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currency, money, binary, electronic, cash, illustrattion

Inconvenient Cash?

Everywhere I turn these days, I am hearing something about the push to get rid of cash. Yes, cash. Greenbacks. Federal Reserve Notes. You might think that getting rid of cash is a no-brainer. Cash makes up only 11 percent of the money supply. Most of the money stock is






minimum wage, illustration, money, economics

Miseducated and Unemployed

The persistence of the issue of raising the minimum wage is an indictment of public education, for at least two reasons: It shows that “our” schools are not teaching basic economics. Generally, those who think minimum wages help the poor do not understand what wages are (price of labor), why






Donald Trump, Bernie Sanders, economics, free trade, collage, photomontage, Jim Gill, Paul Jacob, Common Sense

Why Protectionism

Why do so many people (especially politicians) favor high tariffs, “managed trade,” embargoes and domestic subsidies, all of which — first as “mercantilism” and then as “protectionism” — have been debunked, repeatedly (demonstrated as ineffective economic policy), since Adam Smith’s famous 1776 attack? Economist Donald Boudreaux, in an excellent defense






caution, danger, debt, social security, collage, photomontage, illustration, JGill, Paul Jacob, Common Sense

Assuming the Fix

Social Security, like similar systems in Europe, is on a trajectory to insolvency, which could lead to a sovereign debt crisis. The reason for the crisis? Social Security has always been a pay-as-we-go system, dependent on many workers paying in to a system that sends their contributions to a smaller






Angus Deaton, Nobel Prize, Economics, The Great Escape, Inequality, collage, photomontage, JGill, Paul Jacob, Common Sense

Plotting Progress

The prestige of the Nobel Peace Prize has been tarnished by some more-than-dubious awards, in our time . . . Henry Kissinger and Barack Obama, most obviously. Same goes for the Bank of Sweden’s knock-off “Memorial” prize for economics. But, according to David R. Henderson, this week’s Nobel nod to






Finding the Right Balance

Fifteen or Fifty or Zero?

Washington Post columnist Catherine Rampell just stumbled into a truth. Raising minimum wages could be disastrous. Depending on the rate. While “Bernie Sanders, Martin O’Malley and a host of other well-intentioned liberals want to hike the federal minimum wage to $15 an hour,” she calls the proposal “badly misguided.” And






Greece Surprised, Greek, spending, crisis, debt, EU, collage, photomontage, Paul Jacob, http://cognitivebiasparade.prosite.com/, political, politics

Shocking Consequences

Five years into (the latest phase of) the Greek debt crisis, a former bureaucrat who was unable to withdraw her money from an ATM when the government declared a bank holiday had this to say: “How can something like this happen without prior warning?” It’s always a surprise — to






D. Stockman

The Fed Feeds a Scam

Real and effective “anti-establishment” ideas come from unexpected places. That is, they are unexpected if you read only the dominant media and its insider sources, or follow politics only during the quadrennial presidential farce. Quite a few news junkies would be surprised at David Stockman’s critique of current Federal Reserve






Eggs, New York Times, Economics, collage, photomontage, http://cognitivebiasparade.prosite.com/

Prophecy Failed

In the first week of June we were told to expect egg shortages. The avian flu had infected millions of hens: egg production would plummet. This was news, reported as “Egg Rationing in America Has Officially Begun.” The Washington Post cited a few signs in Texan retail groceries warning customers






Unemployment Chimp

Chimps, Chumps, and the Minimum Wage

It’s time to talk minimum wage laws again! Confession: I tend to understand some issues on the level of logic — of, even, common sense. A prohibition (which is what a minimum wage law is, forbidding payment at a rate below the “minimum”) doesn’t spur productivity, and it’s from increased






ILLUSTRATION_neutrality

Non-neutral Net Neutrality

Worried about its costs, Netflix has asked millions of customers to support so-called “net neutrality” policies to curtail the freedom of action of broadband companies like Comcast. Netflix, a huge suck of bandwidth, doesn’t want to have to make deals with ISPs like Comcast to deliver service to its customers.






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Robert Reich, Mythed Up

onsumer sovereignty is the idea that in markets consumers call the shots. In capitalism, most mass production is indeed for the masses, and the masses have a big say in what gets done. All profits and wages of successful businesses come from consumers. But don’t take this too far. Consumers






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