Depression, which began in late 1929, private charities were “crowded out.” They could no longer successfully compete for donations with a federal government that could compel “donations” via the tax system. Table 1 shows how private charity during the Great Depression grew initially, then faded as government spending surged dramatically.
charity  fundamentals  roberts 
september 2016 by HispanicPundit
Stiglitz caricatures Becker
Becker showed that discrimination will be less pervasive in more competitive industries because companies that discriminate will lose market share to companies that do not. He also presented evidence that discrimination is more pervasive in more-regulated, and therefore less-competitive, industries. The idea that discrimination is costly to the discriminator is common sense among economists today, and that is due to Becker.
labor  capitalism  discrimination  regulations  becker  sidebar  roberts 
august 2013 by HispanicPundit
What Everyone Knows About Austerity
Mr. Cassidy has helped his readers know something that probably is not true. There has either been no austerity in the UK or at best, very little. There is no natural experiment here.
cassidy  austerity  newyorker  sidebar  sachs  roberts 
march 2013 by HispanicPundit
CAFE Standards are Extremely Inefficient
I and other scientists at the Massachusetts Institute of Technology estimate that the new standards will cost the economy on the whole — for the same reduction in gas use — at least six times more than a federal gas tax of roughly 45 cents per dollar of gasoline. That is because a gas tax provides immediate, direct incentives for drivers to reduce gasoline use, while the efficiency standards must squeeze the reduction out of new vehicles only. The new standards also encourage more driving, not less.
gas  carbon-tax  sidebar  roberts  CAFE  taxes 
february 2013 by HispanicPundit
Imagining a world of minimum wages
Ironically, the minimum wage creates a reserve army of the unemployed. That in turn allows employers to be less thoughtful, helpful, and kind. It destroys the civilizing effect of competition by muting it. That encourages exploitation. It reduces the cost to employers of racism or cruelty. Before the increase, being obnoxious or racist made it much harder to find employees. A minimum wage makes it easier to indulge in bad behavior. The costs are lower. Before the minimum wage, a cruel, selfish employer might have had to mentor his employees or train them or be nice to them despite his nature. Now he won’t have to. He can still get workers to work for him. Even more cruelly, the minimum wage encourages workers to exploit themselves. They work harder and put up with more abuse from the boss because the minimum wage reduces the alternatives that are available.
minimum-wage  sidebar  roberts 
february 2013 by HispanicPundit
Changing Family Structure
The median “taxpayer”, the unit that is in the middle of the middle quintile, has a very different family structure today than the median in 1960.
inequality  marriage  roberts  sidebar 
september 2012 by HispanicPundit
Changes in the Disability Rolls
According to Autor, the Carter Administration worked to restrain eligibility and the Reagan Administration continued that policy. Then in 1984, Congress liberalized the law and as you can see, the decline stopped and the numbers began to grow. And grow. An increase of over 6,000,000 workers in 30 years.
econtalk  sidebar  roberts  disability 
august 2012 by HispanicPundit
The Austerity Fairy
Just a few days ago, Krugman was arguing that Europe had tried slashing spending and that we now know that that didn’t work. Now he’s admitting that spending wasn’t slashed but that it really was, even though you can’t see it. You just have to know where to look. This is the man who likes to say the confidence fairy doesn’t exist. I’m afraid it’s the austerity fairy that doesn’t exist.
austerity  keynesian  krugman  roberts  sidebar 
may 2012 by HispanicPundit
Inequality and Stagnation
If the poorest people have the highest divorce rates, the increase in households in the 1980′s and beyond are going to come from the poorest people, adding numbers of households below the median and pulling the measured median down as a pure statistical artifact. That fall in median household income tells you nothing about the health of the economic system. It’s telling you something about the health of American marriages. (The increase in college attendance over this time period softens the magnitude of the impact, btw. But it doesn’t change it.)

You can’t conclude then, that “people are getting worse off.” Or “the average person has had no gains.”

The average (or more accurately, the median) person in 2011 is not the same person who was the median 10 and 20 and 30 and 40 years ago.
sidebar  fundamentals  roberts  poverty  culture  books  murray  marriage  inequality 
february 2012 by HispanicPundit
More on Fannie and Freddie and the crisis
The right argues that the cause of the crisis was that the government made banks (Fannie and Freddie and CRA) buy bad loans. The left argues the government through deregulation let investment banks run amok. Each is partially correct.

My explanation is a little more complicated but it is also simpler in that it explains the behavior of the investment banks and Fannie and Freddie: past bailouts of large creditors increased the expectation of future bailouts. That in turn let all financial institutions borrow from large creditors at reduced rates and in enormous amounts relative to using their own money. Here is William Black’s recipe for how a lender can enhance short-run gains, artificially inflating profits for the institution, pocket a really big bonus, and let the costs come later (and fall on someone else):
sidebar  roberts  causes  financialcrisis  fanniemae 
january 2012 by HispanicPundit
Fannie and Freddie and the crisis
The left’s narrative does not explain why housing prices took off like a rocket between 1995 and 2003. Without that rise in housing prices, the whole subprime market would have stayed quiet. It was that rise that made it imaginable to lend money to people with little or no money down. It was that rise that encouraged people to buy a second and third house. It was that rise that allowed people to lend money to people with mediocre to poor credit because they would be able to flip the house quickly.

What explains that rise? There were a number of government policies in 1995-2003 that we would expect to push up the demand for housing–the requirements on Fannie and Freddie to ever more loans from low income borrowers, the toughening of the Community Reinvestment Act in 1995 and various state-level encouragement of home ownership. Bush I, Clinton, and Bush II all were eager to increase the home ownership rate. They were successful. Is it surprising that this push caused housing prices to r
fanniemae  financialcrisis  causes  roberts  sidebar 
december 2011 by HispanicPundit
Keynes was right?
Russ Roberts on Krugmans solutions to the crisis.
keynesian  financialcrisis  europe  krugman  roberts  deficits  sidebar 
december 2011 by HispanicPundit
Poor Sales
Saying that poor sales is the biggest problem facing small business is like saying that the biggest problem facing the economy is that it’s not doing very well. It has no content. It tells you nothing about an amorphous concept called “aggregate demand” and even if it did, it does not tell you how to increase aggregate demand.

Of course businesses are worried about current and future sales. The challenge is to improve prospects for sales and profitability.  We’re not very good at that.

Does the government spending borrowed money increase the sales of the businesses who receive the money? Sure. Does it increase them permanently? No. That reduces the incentives to hire even when your sales increase. Does borrowing money reduce the sales of other businesses? Probably. Does the expansion of the firms that receive the money increase the prices of inputs that they demand and thereby crowd out other firms? Almost certainly. These are empirical questions that we don’t have good information a
financialcrisis  economy  roberts  fiscalstimulus09  sidebar 
october 2011 by HispanicPundit
Hoover and DeLong
On whether hoover spent more or less during his era.
fdr  hoover  spending  history  delong  roberts  sidebar 
august 2011 by HispanicPundit
What sets wages
Who earns the minimum wage? Alot less than you think!
minimum-wage  roberts  wages  fundamentals  sidebar 
may 2011 by HispanicPundit
Rising inequality
There is a fourth explanation. The fourth explanation is that these results are statistical anomalies. They come from how we calculate inequality using household income. The underlying cause of the worldwide trend is an increase in the divorce rate that caused an abrupt change in the number of households and an unexpected increase in the labor force participation of married women. It is not a result of a dysfunctional economy or a dysfunctional political system or technological change. It’s the result of an increase in the availability of the pill and other forms of birth control that changed the sexual and marital culture leading to a world where divorce is much more common.
inequality  marriage  roberts  sidebar 
may 2011 by HispanicPundit
There’s no their there
"And notice that the overall change between generations is an increase in real terms (corrected for inflation) from $55,600 to $71,900. That’s an increase of 29%. And the inflation correction probably overstates inflation. Not exactly the Great Stagnation. There is ZERO gain in the top quintile. I know. The top quintile is not the top 1%. But my point is that if you look at the share going to the top quintile between 1969 and 1999 as two snapshots, you’d find big gains for the top quintile that is misleading in the same way the Stiglitz inference from the data is misleading."
inequality  economic-stagnation  stiglitz  roberts  sidebar  mobility 
april 2011 by HispanicPundit
DeLong vs Cowen
Should you borrow more when interest rates are low? A debate.
monetary  debates  deficits  fiscal  cowen  DeLong  roberts  sidebar 
march 2011 by HispanicPundit
The power of the rich
Maybe these numbers should be even higher than they are. Or lower. Or maybe all the numbers should be higher instead of spending being lower because of the deficits we’re running. All I’m saying is that these aren’t very supportive of the idea that the rich run the country or that they’ve caused tax policy to change in their favor by some dramatic amount or that they don’t pay much in taxes.
inequality  oligarchy  krugman  roberts  sidebar 
february 2011 by HispanicPundit
The alternative to unions
You want negotiating power? Get educated. Get a skill. What keeps wages up in a world of 7% unionization in the private sector is that I have alternatives. So stay in school and study something serious that has value alongside whatever else you’re interested in. Or study something interesting that has little market value. But if you do that, don’t complain about your low salary and lack of a union.
unions  wages  inequality  roberts  sidebar 
february 2011 by HispanicPundit
What’s wrong with research in the social sciences?
Second, I’ve attended kindergarten. My kids have too. Having a good teacher is important, sure. But is it really plausible that the effects of a good teacher rather than a mediocre one show up 22 years later when the people in the sample are 27? And they don’t show up when 19 years later, in 2004, when the people in the sample are 24? That’s how powerful the effect is. IT LAYS DORMANT FOR 19 YEARS! This doesn’t pass the sniff test for me.
teaching  teachers  poverty  economic-growth  roberts  sidebar 
december 2010 by HispanicPundit
Marginal Revolution: Number of Birds Killed
"Number of birds killed by the BP oil spill: at least 2,188 and counting.

Number of birds killed by wind farms: 10,000-40,000 annually.

Number of birds killed by cars: 80 million annually.

Number of birds killed by cats: Hundreds of millions to 1 billion annually.

Don't worry there is some good news. "
oil  modern-politics  roberts  sidebar 
july 2010 by HispanicPundit
Pension spike
How city employees game the system for higher life time pensions.
pensions  roberts  sidebar 
july 2010 by HispanicPundit
Economics One: The Price System in Action
"Want to understand what really goes on behind the scenes of the supply and demand model? Read this wonderful clear essay by Russell Roberts. It explains how prices provide information, coordinate, and motivate decisions with many more details than in the summaries of Adam Smith and Milton Friedman in my October 3 post. "
fundamentals  capitalism  price  roberts  taylor  sidebar 
may 2010 by HispanicPundit
The essence of the health care legislation
"The first is a conjecture of mine that the rise in inequality is mainly a statistical mirage created by focusing on household income. When the divorce rate rises as it did in the 1970s, any measure of income inequality by households gets distorted. That is why you can observe in the data that changes in inequality or the median household inome are very poor predictors of what has happened to the person who was at the median at the beginning of the sample. The few data sets we have that follow the same people over time show that their incomes are doing very well even though it appears in other data that the “rich” get all the gains and everyone else’s income is stagnant."
inequality  ObamaCare  leonhardt  roberts  sidebar 
march 2010 by HispanicPundit
CBO estimates
"But those who defend the stimulus have no empirical support either. The CBO “estimates” are not an analysis of what the stimulus actually did but rather what some predicted it would do. They have done NO independent non-partisan analysis of what actually happened."
fiscalStimulus09  cbo  roberts  sidebar 
march 2010 by HispanicPundit
It's Not Crazy to Say that Corporate Ads Count as Associational Speech - Megan McArdle
Defending Supreme Court justice Roberts and the decision to strike down decades old campaign finance reform.
CampaignReform  roberts  SupremeCourt  mcardle  sidebar 
january 2010 by HispanicPundit
Cafe Hayek: Absolute mobility, quantified
"Just don't tell me that people in the bottom 40% haven't received any of the economic gains of the last 30 years:"
mobility  middleclass  roberts  sidebar 
june 2009 by HispanicPundit
Cafe Hayek: The same old mistakes
The growing power of unions and the danger that poses.
unions  FinancialCrisis  roberts  sidebar 
march 2009 by HispanicPundit
Op-Ed Contributor - Oaf of Office - NYTimes.com
The linguistics behinds Chief Justices Roberts goof in swearing in Obama.
obama  presidency  constitution  roberts  pinker  sidebar 
january 2009 by HispanicPundit
Marginal Revolution: Comparing Recessions
"It you look at job losses in this recession compared to previous recessions this recession looks very bad but the labor force is much bigger today than in previous recessions. Thus, if you look at the percentage change in employment you get a different story."
FinancialBailout  labor  roberts  sidebar 
january 2009 by HispanicPundit
Cafe Hayek: When a tax cut isn't a tax cut
Unless a tax cut comes with a spending cut its not really a tax cut.
tax-cuts  Roberts  sidebar 
january 2009 by HispanicPundit
New Deal Panel, II, David Henderson | EconLog | Library of Economics and Liberty
"...from 1933 to 1940, Canada had two non-activist Prime Ministers, R.B. Bennett and William Lyon Mackenzie King, and Canada's economy outperformed the U.S. economy."
FDR  canada  Roberts  henderson  sidebar 
december 2008 by HispanicPundit
Cafe Hayek: Will vs. Krugman (and DeLong and Econospeak)
"what actually happened to investment in the 1930s?" In short: Will was right, Krugman was wrong.
FDR  Krugman  will  Roberts  sidebar 
november 2008 by HispanicPundit
Cafe Hayek: Alan the Penitent
What Alan Greenspan really said...without the New York Times spin.
greenspan  NewYorkTimes  Roberts  sidebar 
october 2008 by HispanicPundit
How Government Stoked the Mania - WSJ.com
"Housing prices would never have risen so high without multiple Washington mistakes."
government  subprime  Roberts  wsj  sidebar 
october 2008 by HispanicPundit
Cafe Hayek: Krugman gets the facts wrong
Fannie Mae did have the power and the means to intervene in subprime market.
FannieMae  subprime  Krugman  Roberts  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: The World of the States
The economies of the world if they were US states.
world  gdp  USA  maps  Roberts  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: Affordable equals "subprime"
"It shows Fannie and Freddie's role (and HUD's) in creating the debacle."
FannieMae  subprime  loans  regulations  Clinton  Roberts  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: Bill cared too
How Clinton's focus on the poor helped create the problem.
subprime  loans  poor  Clinton  Roberts  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: Section 8
How section 8 contributed to the whole mess.
real-estate  subprime  loans  welfare  Roberts  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: Fannie reaches its goals--sort of
"It's a mixture of fraud, inadequate oversight (love that lobbying, Fannie) and the use of funky loans from now-imperiled Washington Mutual to meet HUD goals of supporting affordable housing."
FannieMae  Roberts 
september 2008 by HispanicPundit
Cafe Hayek: Housing markets without the benefit of hindsight
"He argues that Fannie and Freddie are supposed to be helping low-income families get loans but are shirking because they are too concerned with their other mission of profitability"
FannieMae  Roberts 
september 2008 by HispanicPundit
George Will: Pencils and Politics | Newsweek Voices - George F. Will | Newsweek.com
George Will reviews Russell Roberts's "The Price of Everything: A Parable of Possibility and Prosperity"
books  roberts  economics  will  sidebar 
september 2008 by HispanicPundit
Cafe Hayek: Measuring inequality (with contest results)
The importance of factoring in household size, divorce, and other variables in calculating household income and inequality.
inequality  wages  Roberts 
august 2008 by HispanicPundit
Cafe Hayek: Southwest knows more than we do
"Why would it benefit Southwest to have people line up like that? And why might it benefit travelers? "
misc  Friedman  caplan  Roberts  sidebar 
july 2008 by HispanicPundit
Cafe Hayek: There are no prostitutes in Israel
Halliburton has a long history with US presidents, most notably LBJ.
Iraq  vietnam  wars  USA  Roberts  sidebar 
may 2008 by HispanicPundit
Cafe Hayek: Families and percentiles
"looking at slices of the population over time is a very misleading indicator of what happens to particular families over time, particularly when family composition is changing."
inequality  marriage  wages  Roberts  sidebar 
april 2008 by HispanicPundit
Cafe Hayek: Bill vs. Barack
"But the real reason Bill is in demand is his wife. He's the husband of the Senator from New York and possibly the next President of the United States. People are paying for influence and access to power. They're buying a lottery ticket. Just one more rea
Clinton  CampaignReform  Roberts  sidebar 
april 2008 by HispanicPundit
Cafe Hayek: Iraq and Germany
"Coyne argues that most interventions hoping to create democracy don't just fail, they make things worse. He argues for non-intervention and free trade as the best hope of helping people living under miserable conditions."
Iraq  democracy  Roberts  sidebar 
april 2008 by HispanicPundit
Cafe Hayek: More on debt
"What this chart shows is that the increase in debt is due to people buying bigger houses and investing in a little more education".
inequality  wages  economy  Roberts  sidebar 
march 2008 by HispanicPundit
Cafe Hayek: Worse than I thought
"The bottom line is the bottom line—net worth is up. "
inequality  wages  economy  Roberts  sidebar 
march 2008 by HispanicPundit
Cafe Hayek: Half Full or Half Empty?
"Between 1989 and 2004, Americans accumulated more wealth. They decided to use some of that wealth for increased consumption today."
inequality  wages  economy  Roberts  sidebar 
march 2008 by HispanicPundit
Cafe Hayek: The point about minimum wages
When you factor in jobs that get tips, significantly less than 2% of employees earn the minimum wage.
minimum-wage  Roberts  worstall  sidebar 
january 2008 by HispanicPundit
Cafe Hayek: Stimulie, I
"So if a $16,000 tax rebate isn't going to stimulate spending, why would a $1600 rebate? Because people won't realize that they're going to have higher taxes in the future?"
fiscal  Roberts  sidebar 
january 2008 by HispanicPundit
Cafe Hayek: What sets wages
How many people earn the minimum wage? Around 2% of the population! Why does 98% of the population earn more? The answer is simple: competition among employers to attract workers.
minimum-wage  Roberts  sidebar 
january 2008 by HispanicPundit
Russ Roberts: The Science of Stimulus Archives
"The standard stimulus package doesn't change incentives. It's a check from the government. The hope is that the receiver will spend it. But when you just send out checks from the government, whoever gets stimulated is likely to be offset by someone who g
fiscal  tax-cuts  Roberts  sidebar 
january 2008 by HispanicPundit
Pointless stimulation | Free exchange | Economist.com
"It's like taking a bucket of water from the deep end of a pool and dumping it into the shallow end. Funny thing—the water in the shallow end doesn't get any deeper."
fiscal  economist  Roberts  sidebar 
january 2008 by HispanicPundit
Cafe Hayek: Government cheer
The slow progress of government...and how eventually, it gets better...but much slower than the private sector. For example, the UPS, DMV, and others.
government  environmentalism  Roberts  sidebar 
january 2008 by HispanicPundit
Foreign Policy: Why We Trade
An "attempt in about 1000 words to explain the relative importance of imports and exports and the total unimportance of the trade deficit. I wish there had been room to talk about the human side of trade. The creation of prosperity is an important part of
free-trade  fundamentals  Roberts  sidebar 
november 2007 by HispanicPundit
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