Obamacare: Repeal and Replace vs. Reform

Fri, 08/12/2016 - 4:04pm
Republicans and Democrats are strongly divided over what should happen to the ACA. Most Republicans have identified the repeal of the Act as a high priority. Most Democrats seek to reform the Act by addressing gaps and errors in the legislation. Such a characterization of these battle lines is much too simplistic. In some cases, … Continue reading Obamacare: Repeal and Replace vs. Reform

Fama & Thaler on the EMH

Wed, 08/10/2016 - 11:06am
The Chicago Booth School gives us a spectacular interview with Eugene Fama and Robert Thaler on the efficient market hypothesis, the idea that prices reflect all available information.    Thaler says he likes to parse this statement in two parts:  The first is whether you can individual investors outperform the market (doesn’t look promising); the second is … Continue reading Fama & Thaler on the EMH

Monetary Policy in an Age of Radical Uncertainty

Mon, 07/25/2016 - 4:16pm
Central bankers in all major developed economies have adopted NIRP, ZIRP, or near ZIRP policies.  The Bank of Japan and the European Central Bank now “offer” negative interest rates (NIRP) on reserves and project to do so for the foreseeable future.  The Bank of England and the Federal Reserve Bank of the United States remain … Continue reading Monetary Policy in an Age of Radical Uncertainty

Gladwell Claims There is No Free Lunch

Tue, 07/19/2016 - 10:08am
In his latest Revisionist History podcast, Malcolm Gladwell gives us some food for thought about where we put our resources.  He claims that small liberal arts that develop gourmet-level dining services are doing so at the expense of bringing in  low-income students.  To develop his argument, he compares two elite schools from the northeast, characterizing the situation … Continue reading Gladwell Claims There is No Free Lunch

Losing Interest

Mon, 07/11/2016 - 1:05pm
When I have the occasion to make a sizable consumer item — a house or a car or even a big green egg — I often will borrow some money to finance the purchase. In the past few years, the person extending the credit invariably tells me that interest rates are historically really low and you … Continue reading Losing Interest

Alumni College Talk

Wed, 06/15/2016 - 2:27pm
Speaking of Professor Finkler, on Friday he will be giving a talk for the Alumni College.   Here are the particulars: The Patient Protection and Affordable Care Care (aka Obamacare): An Efficient and Equitable Path to Life, Liberty, and the Pursuit of Health? Professor Marty Finkler Warch Campus Center Cinema 2:10-3:00 p.m. Friday, June 17

Master of Supply & Demand… and Lots of Other Stuff

Mon, 06/13/2016 - 3:21pm
In a twist on the “Life After Lawrence” meme, Professor Merton D. “Marty” Finkler officially retired yesterday, after serving on the economics faculty for more than 30 years.  Professor Finkler is the consummate economist, always interested in talking about economics and ideas whether in class or at the ball game.   He also has a … Continue reading Master of Supply & Demand… and Lots of Other Stuff

Masters of Supply & Demand

Mon, 06/13/2016 - 1:52pm
Congratulations to our 2016 graduates, many of whom walked the stage yesterday.  We were happy to see so many of you and your families at the Saturday reception.   We trust we will hear back from you at some point (and not just because you are applying for graduate school and need a recommendation(!)). The … Continue reading Masters of Supply & Demand

Which country provides a similar GDP to each U.S. state?

Wed, 06/08/2016 - 12:00pm
See Carpe Diem for details and comparisons of productivity.    

Supply & Demand in the News

Wed, 06/08/2016 - 10:08am
From *both* of my final exams administered today…. Illustrate each of the following using “comparative static” analysis.   That is, draw a supply and demand graph, show a shift in supply or demand consistent with the headline. “Even with lots of fish, halibut prices high,” Homer News, June 7, 2016 “Salmon prices are rising due to … Continue reading Supply & Demand in the News

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