Price Signals and Free Markets Lead to Oil Exploration: Who’d a Thunk It?

Lynne Kiesling From a good article in today’s New York Times: 2009 is turning out to be a bumper year for new oil discoveries; new oil discoveries always occur, but this year has been unusually fruitful. This quote from the article illustrates the important dynamic intertemporal incentives that price signals provide: These discoveries, spanning five … More Price Signals and Free Markets Lead to Oil Exploration: Who’d a Thunk It?

An Illustration of Comparative Advantage from Professional Cycling

Lynne Kiesling As a cyclist, it should come as no surprise that I follow professional cycling pretty closely, and have done for some time. As an economist, it’s a rich laboratory for seeing all kinds of different economic concepts and principles play out. Today I found a good one in an interview with Dave Zabriskie … More An Illustration of Comparative Advantage from Professional Cycling

Can a Keynesian Beauty Contest Improve Obama’s Suggestion Box for Federal Employees?

Michael Giberson President Obama has created the “SAVE Award,” a process by which federal employees can submit ideas for “how their agency can save money and perform better.”  A committee of OMB officials will review the submissions and submit a short list to the President, and the President will pick the winner.  The federal employee … More Can a Keynesian Beauty Contest Improve Obama’s Suggestion Box for Federal Employees?