Understanding the economy as a dynamic, complex system relies on the foundational work of several economists, including Adam Smith (of course) and Ronald Coase. As Coase observed in his 1991 Nobel Prize address, What I have done is to show the importance for the working of the economic system of what may be termed the … More Coase’s influence on economics, and Adam Smith’s influence on Coase
Some of the most illuminating work in market design lately has been in payment for ecosystem services (PES). These projects provide examples of the continuing relevance of institutions to economic and policy outcomes, and the importance of Elinor Ostrom’s work on the diversity of governance institutions in common-pool resources; despite criticisms leveled at synthetic markets, … More Epistemology and synthetic market design: Examples from ecosystem services
An article on federal oil and gas auctions by Natasha Geiling at ThinkProgress caught my eye. The ThinkProgress story mostly is concerned that quasi-anonymous companies can secure oil and gas leasing rights on federal land, and anonymity might make it harder to enforce regulatory protections and lead to environmental problems. The object of her concern is … More Is an anonymous energy company actually a front for a conservation group? I hope so!
The proposed steel tariff will benefit the steel industry. This is what is seen as a consequence of the steel tariff. What is unseen is the higher prices for goods that use steel, the lower quantity demanded of those goods, and the resulting lost jobs in industries like automobile manufacturing and construction. Bastiat’s “What Is … More US Steel reopening plant and bringing back jobs: CEO on Trump tariffs
This BBC article on big data and fisheries is fascinating. Using satellite photography, researchers have mapped all of the world’s fisheries by area, finding that fishery area is larger than arable acreage while providing less than 2% of all calories consumed. I also found the conclusion thought-provoking that the patterns reveal larger effects from politics … More BBC News: World’s fishing fleets mapped from orbit
Barry Smitherman has an op-ed in the Dallas Morning News, “How Texas used a free market to reduce electricity prices and pollution.” Smitherman is former chairman of the Texas Railroad Commission and before that of the Texas Public Utilities Commission. He highlights price reductions available to consumers as compared to prices immediately before the retail … More Barry Smitherman: How Texas used a free market to reduce electricity prices and pollution
A team of researchers from Stony Brook University have asked us to help them study the role that emotion plays in politics. I have completed the survey myself, and it only took me a few minutes to finish. The survey is completely anonymous. Click the link below to begin the survey: https://stonybrookuniversity.co1.qualtrics.com/jfe/form/SV_bDvaFRlp0rmqYBf