Tag Archives: economics

On the inanity of Elizabeth Warren’s now famous quote

Sorry my progressive friends, but Warren’s quote is nonsense. It ignores the most basic principle of a freer (not free) market – that wealth is generated on both sides of the vast overwhelming majority of transactions. Her quote implies a zero-sum thinking about the economy. It is false and I believe dangerous. It implies that […]
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Economics in One Game

Earlier this month I spoke to the Allen Area Patriots, a local Tea-Party related group with the goal of making basic economics more understandable to we (myself included) non-economists. The title of the presentation is Economics Made Simple. This is an extended version of the material that Ron and I use during the Firm of […]
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Economics Made Simple Resource Guide

Many thanks to the Allen Area Patriots for having me as a guest speaker this week. I hope they enjoyed the session. First, here are the slides: The Trading Game View more presentations from Ed Kless.   As a follow up for them, I have created a short, but deep list of resources for anyone […]
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The Diamond Planet

A recent cosmological discovery got me thinking once again about the what George Gilder and others term the materialist fallacy. From a Reuters report from last Thursday: Astronomers have spotted an exotic planet that seems to be made of diamond racing around a tiny star in our galactic backyard. The new planet is far denser […]
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On the Gold Standard

During my state senatorial campaign last year I had the privilege of meeting some really great people from all around the political spectrum. One of the most interesting is Wayne Richard who ran for the Texas House from Plano. While he did not get his party’s nomination he has parlayed his run into a successful […]
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Battling Economic Theories in Rap

Hit tip to friend and economic advisor Ron Baker for passing this along to me. In a rather fun way it schools us on the difference between Keynesian and Austrian schools. Enjoy!
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The Psychology of Options Pricing

Dan Ariely authored one of the best books I read in 2009 entitled Predictably Irrational. In this brief clip from his TEDtalk he demonstrates the powerful effect of options pricing. Ironically, the subject is The Economist magazine and they completely missed the opportunity to display their pricing prowess. They blew it! Big time!
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Singapore and Jamaica

In 1959, Singapore and Jamaica were economic and population equals. Over the next 40 years something incredible happened. Singapore has become an economic powerhouse while Jamaica has stagnated. In the above Gapminder graph, the yellow dots plot Jamaica’s course while the red dots chart Singapore’s. What could possible explain this? I believe the answer is […]
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Really? This is all it takes to stop global warming?

OK, this headline from MSNBC really set me off – G-8 agrees to cap on global temperatures. The article begins, “The Group of Eight industrialized nations joined with developing countries in agreeing Wednesday that average global temperatures shouldn’t increase by more than 2 degrees Celsius in a significant new acknowledgement in the fight against global […]
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Your Customers Earn a Profit from You Too

This idea has been talked about in many different forms, but I thought that putting a graphic together would help illustrate the point. In each transaction in a capitalist system wealth is created on each side of the transaction. What a system! Enjoy!
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