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?