Blog Archives

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

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

The worst drug epidemics in American history

The New York Times said “The current opioid epidemic is the deadliest drug crisis in American history.” Last August, Donald Trump declared, “The opioid crisis is an emergency, and I’m saying officially right now it is an emergency… It’s a national emergency.

Posted in Labor, Public Finance

Jaywalking in Guatemala

As a visitor to Guatemala, I’ve often heard cautions from Guatemalans to be extra careful crossing the road because cars have the right of way and might run me over.  Although cars give very little regard to pedestrian safety, there

Posted in Development, Public Finance

Trickle-up economics

Supply-side economics is often derided as trickle-down economics. It is the idea that we should reduce taxes on the wealthy who will then use their increased disposable income to grow the economy so fast that it will benefit everyone. That

Posted in Medianism, Public Finance

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