Efficiency is generally thought of the relationship between inputs and outputs. Economic efficiency is defined by Paul Heyne here. “To economists, efficiency is a relationship between ends and means. When we call a situation inefficient, we are claiming that we could achieve the desired ends with less means, or that the means employed could produce […]
Entries from April 2012
The Efficiency of Medicare: Real World vs Theory
April 29th, 2012 · 4 Comments · Economics
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Krugman’s Laffer Curve Admission: Business Tax Rates Too High and Non-Optimal
April 29th, 2012 · 3 Comments · Economics
I recently added ABC’s This Week back to my Tivo since ABC took my veiled and tongue-in-cheek advice and jettisoned the talented but regrettably snooze-inducing Christiane Amanpour. (Great to have George S. back, but I’d love to see the awesome Jake Tapper in the host chair again.) Today’s episode featured a mildly bullying interchange between […]
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Dear Matthew Yglesias: Yes, Econ is Hard
April 11th, 2012 · 10 Comments · Economics
Economics is hard. I was sent this piece written by Philosophy major Matthew Yglesias yesterday. In it he attempts to emulate thinking like an economist, and signals in a way that the untutored will likely find impressive. Phrases like “regressive”, “subsidy” and even an “at the margin” are sprinkled in liberally. (Strangely — and very […]
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