Well, actually I think the time is well-spent. But it is funny how often economic thinking and concepts directly intrude on my thoughts the older I get and the more time I spend with economists in person and in print. Two cases in point, both related to the concept of opportunity cost: 1. I was stuck at … Continue reading I’m spending too much time around economists
There once was a man who, by every possible measure, had reached a girth that was too great to be compatible with a long and flourishing life. One could have considered any number of indicators if one had wished—percentage of body fat, body mass index, blood pressure—and they all pointed in the same direction and … Continue reading The Tale of the Fat Man
I don't want to speak for the other Pilei, but I am in favor of nearly total drug legalization.* The large majority of harm (and potential benefits) from drug use itself is largely internalized by the person engaged in that particular behavior. When there are spillovers to others not party to the drug use (what economists call externalities), the government can legitimately punish the resulting behavior … Continue reading Liberty, Responsibility, and Virtue – Amy Winehouse Edition
The WSJ has an editorial today entitled "Entitlement Nation" in which it outlines America's political history that has led to so many millions of us today receiving, even living off, payments of money, goods, or services from the government. The numbers are shocking: "50.5 million Americans are on Medicaid, 46.5 million are on Medicare, 52 million … Continue reading A Note on Entitlements
The ever-entertaining Jonah Goldberg on the President's handling of the debt-ceiling limit: Imagine you’re in a burning office building. Obama’s plan for getting out alive: “Okay, you guys break up into different groups and come up with a series of proposals about how we get out of the building. I will then negotiate with each … Continue reading Obama’s Towering Inferno
The Daily Caller reported recently that a high school in Medina, Ohio has begun charging parents fairly hefty fees for various of the activities and extras that it offers, even for seemingly basic courses like Spanish I and Earth Science. Parents are upset, of course, believing that since they are already paying taxes they shouldn't … Continue reading A Good Sign for Public Education?
Here is the budget deal I'd love to see the GOP propose: Mr. President, you are right that we need to close all those tax loopholes that both parties have been giving rich people for far to long. No more subsidies. No more tax credits or waivers. Tax rates are too high already for … Continue reading Yes, make the rich pay!