A recent issue of The Economist had an article on monopsony and the “non-compete“ agreements that some lower-paid fast-food chain workers have had to sign as a condition of employment. On the whole, The Economist doesn’t like this because it supposedly holds down wages. The Economist is not alone in thinking this. Even noted economists … Continue reading The “New” Monopsony Argument and the Suppression of Wages
by Mario Rizzo Richard Thaler has won the Nobel Prize for initiating the behavioral moment in economics. My view of the Nobel Prize in economics is much like Time magazine’s view of its “Person of the Year.” It is awarded to the economist who "for better or for worse... has done the most to influence” … Continue reading Richard Thaler’s Nobel Prize
by Mario Rizzo Periodically, people warn about the “crisis in economics.” I have heard about several of these over my professional career. Somehow the mainstream or orthodox economists never seem to notice these crises or take them seriously. They continue doing what they were doing. Today the crisis, if there is one, is due to … Continue reading A Crisis in Economics?
This is the final installment of my comments at Liberty Matters in the discussion of Israel Kirzner's theory of entrepreneurship and its interpretation by Peter Boettke.
For those of you with a keen interest in the history of economic thought, especially with regard to the history of the early revival of Austrian economics from the late 1970s, there is a site which has some interesting photos. Please check out the website for Austrian Economics Re-Examined: The Economics of Time and Ignorance … Continue reading Austrian Revival Photos
David Rockefeller in the late '30s reading Oscar Morgenstern's The Limits of Economics David Rockefeller, grandson of John D. Rockefeller, died recently at the age of 101. He was known for many things. But perhaps the least known of his accomplishments was his dissertation for which he was awarded a Ph.D. in economics from … Continue reading David Rockefeller as an Economist
My latest comments at the LibertyMatters discussion of entrepreneurship is now posted. All the opposition is defeated.
Check this out at Liberty Matters. Lead Essay: Peter J. Boettke, "Israel M. Kirzner on Competitive Behavior, Industrial Structure, and the Entrepreneurial Market Process" [Posted: March 1, 2017] Responses and Critiques Mario J. Rizzo, "Kirzner’s Theory of the Market Process" [Posted: March 6, 2017] Peter G. Klein, "Entrepreneurial Discovery: Who Needs It?" [Posted: March 8, … Continue reading Discussion of Israel Kirzner’s Work on Entrepreneurship
by Andreas Hoffmann and Mario Rizzo We had a look at the statistics of the blog when we updated the page. We learned that ThinkMarkets has published almost 800 blog posts since 2008. Some posts have received a lot more attention than others. We have selected an all-time TOP 5: TOP 5: Against all odds, … Continue reading Best of ThinkMarkets 2008–2016
Dear readers, ThinkMarkets was set up in late 2008. It needed a facelift. We hope you like the new mobile-friendly look. You can now follow us on Facebook and Twitter. Stay tuned for new posts!
This is from more than eight years ago. It was written in response to the Obama campaign and its call for unity. It applies again today to the World of Trump.
By Mario Rizzo There comes a point where the continual mandating of benefits and restrictions on hiring has big consequences. We can see the handwriting on the wall in Europe as well as in the US. In Europe the young are more and more being left out of the traditional forms of hiring . A … Continue reading Chickens Coming Home to Roost: The Progressive Destruction of Employment Opportunities
by Mario Rizzo It is tempting to over-romanticize a person when he or she is gone. I will strive to be balanced in keeping with how I feel and think about Gary Becker. I am saddened by his recent death (May 3rd). I have known him since at least 1974 – some forty years. He … Continue reading Gary Stanley Becker (1930-2014): Through My Austrian Window
by Mario Rizzo I consider myself both a libertarian and a classical liberal. I have been teaching a seminar in classical liberalism at the NYU Law School for six semesters. I am always asked about the difference. My answer is basically this. Classical liberalism is the philosophy of political liberty from the perspective of a … Continue reading Libertarianism and Classical Liberalism: Is There a Difference?
by Mario Rizzo I am happy to post a very interesting interview with my long-time friend and Cato senior fellow, Jerry O'Driscoll. As readers of ThinkMarkets know, Jerry frequently contributes to this blog. This is from the Lara-Murphy Report. The entire report can be accessed immediately below. The interview with O'Driscoll begins at page 24. … Continue reading Interview with Gerald O’Driscoll
by Mario Rizzo In a world where people’s ethical goals are intrinsic values we could easily argue, as did David Hume, that the values themselves are not subject to scientific analysis. But, as things turn out, many of what people believe to be intrinsic values, and therefore ultimate goals, are not. They are intermediate ends … Continue reading Poverty of Ethics without Economics: Bangladesh
By Mario Rizzo “A Colorado judge says a baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs, a ruling that a civil rights group hailed as a victory for gay rights.” Fox News 12/06/2013 Friedrich Hayek argues in his famous essay “Why I am … Continue reading Let Wedding Cake Bakers Discriminate in Peace
by Mario Rizzo A few years ago I read and studied in great detail Pope Benedict XVI’s encyclical on globalization “Caritas in Veritate” or “Charity in Truth.” I posted a three-part analysis on the doubtful economics contained therein at ThinkMarkets. The first part is about the destructive influence of the encyclical. The second part is … Continue reading Economics Will Not Be Mocked
by Mario Rizzo Based on my non-scientific sampling of the morning talk-programs on TV, the “progressives” have discovered the law of unintended consequences. There seems to be universal agreement that if Obamacare is altered to allow people to keep their current healthcare insurance, regardless of whether it covers all of the contingencies the law has … Continue reading Adam Smith and Obamacare
by Mario Rizzo The expansion of food stamp eligibility in response to the Great Recession was part of the so-called stimulus package. There were several aspects. First, there was a simple increase in the maximum amount allowed to beneficiaries of about 14%. There was also a tremendous drive to get people who are eligible, but … Continue reading The Macroeconomics of Food Stamps
by Mario Rizzo ThinkMarkets blogger, Cato Senior Scholar, and former VP of the Federal Reserve Bank of Dallas, Gerald P. O'Driscoll, Jr., speaks on the Fox Business channel about the problems of deliberate inflation as a policy to reduce unemployment and spur growth. See the video here: Gerald O'Driscoll on Inflation
by Mario Rizzo The Fed has become desperate, not because the American economy is currently falling apart, but because the economy has stubbornly failed to respond well to the policies of the “best and the brightest.” And now, as if to welcome the impending chairmanship of Janet Yellen, stories are surfacing in various places about … Continue reading The Return of Inflationism?
by Mario RizzoIn the last few years there has been a small expansion in the number of universities that are reinstating ROTC (Reserve Officer Training Corps) after the cancellation of such programs due to protests against the war in Vietnam. I express no opinion here about whether universities should have ROTC programs. My points here … Continue reading Military Service and the New Paternalism
By Richard M. Ebeling Nobel Prizing-winning Keynesian economist, Lawrence Klein died on October 20, 2013, at the age of 93. A long-time professor of economics at the University of Pennsylvania, he was awarded the Nobel Prize in 1980 for his development of econometric (or statistical) models of the United States “macro” economy for purposes of … Continue reading Lawrence Klein: Keynesian Economist Who Wanted to Sidestep the Constitution
By Mario Rizzo A philosopher, Amia Srinivasan, fellow in philosophy at All Souls College, University of Oxford, writing in the New York Times Opinionator (online commentary) says that in order to be a consistent defender of Robert Nozick, the free market and classical liberalism, one must answer "yes" to all four questions below. And she … Continue reading Questions for Free Market Moralists? Some Answers