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Articles 1 - 8 of 8
Full-Text Articles in Business
The Plucking Model, The Great Recession, And Austrian Business Cycle Theory, Ryan Murphy
The Plucking Model, The Great Recession, And Austrian Business Cycle Theory, Ryan Murphy
Bridwell Institute for Economic Freedom Research
This brief note points out that Milton Friedman’s “Plucking Model” has not held following the Great Recession. Friedman argued that the Plucking Model offered evidence against theories like Austrian Business Cycle theory; the bust was what needed explanation, not the boom. But as many economists have pointed out, the years leading up to the Great Recession fit many of the stylized predictions of the Austrian Business Cycle. Given their observations, it is of interest that the bust in recent years has not followed the Plucking Model.
The Unconstrained Vision Of Nassim Taleb, Ryan Murphy
The Unconstrained Vision Of Nassim Taleb, Ryan Murphy
Bridwell Institute for Economic Freedom Research
No abstract provided.
Rational Irrationality Across Institutional Contexts, Ryan Murphy
Rational Irrationality Across Institutional Contexts, Ryan Murphy
Bridwell Institute for Economic Freedom Research
Abstract: This paper considers how Bryan Caplan’s concept of rational irrationality may manifest in various political institutional arrangements, building off the demand curve for irrationality. Mob democracy, anarchy, autocracy, and constitutionally constrained democracy are the governance structures addressed. While anarchy is strictly better than mob democracy, under certain conditions, democracy, anarchy, or constitutionally constrained democracy may yield the best outcomes depending on the circumstances.
The Impact Of Economic Inequality On Economic Freedom, Ryan Murphy
The Impact Of Economic Inequality On Economic Freedom, Ryan Murphy
Bridwell Institute for Economic Freedom Research
This paper tests the hypothesis that the presence of economic inequality may lead to erosions of economic freedom. Using Economic Freedom of the World as a measure of free economic institutions, it finds that a one standard deviation increase in the gini coefficient reduces the presence of free economic institutions by 0.18 standard deviations. This effect is modest but not at all trivial, and the magnitude of the effect may be especially important in increasing the size of government. Surprisingly, the evidence is mixed for the effect of inequality on regulation, with modest evidence suggesting it may improve the regulatory …
Heterogeneous Moral Views In The Stateless Society, Ryan Murphy
Heterogeneous Moral Views In The Stateless Society, Ryan Murphy
Bridwell Institute for Economic Freedom Research
A growing literature has explored the workability and efficacy of governance without the state. The difficulties typically raised in the context of these studies concern under which conditions cooperation or Hobbesian chaos would arise in the absence of a monopolist of coercion. This paper challenges the idea of the stateless society from another vantage point, arguing the institutions articulated by proponents of the stateless society would struggle at reconciling heterogeneous views regarding the rights of third parties. This is relevant for many of the most contentious policy debates, such as abortion and animal rights.
The Willingness-To-Pay For Caplanian Irrationality, Ryan Murphy
The Willingness-To-Pay For Caplanian Irrationality, Ryan Murphy
Bridwell Institute for Economic Freedom Research
Bryan Caplan’s The Myth of the Rational Voter popularizes the “near-neoclassical” demand curve for irrationality. This article attempts to show that there is a demand for irrationality at prices higher than zero. This may change policy implications. Many instances of consumer behavior, such as paying a premium for locally produced and “fair trade” goods, the use of local currencies, and the failure to vaccinate children, are other instances of the means-ends irrationality that Caplan observes in political markets.
Unconventional Confidence Bands In The Literature On The Government Spending Multiplier, Ryan Murphy
Unconventional Confidence Bands In The Literature On The Government Spending Multiplier, Ryan Murphy
Bridwell Institute for Economic Freedom Research
Macroeconomists have applied many versions of vector autoregression to measuring the size of the government spending multiplier. Very frequently in the literature on that multiplier, the statistical significance of results is held to an unconventionally low standard of one standard error. This paper will document the pervasiveness of the issue among thirty-one papers. Five of the six papers with at least 500 Google citations use that unconventionally narrow band.
What Do Recent Trends In Economic Freedom Of The World Really Tell Us?, Ryan Murphy
What Do Recent Trends In Economic Freedom Of The World Really Tell Us?, Ryan Murphy
Bridwell Institute for Economic Freedom Research
No abstract provided.