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Innovative societies must have equality of opportunity

The current tax bill is largely motivated by the theory that if you give tax cuts to successful rich people, even though it increases inequality, it will be worth it because these elites will create jobs through innovation with the

Posted in Inequality, Public Finance

Monopoly power at the emergency room

There is a lot of monopoly power in healthcare in the US, and it has been driving up prices by decreasing competition. Research shows that greater consolidation in the hospital industry causes higher prices, but it is hard to explain

Posted in Health, Public Finance

Antitrust Regulation

Monopoly power (aka “market power” or “pricing power”) is simply the ability to raise prices without losing all customers. The US economy is increasingly dominated by large firms and all medium-to-large firms have some monopoly power. That is one of

Posted in Public Finance

Shoulda bought Bitcoin a year ago…

The WSJ found a great way to show how much bitcoin has risen this year: Their video is fun too. Many bitcoin fans argue that this price rise is based on the fundamental value of bitcoin. I agree with the

Posted in Medianism

Trickle-down vs. flood-down

Thomas Sowell wrote a 20-page book called “Trickle Down Theory” and “Tax Cuts for the Rich” that he is selling on Amazon for $5, but you can download it for free on his website. In it, he argues in favor

Posted in Public Finance

Rural politics

Farming communities have always been less cosmopolitan than urban areas, and that makes them more culturally conservative, but my sense is that they used to be more economically liberal in the past than today. Today, the most solidly conservative parts

Posted in Medianism

Escaping the tyranny of climate

Note: this is an abbreviated repost of an article I wrote for my Economic Development class that I’ll be using for a guest lecture on climate change. Humans co-evolved with our technological inventions for warming up in the cold: fire,

Posted in Medianism

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