Beyond the overly simplistic framing of trade as “good” or “bad” — by politicians, by Econ 101 — why is the topic of trade (or rather, economies and people adjusting to trade) so damn hard? A big part of it …
We tend to talk about tech and parenting through devices and artifacts — screen time, to code or not to code — but actually, there’s a bigger, macro picture at play there: game theory, economic incentives, culture, and more. So …
A while ago, Benedict Evans had a really great blogpost about driverless cars and their effects on different things that you might not think about. He is a VC for a16z and a great follow on Twitter. For example, a lot of snack purchases are impulse purchases at a gas station. What happens to Frito Lay when there aren’t any gas stations? On our way home from Grand Marais yesterday, we listened to Russ Roberts interview Benedict Evans about his blogpost. It’s really great. The discussion went a lot deeper than the blogpost.
There are a lot of things that they didn’t cover-but I am sure each of them has thought about it. My mind is attuned to both the urban existence and interaction with cars, and the rural existence and interaction with cars. For example, I think it would be pretty simple to live with an electric car that Continue reading "Driverless Will Affect Everything"
Yesterday I saw where Burger King issued it’s own cryptocurrency in Russia, WhopperCoin. It didn’t surprise me. When I first started thinking about cryptocurrency, I hypothesized that big companies would use it for their supply chain management and to lock in customer loyalty.
It got me thinking about other processes where you’d want to keep track but pay for things.
One thing that clearly is broken in America is immigration policy. It’s been broken for a long time. It’s highly politicized. The way to fix it is a marketplace that can keep track. That’s why a blockchain solution might be a pretty elegant way to fix it.
Professor Gary Becker correctly said, “There is demand for immigration by both citizens of other countries and by employers. There is certainly a supply of immigrants that would like to come here. Where you have supply and demand, you can draw Continue reading "Why Can’t A Country Do an ICO?"
This summer marks 50 years since the publication of John Kenneth Galbraith’s The New Industrial State and its quick rise to the top of the New York Times Best Seller list. The book was one of the rare instances where an economist was able to capture public imagination and focus debate on big-picture economic issues. We have only rarely seen its like since — although Thomas Piketty gave it a great go in 2014, with Capital in the Twenty-First Century.
Galbraith’s book is worth revisiting, since its subject is back in the news. Like many people today, he was worried about unchecked corporate power. Yet with the benefit of hindsight, we can see his worries were largely wrong. And therein lies a lesson for economists and policy makers today.
Of course, you would be hard-pressed to find an economist today who has read the book, and you might even find some who