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  • Coase Theorem vs. the two fundamental theorems of welfare economics

    posted to Start Making Sense on Fri 4th Oct 13

    As Paul Krugman would say, this post is "somewhat wonkish."Two facts that came together for me in the last few days are the following:(1) It has occurred to me that the Coase Theorem, depending on how one states it, is simply a special application of either

  • Debt default endgame?

    posted to Start Making Sense on Thu 3rd Oct 13

    On November 1,  $25 billion in Social Security checks are due to go out.  Some experts anticipate that this will be the forcing event for a debt default resolution, if there hasn't already been a stock market crash or other dire macroeconomic event.$18

  • The stopped clock gets it right

    posted to Start Making Sense on Wed 2nd Oct 13

    Thomas Friedman isn't actually a stopped clock, but I usually don't find his work insightful or even readable.  But every now and then he comes through with a good column.  Today is one of those days:"What is at stake in this government shutdown forced

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