Porter Stansberry: End the Ban on US Oil Exports

Porter Stansberry doesn’t mince words. Politicians? Scumbags. People in general? Lazy. Laws against oil exports? Disastrous. In this interview with The Energy Report, the Stansberry & Associates Investment Research founder argues that oil exports could usher in an era of unprecedented prosperity, if legislation would only allow it. However, he says there’s no holding . . . → Read More: Porter Stansberry: End the Ban on US Oil Exports

Things to worry about

Is this not one of the biggest threats to Pittsburgh’s economy in years?

AP:Army Corps cuts river flow, raising barge worries on Mississippi

Why a local economic story? A lot of this stuff is not leaving here by plane:

If you dig into that export data lots of things pop out.  The value of . . . → Read More: Things to worry about

Doing better in our neighbourhood

A key intuition of modern thinking in international trade and international finance is that distance matters much more than we think.

We may like to believe that the world is becoming more flat. We may like to believe that for weightless things like services and financial flows, distance is irrelevant. But the research evidence . . . → Read More: Doing better in our neighbourhood

Redistributing Wealth

In an axiomatic sense, wealth is always distributed in some way. Likewise, any transfer or exchange of wealth is a redistribution of wealth.

Redistribution of wealth comes in two forms: coercive and voluntary. The former method of redistribution is associated with socialism and, more generally, any statist attempt at transferring the goods or wealth . . . → Read More: Redistributing Wealth

MF Global and HSBC case

As usual, Zero Hedge and others hype a story way beyond the reality (see here for the Bloomberg story), such as: ZH: ”is whether or not MF Global was rehypothecating (there is that word again), or lending, or repoing, or whatever you want to call it, that one physical asset that it should not have been . . . → Read More: MF Global and HSBC case

Pakistan, India, MFN: What are the implications?

For once, I am pleased at how India played it: India gave Pakistan MFN status way back, in 1996, without getting into the silliness of reciprocity. A hallmark of professional competence in international trade is the idea of unilateral liberalisation: Even if another country is silly enough to have barriers against us, we should . . . → Read More: Pakistan, India, MFN: What are the implications?

Reining in the inflationary dragon

A lot is being written about inflation in India today. I thought it’s worth writing about the fascinating insights into inflation that come from focusing on the distinction between tradeables and non-tradeables.

What is a tradeable

A tradeable is a product which can be transported across the world at relatively low cost. As an . . . → Read More: Reining in the inflationary dragon

Book Review

I give up.

I have tried reading Krugman for several years but I just can’t do it.  I picked up Return of Depression Economics when I was a junior in high school, but I couldn’t finish it.  I use to subscribe to his blog, but I simply found him impossible to read on a . . . → Read More: Book Review: Pop Internationalism by Paul Krugman

Was the Industrial Revolution caused by Bourgeois Dignity or Institutional Change?

Most of Deidre McCloskey’s important new book serves to establish that if we want to explain the industrial revolution we need to explain why so much innovation occurred in England from the late 18th century and through the 19th century. She suggests that we should dismiss attempts to explain the industrial revolution in terms . . . → Read More: Was the Industrial Revolution caused by Bourgeois Dignity or Institutional Change?

Without a Net: Compromise versus Calculation

INTRODUCTION: ORDER OF BATTLE If we place the ongoing “purist”-”pragmatist” conflict within the libertarian movement under a metaphorical microscope, it immediately becomes apparent that what we’re looking at is not one conflict, but rather a bundle of conflicts composed of numerous intertwined disputes with overlapping intra-movement constituencies for particular outcomes. While the movement . . . → Read More: Without a Net: Compromise versus Calculation