The KP Chicago contingent is still on vacation, barely recovered from the end-of-term rush and grading, and the KP Texas contingent is still head-down-pen-moving over the aforementioned grading; thus the relative calm here. In the interim, I cannot recommend highly enough David Henderson’s recounting of his talk at Occupy Monterey. David’s notes contain substantive and …
Yesterday was the anniversary of the original signing of the Bill of Rights to the U.S. Constitution. Congress commemorated that birthday by passing the National Defense Authorization Act, which still leaves interpretive room for detention of U.S. citizens without due process even after the word smithing that left President Obama the executive power he wants, …
Happy Birthday, Bill of Rights; You Will Be Missed Read More »
Lynne Kiesling Steve Horwitz’s column in The Freeman today is a great explication of why the phrase “market failure” is so problematic, and so often misused and abused in public policy analysis when employed to criticize market outcomes. Steve does a good job of explaining the origins of the phrase in the standard textbook case …
Lynne Kiesling Have you been paying attention to the National Defense Authorization Act (NDAA) that the Senate passed last week? I don’t blame you if you have not heard much about it, since most media have not been covering it. In addition to military expenditure authorization, it includes controversial provisions about the detention of terror …
The Defense Authorization Act and Unlawful Detention Read More »
Lynne Kiesling Alex Tabarrok has an excellent post this morning at Marginal Revolution: David Warsh and Paul Krugman try to write Hayek out of the history of macroeconomics. … It is true that many of Hayek’s specific ideas about business cycles vanished from the mainstream discussion under the Keynesian juggernaut but what Krugman and Warsh miss is that …
Lynne Kiesling I haven’t written about shoes in a long time (sorry Manolo!), in large part because my aging, athlete feet can’t tolerate cute shoes to the degree that they used to. My shoe wardrobe vascillates among low-heeled boots, Converse sneakers (with my orthotics in them), and sandals with heel straps and orthopedic footbeds. I …
Lynne Kiesling John Whitehead already mentioned our joint AERE/USAEE session at the SEA meetings last week. It turned out well, a combination of carbon offsets analysis and electricity market design experiments. Rim Baltaduonis from Gettysburg College presented two different, interesting experimental papers, one on designing rules for enabling contracts for carbon sequestration in soil (which …
Lynne Kiesling This video of a talk from British marketing expert Rory Sutherland is well worth 27 minutes of your time, especially if you are in any way associated with the electricity industry or its regulation. He uses insights from Ludwig von Mises to explain how human subjective and contextual valuation of alternatives can help …
Lynne Kiesling The cost saving-focused mindset has prevailed in regulated industries for over a century, slowing innovation in the process. In electricity, regulation that bases firms’ profits on cost recovery erects market barriers by recognizing only a business model that involves providing a specified product (110v power to the home) transported over a monopoly network. …
Lynne Kiesling One of the great topics of discussion with my in-laws over the holidays was the impending demise of the euro, and whether there was any hope for, or reason to, maintain the euro given the sovereign fiscal challenges of the member countries. The disastrous German and Italian bond auctions, and Spain’s cancellation of …
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