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Items by Art Carden

Mises Economics Blog

• Gains From Trade With Extreme Differences

  Posted: September 1st, 2010, 2:05pm PDT by Art Carden

  The law of comparative advantage shows us that people can consume more than they would be able to produce on their own. Increasing specialization implies increasing productivity, and our ability to enjoy gains from specialization and trade is one factor that helps explain our high ...

• Gains From Trade: An Example

  Posted: September 1st, 2010, 1:41pm PDT by Art Carden

  Can two people still gain from trade even if one person is a lot better at something than the other person? Consider two people: there’s Stan, who is really, really good at sweeping driveways and mowing lawns. There’s also Bob, an immigrant from the future ...

• Minimum Wages and Employment

  Posted: August 27th, 2010, 1:17pm PDT by Art Carden

  For a Forbes symposium on job creation, I’ve proposed that we Scrap the Minimum Wage. In a supplementary post for the Forbes Booked Blog, I discuss my sources and some of the research on the labor market effects of the minimum wage. I ...

• Nine Principles of Economics

  Posted: August 25th, 2010, 7:32am PDT by Art Carden

  A small set of ideas does most of the heavy lifting in economics. “Ten Principles of Economics” or “Ten Big Ideas” or “Ten Key Elements of Economics” are pretty standard in most introductory economics books. Here’s my version, based on Chapter 1 of The ...

• Powell Versus Farm Subsidies

  Posted: August 21st, 2010, 1:56pm PDT by Art Carden

  Here’s Suffolk University economist Benjamin Powell on farm subsidies and their effect on poor countries (like recently-decimated-by-flooding Pakistan. A question: is low volatility in food prices explained by protectionism and subsidies, or is it explained by prosperity? My hypothesis is that the US and Europe ...

• Market Prices Versus “Make It So”

  Posted: August 21st, 2010, 7:26am PDT by Art Carden

  Mark J. Perry alerts us to a great quote from P.J. O’Rourke:“The free market is not an ideology or a creed or something we’re supposed to take on faith, it’s a measurement. It’s a bathroom scale. I may hate what I see when I ...

• The Economic Way of Thinking and the Locavore’s Dilemma

  Posted: August 20th, 2010, 6:33am PDT by Art Carden

  This was in my RSS feed: Stephen Budiansky does some of the math and finds that, giving how efficient it is to move things by truck and by rail, the energy costs associated with shipping lettuce from California to New York are trivial relative ...

• iPhone, therefore I am

  Posted: August 10th, 2010, 6:49pm PDT by Art Carden

  After much thought and after twitching back and forth between different options, we decided to take the plunge and get iPhones. These things are amazing, to say the least. I used to say that the iconic gizmo of the early twentieth century would be the ...

• Looking Out the Window: Mundane Economics and Labor Costs

  Posted: August 9th, 2010, 8:47am PDT by Art Carden

  There has been a bit of chatter about this article in the Wall Street Journal about the costs of employment. Here, for example, is Mark Perry. The cost of providing a job that pays $44,000 (gross) and provides $12,000 in benefits is much, ...

• Adventures in Health Care

  Posted: August 7th, 2010, 11:11am PDT by Art Carden

  The US health care system is a complete mess, our % of GDP spending on health care isn’t that surprising given that health care is a super-normal good–meaning roughly that our consumption of health care rises more rapidly than our incomes–and the US is extremely ...

• Jim Crow: Government Against Market Forces

  Posted: August 6th, 2010, 12:56pm PDT by Art Carden

  From page 111 of the 1918-1919 Negro Year Book, published by the Tuskegee Institute and edited by Monroe N. Work:Railroads Attack Validity Separate Car Laws. The Supreme Court of Tennessee in a decision rendered in March, 1918, relative to white and Negroes being ...

• Human Rights and Economic Liberalization

  Posted: August 2nd, 2010, 7:17am PDT by Art Carden

  Robert A. Lawson and I just published our paper “Human Rights and Economic Liberalization” in Business and Politics. The paper can be downloaded here. Here’s the abstract:Using several case studies and data from the Economic Freedom of the World annual report and from the ...

• “Guerrilla Economics” Coming to Forbes.com

  Posted: July 29th, 2010, 12:24pm PDT by Art Carden

  Apropos my post from a few days ago, I’ve been asked to write a weekly column for Forbes.com. My earlier Forbes contributions are here, and the new column–tentatively titled “Guerrilla Economics”–will start running soon. “Guerrilla Economics” is also the working title of a ...

• Monopoly and the Memphis Riot of 1866

  Posted: July 27th, 2010, 6:07pm PDT by Art Carden

  Christopher Coyne and I are working on a couple of papers and a short book about the Memphis riot of 1866. The first paper appeared in the Mercatus Center’s Working Papers Series today and is available here; the second paper and the book ...

• What To Do With What You Did Over Your Summer Vacation (2010 Edition)

  Posted: July 26th, 2010, 8:27pm PDT by Art Carden

  This is the third annual edition of What To Do With What You Did Over Your Summer Vacation. The 2008 installment is here, and the 2009 installment is here.Perhaps you’ve been to a seminar sponsored by the Institute for Humane Studies, or perhaps ...

• I, Star Wars

  Posted: July 26th, 2010, 12:24pm PDT by Art Carden

  Leonard E. Read’s classic I, Pencil stands as one of the twentieth century’s pedagogical triumphs. Thousands upon thousands of people have learned about the futility of central planning by considering the incomprehensibly complex processes that go into the production of something as mundane as a ...

• You Say You Want an Education?

  Posted: July 24th, 2010, 7:34am PDT by Art Carden

  I subscribe to Gary North’s “Tip of the Week” emails. This morning, he suggested watching the lectures from Mises University on the Mises Institute’s UStream channel. If you can make the time to watch, this is a very good investment. Even if you ...

• The Wages of Labour

  Posted: July 22nd, 2010, 7:12pm PDT by Art Carden

  This post from the New York Times Economix Blog is making the rounds (HT: David Skarbek, Steve Horwitz). It’s a really interesting story that discusses how life has changed for Bangladeshi women who have the opportunity to work in the garment industry. Are wages ...

• Politics Versus Markets

  Posted: July 20th, 2010, 7:35am PDT by Art Carden

  One of the most important differences between the political process and the market process is that they provide totally different feedback mechanisms. Had the politicians largely responsible for the housing crisis done their dirty deeds while working for private firms, they would have been fired, ...

• Principles of Bizarro Economics

  Posted: July 17th, 2010, 12:33pm PDT by Art Carden

  Here are some basic principles of bizarro economics in the 21st century:1. Actual human beings do not matter. Spaces bounded by latitude, longitude, and natural barriers do.2. Actual human beings do not matter. Political abstractions like nation-states do.3. The country with the biggest GDP wins.4. ...

• Can Secession Succeed?

  Posted: July 14th, 2010, 5:51pm PDT by Art Carden

  Following on the heels of the excellent discussions during Secession Week at Let A Thousand Nations Bloom, my new Forbes column discusses secession at the state level. Specifically, a state legislator in Alabama has been looking into what it would take for ...

• From My Email Inbox

  Posted: June 29th, 2010, 10:50am PDT by Art Carden

  I hope to profit from this because in my work on Southern economic history, I’m trying to find sources for discussions of Northern attempts to nullify or otherwise thwart the Fugitive Slave Law. In some of my other work, I’m interested ...

• The Internet and the Great Conversation (Again)

  Posted: June 28th, 2010, 7:21am PDT by Art Carden

  I’ve written before about The Internet and the Great Conversation. I was pleased when I logged on and saw that this week’s EconTalk is an interview with Bryan Caplan on The Road to Serfdom and Pictures of the Socialistic Future. Update: My discussion ...

• The Internet and the Great Conversation

  Posted: June 22nd, 2010, 6:56am PDT by Art Carden

  I’m one of five people lecturing this week at the “Exploring Liberty” seminar sponsored by the Institute for Humane Studies. We’re maintaining a running collection of relevant readings and A/V material for the students on the seminar Facebook page (I’ll post the complete bibliography when ...

• It’s Hard Not to Be Optimistic

  Posted: June 9th, 2010, 12:45pm PDT by Art Carden

  If you’re reading this, you’ve probably seen Greg Ransom’s posts below discussing what Tom Woods and Yuri Maltsev’s appearance on Glenn Beck did for Hayek exposure (watch the whole thing here).I’m optimistic about the world we’re building for our children. The Road to Sefdom ...