Lynne Kiesling Happy New Year to all of you, and best wishes for a productive and peaceful 2013.
Michael Giberson I ended my semester in “Energy and Environmental Economics” talking about resource optimism and resource pessimism, framed mostly as a big picture debate between Julian Simon and others against Paul Ehrlich and Neo-Malthusians. Simon reports being puzzled at how folks could look at data showing human health and well-being getting better and better … More Dr. Ehrlich, call your office
Lynne Kiesling I appreciate this post from Steve Landsburg on Pigouvian models, Coasian models, and policies addressing external costs (and the comments are valuable too). The foil for his post is an Elizabeth Kolbert New Yorker column, in which she uses two examples to illustrate her argument in favor of a Pigouvian carbon tax — … More Landsburg on Pigou and Coase
Lynne Kiesling For your holiday enjoyment, from John Papola and EconStories, Deck the Halls with Macro Follies! John’s wry video does a great job of laying out the macroeconomic debate over the drivers of economic well-being — is Malthusian/Keynesian aggregate demand stimulus to overcome a general glut effective, or is saving to invest in capital … More Deck the Halls with Macro Follies!
Michael Giberson Today the Master Resource blog published my list of ten price gouging topics needing economic research. As I point out in the introduction, many economists think price gouging is too simple to be worth studying. After all, it is just a kind of price cap, and we know how price caps work. My response is that … More Economics research topics in price gouging from odd-even rationing to guilt and shame
Michael Giberson Timothy Taylor observes Census Bureau data showing “geographic mobility in 2011 were at their all-time low since the start of the data in 1948, and were only a tad higher in 2012.” Here is the Census Bureau chart illustrating the data: Taylor considers a number of possible explanations, including many explored in a … More Is the Great Society a less mobile one?
Michael Giberson Is price gouging like highway robbery? The Journal News, from the suburbs north of New York City, said: “Add shame to penalty for gouging“: Given the extraordinary cost of just about everything in New York, it is often difficult to distinguish price-gouging, which is both illegal and despicable, from the usual highway robbery, … More New York newspaper says “add shame to penalty for gouging”
Michael Giberson One idea advanced by proponents of anti-price gouging laws is that after disaster strikes people should put aside their usual self-interests, join in with the community, and share in the burden of recovery. What these proponents often miss is that normal market adjustments will support a sharing in the burden of recovery, even … More New Yorkers didn’t ‘share the pain’ of higher gasoline prices during emergency
Michael Giberson The New York Attorney General’s office continues its aggressive pursuit of price gouging violations, announcing another 12 cases last week. From the press release: “Our office will continue to take enforcement actions against price gougers because ripping off New Yorkers is against the law,” Attorney General Schneiderman said. “We are actively investigating the hundreds of … More Another round of price gouging charges in New York
Michael Giberson The Eagle Ford shale in South Texas is the most profitable oil field in the world says Michael Yeager of BHP Billiton Petroleum. “Eagle Ford wells cost $7 million to $10 million, but Yeager said they pay back within half a year.” More at the link.