Category Archives: Uncategorized

When it comes to urban mass transit, economists often find themselves arguing that,  the ratio of benefits to costs in most is far better for buses than for rail-based system–unless there is a densely populated urban core where nearly-full trains can run a very frequent intervals. Matthew Turner explains why in “Local Transportation Policy andContinue reading “Why Economists Usually Oppose New Light Rail and Subways–and Other Thoughts on Urban Transportation”

Comparing the recession of 2001 and the recession of 2007-2009 reminded economists of an old lesson: A crash of asset prices in the stock market or housing can be a nasty hit for an economy, but when problems arise where many debts aren’t going to be repaid in full or on time, the shock toContinue reading “US Corporate Debt: Warning Signs?”

The American buffalo population declined gradually through much of the 19th century; for example, they were almost entirely gone from the area east of the Mississippi River by the 1830s. But the near-extinction of the buffalo happened in a rush of about a decade, with a decline from 10-15 million in the early 1870s toContinue reading “Some Economic Consequences of the Near-Extinction of the Buffalo”

The US population and workforce is aging. The median age of Americans–that is, half are above this age and half are below–was 28.1 years back in 1970, 32.9 years in 1990, and now is up to about 38 years. If one looks only at the US workforce, the median age rose from  38.3 years inContinue reading “Work is What Funds Retirement”

Oregon has just become the first to enact a statewide rent control law. Governor Kate Brown said: “This legislation will provide some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market.” That statement is of course literally incorrect, because the Oregonians struggling with rising rents are in exactly theContinue reading “What Newfangled Rent Control Looks Like”

The opioid crisis seems to me one of those issues everyone knows exists, but also an issue that our political system and society really hasn’t come to grips with. Molly Schnell provides a useful short overview in “The Opioid Crisis: Tragedy, Treatments and Trade-offs,” written as a Policy Brief for the Stanford Institute of EconomicContinue reading “Opioid Crisis”

A dynamic and healthy economy will always be undergoing a process of churn: new companies and new jobs starting, but also existing companies and jobs ending.  Thus, it’s been troubling to see articles about “The Decline in US Entrepreneurship” (August 4, 2014), a lower rate of business startups, and a decline in how much newContinue reading “Some Snapshots and Thoughts about US Entrepreneurship”

It seems as if there’s always a majority against the way things are. In a world full of problems and issues, how could it be otherwise? It’s why politicians are always calling for “change,” which strikes me as a slogan that is appealing and concealing in equal measure.  Because the real-world problem that arises isContinue reading “The Eternal Majority Against the Way Things Are: Brexit, Health Care, Socialism:”

A lot of people have heard, one way or another, that the country of Bhutan decided back in the early 1970s to pursue Gross National Happiness. The King at that time is supposed to have said:  �Gross National Happiness is more important than Gross Domestic Product.� But in practical terms, what does that actually mean?  SriramContinue reading “Gross National Happiness and Macro Indicators in Bhutan”

The big selling points for a universal basic income are simplicity and work incentives. The simplicity arises because with a universal basic income, there are no qualifications to satisfy or forms to fill out. People just receive it, regardless of factors like income levels or whether they have a job. There are not bureaucratic costsContinue reading “Universal Basic Income: Preliminary Results from the Finnish Experiment”