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Category Archives: Economics
LAGOM—“THE SINGLE WORD THAT SUMS UP THE SWEDISH PSYCHE”.
LAGOM—“THE SINGLE WORD THAT SUMS UP THE SWEDISH PSYCHE”. Dick Weisfelder in a comment on this post which asked a question about the Scandinavian social model wrote that: “There is a Swedish concept called ‘lagom’ meaning roughly to be enough … Continue reading
RONALD COASE AND PHRENOLOGY.
RONALD COASE AND PHRENOLOGY. Ronald Coase came from a humble background. He owed his academic career to phrenology. In the biography which he prepared for the Nobel Prize committee, he noted that: “Both my parents had left school at the … Continue reading
Posted in Economics, History, Science
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ECONOMISTS CHANGING THEIR MINDS.
ECONOMISTS CHANGING THEIR MINDS. Sometimes economists change their minds. This obituary for Ronald Coase at a University of Chicago site provides a vivid example of economists changing their minds.The Coase Theorem came about in this way: Coase had written an … Continue reading
Posted in Economics
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WHEN COASE ARGUED THAT AUCTIONING VALUABLE GOVERNMENT RIGHTS WAS NOT LAUGHABLE.
WHEN COASE ARGUED THAT AUCTIONING VALUABLE GOVERNMENT RIGHTS WAS NOT LAUGHABLE. The Coase Theorem can be thought of as a statement that the possibility of market solutions should always be considered even if transaction costs eventually rule market solutions out. … Continue reading
Posted in Economics, History, Politics
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THE COASE THEOREM IS NEUTRAL ON GOVERNMENT REGULATION.
THE COASE THEOREM IS NEUTRAL ON GOVERNMENT REGULATION. The Coase Theorem is often cited to make the point that a solution to problems created by “externalitites”—-what happens when my activities have an effect on others—can be worked out without government … Continue reading
Posted in Economics, Politics
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THE COASE THEOREM.
THE COASE THEOREM. Kids, this article by Josh Barro gives a good statement of the Coase Theorem, “which holds that the problem of externalities — that is, me taking an action that imposes a cost on you — can be … Continue reading
DILBERT AND THE COASE THEOREM.
DILBERT AND THE COASE THEOREM. Ronald Coase has died at age 102. He won the Nobel Prize for Economics for two articles he wrote which were extraordinarily influential. The second of the articles led to a result which is known … Continue reading
Posted in Economics
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A “FINANCIAL ARMAGEDDON”—FIVE YEARS LATER.
A “FINANCIAL ARMAGEDDON”—FIVE YEARS LATER. As I posted on here, on September 13, 2008, Harvey Miller, the dean of the bankruptcy bar in the United States, told some 25 officials of the Federal Reserve, the Treasury, and the SEC that … Continue reading
Posted in Economics, History, Politics
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HOW BIG IS THE CANDLE MARKET?
HOW BIG IS THE CANDLE MARKET? I posted here about possible answers to a question of Annalisa’s: Why should there be two candle shops right next to each other in a Richmond mall? At the time, I thought to myself … Continue reading
Posted in Economics
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A PLEA FOR PAYING MORE ATTENTION TO LYME DISEASE.
A PLEA FOR PAYING MORE ATTENTION TO LYME DISEASE. Here in Fairfield County, Connecticut, Mary Jane and I know dozens of people who have had Lyme disease with serious consequences, a number of whom have had their lives severely damaged … Continue reading
Posted in Economics, Politics, Science
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