1. Sven was remiss in not mentioning another sound Nobel decision this year: selecting Mario Vargas Llosa for the prize in literature. According to Michael Moses of Duke University, Llosa “is one of the greatest novelist of the last half-century and a leading champion of liberty.”
I’m hoping to find time over Christmas break to remedy a serious deficiency in my education by reading The War of the End of the World.
2. Greg Mankiw has an indulgent? informative article in the New York Times on how taxes affect the decision of high earners like himself to work more or not.
However, it does surprise me that an economist would fail to mention inflation in his accounting, especially since inflation is essentially a disguised tax imposed by the government via monetary policy. As Milton Friedman noted long ago in Free to Choose, it is “the worst of the hidden taxes.”
3. Funny campaign punch line from future Congressman Tim Scott. “I was flunking out of high school. I failed geography, civics, Spanish and English. When you fail Spanish and English, you are not bilingual, you are bi-ignorant.”