Paul Krugman, Still Retarded

In which Krugman relies on his faulty memory:

So: I’m old enough (you kids get off my lawn) to remember the rise of self-service gas stations, which coincided with the oil shocks of the 1970s. Suddenly gas was much more expensive — and drivers, eager to limit the blow, were willing to pump their . . . → Read More: Paul Krugman, Still Retarded

How to decontrol the price of oil

We know a lot about price controls from the field of exchange rates. Here’s an argument from way back, in 1998:

When change comes to a stabilised currency, as it must, that change is painful. Change in the long term is inevitable. The random walk doles out a little change every day, which is . . . → Read More: How to decontrol the price of oil

Price Gouging: Why I Sold Potassium Iodide Nuke Pills For A 1500% Gain

[Disclaimer: The follow article is a fictional account of a persuasive argument and should not be construed as an assertion of facts although written in the first person.]

My nuke pills, commonly known as potassium iodide, have been languishing unloved in my emergency supplies for years since I bought them for about $5.99 each. . . . → Read More: Price Gouging: Why I Sold Potassium Iodide Nuke Pills For A 1500% Gain

Rent Control: Bad Then, Bad Now

I can’t believe that my local state representative, whom I’ve met several times and who came and talked with one of my University Seminar classes, will be introducing a rent control law for mobile home parks in the next state legislative session. Technically, the law requires justification of rent increases, instead of an absolute . . . → Read More: Rent Control: Bad Then, Bad Now

Philippines: Rice Self-sufficiency Remains Elusive Thanks to Government Intervention

“The Aquino administration has pledged to make our country self-sufficient in rice in three years. Agricultural Secretary Processo Alcala stresses the seriousness of that goal. But experts are pessimistic.” Recalling those statements from a Manila Times article (entitled “SC’s Farm Conversion Ruling will Boost Rice Self-Sufficiency” [July 14, 2010]), I remember expressing my own . . . → Read More: Philippines: Rice Self-sufficiency Remains Elusive Thanks to Government Intervention

Black Swan Flight 10 Is Arriving At Gate B5

“Black Swan flight 10 is arriving at gate B5.” One of my friends works for United Arab Emirates Airlines and has been stranded in a European airport for the weekend because of the volcanic ash from Eyjafjallajokull. According to Eurocontrol about 80% of normal flights have been cancelled. This is a visual representation of . . . → Read More: Black Swan Flight 10 Is Arriving At Gate B5

Persistent Debts Despite the Printing Press

The proverbial boogeyman, the phrase “end of the world as we know it”, is not particularly significant to me because it is, literally, always true, because any progress at all, anywhere, means that tomorrow will never be like today, and so “the end of the world as we know it” can be extended to . . . → Read More: Persistent Debts Despite the Printing Press

What Could Go Wrong if Petroleum Product Prices are Decontrolled?

I have an article in Financial Express on this today.