Podcast appearances and mentions of David R Henderson

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Best podcasts about David R Henderson

Latest podcast episodes about David R Henderson

The Whorrors!
#159: Chopping Mall (1986)

The Whorrors!

Play Episode Listen Later Feb 26, 2025 51:50


In this mall, the deals aren't the only thing that's killer.  Be sure to stay alive while you shop till you drop in 1986's Chopping Mall.Follow us on Instagram at @thewhorrorspodcastEmail us atthewhorrorspodcast@gmail.comArtwork by Gabrielle Fatula (gabrielle@gabriellefatula.com)Music: Epic Industrial Music Trailer by SeverMusicProdStandard Music License Sources: Chopping MallWiki:https://en.wikipedia.org/wiki/Chopping_Mall Chopping MallIMDb:https://www.imdb.com/title/tt0090837/ JoBlo Horror Originals. “WTF Happened To Chopping Mall?” YouTube, 24 Mar. 2023,https://www.youtube.com/watch?v=lYi6Avw2zEo&t=510s. Accessed 6 Jan. 2025."Reaganomics."The Concise Encyclopedia of Economics, edited by David R. Henderson, Library of Economics and Liberty, https://www.econlib.org/library/Enc/Reaganomics.html. Accessed 6 Jan. 2025. 

economics library chopping mall reaganomics comartwork david r henderson concise encyclopedia
What's the Plan?
W.T.P. - 11.30.24

What's the Plan?

Play Episode Listen Later Nov 30, 2024 53:33


On this week's program, Paul, Dan & Mark welcome Dr. David R. Henderson, professor of economics emeritus from the NPGS and a Senior Research Fellow with the Hoover Institute at Stanford University. Topics this week include: Breaking up Google, the PG Water Project, Dan Miller's monsterous movies and much more....

What's the Plan?
WTP - 11.16.24

What's the Plan?

Play Episode Listen Later Nov 16, 2024 53:36


Dan Miller is off this week but Paul and Mark welcome special guest Dr. David R. Henderson, professor emeritus of economics from the United States Naval Postgraduate School. This week's conversation touches on issues of eminent domain, proposed Trump appointees, drug legalization and local politics and election results for Monterey, Pacific Grove and Salinas.

The Bryan Hyde Show
2023 July 17 The Bryan Hyde Show

The Bryan Hyde Show

Play Episode Listen Later Jul 17, 2023 42:40


The predators that stand the greatest chance of destroying us aren't wild beasts. As Paul Rosenberg explains, our natural predators are destructive ideas that we willingly embrace. It's not just the world that's changing all around us, it's how people see the world. J.B. Shurk shares 10 paradigm shifts that shatter establishment illusions. If you're serious about getting the most out of life, you must understand that life is about trade-offs. David Youngberg shares three economic lessons to help you get the most out of your career and your life. With all the talk about reparations for slavery, there are some serious questions that need to be answered. David R. Henderson and Charles L. Hooper have an informative take on the surprising beneficiaries of slavery. The older I get, the more I love authentic rebels. Mark Oshinskie shares some sad news about the weakening and corruption of an entire generation of rebels. Sponsors: Monticello College Life Saving Food  TMCP Nation Climbing Upward

david r henderson bryan hyde
Loving Liberty Radio Network
2023 July 17 The Bryan Hyde Show

Loving Liberty Radio Network

Play Episode Listen Later Jul 17, 2023 42:40


The predators that stand the greatest chance of destroying us aren't wild beasts. As Paul Rosenberg explains, our natural predators are destructive ideas that we willingly embrace. It's not just the world that's changing all around us, it's how people see the world. J.B. Shurk shares 10 paradigm shifts that shatter establishment illusions. If you're serious about getting the most out of life, you must understand that life is about trade-offs. David Youngberg shares three economic lessons to help you get the most out of your career and your life. With all the talk about reparations for slavery, there are some serious questions that need to be answered. David R. Henderson and Charles L. Hooper have an informative take on the surprising beneficiaries of slavery. The older I get, the more I love authentic rebels. Mark Oshinskie shares some sad news about the weakening and corruption of an entire generation of rebels. Sponsors: Monticello College Life Saving Food  TMCP Nation Climbing Upward --- Support this podcast: https://podcasters.spotify.com/pod/show/loving-liberty/support

david r henderson bryan hyde
What's the Plan?
Episode - 154 [David R Henderson]

What's the Plan?

Play Episode Listen Later May 6, 2023 29:47


This week Paul discusses the bank bailouts, rent control in Monterey, changes in mortgage laws and other issues of economic import with Dr. David R Henderson, retired professor of Economics (NPGS) and Senior Research Fellow at the Hoover Institution at Stanford University

What's the Plan?
Episode - 138 - [David R Henderson]

What's the Plan?

Play Episode Listen Later Jan 14, 2023 29:28


This week a best of show with noted economist, author and professor emeritus (US Naval Postgraduate School) David R. Henderson discussing economics and how to look at the world through the lens of an economist

david r henderson
What's the Plan?
Episode 129 - {David Henderson]

What's the Plan?

Play Episode Listen Later Nov 12, 2022 29:28


Paul talks about the economy and monetary policy with economist David R. Henderson. Dr. Henderson is most recently retired from the Naval Postgraduate School where he taught economics for over 30 years. He's also a noted author, writer and a former advisor on the President's Council of Economic Advisors from 1980-82 (President Ronald Reagan).

What's the Plan?
Episode - 92 David R. Henderson

What's the Plan?

Play Episode Listen Later Feb 19, 2022 29:47


This week Paul talks economics with Professor David R. Henderson. Henderson is a professor emeritus of economics at the US Naval Postgraduate School. He's also a senior research fellow at the Hoover Institution at Stanford University and during the 1980's he served on the President's Council of Economic Advisors during the first term of President Ronald Reagan. Henderson is the co-author (with Steven Globerman) of a new book "The Essential UCLA School of Economics".

Parallax Views w/ J.G. Michael
The Ukraine-Russia Crisis and NATO w/ Katrina vanden Heuvel/Vaccine Insubordination in the Military w/ Maj. Gen. Dennis Laich/Wars for Oil? w/ David R. Henderson

Parallax Views w/ J.G. Michael

Play Episode Listen Later Jan 22, 2022 94:18


On this edition of Parallax Views, Katrina vanden Heuvel, Editorial Director and Publisher of The Nation, joins Parallax Views in the first half of the show to discuss the Ukraine-Russia crisis, the U.S., and NATO. Then, in the second half of the show Ret. Maj. Gen. Dennis Laich, author of Skin in the Game: Poor Kids and Patriots, joins the show to discuss the Military Times op-ed he co-wrote with Ret. Col. Lawrence Wilkerson on vaccination insubordination in the all-voluntary military force and its implications. And finally, libertarian economist David R. Henderson offers an argument for why the U.S. doesn't need to fight wars for oil and gives his perspective on the cause of high gas prices. Opinion: What a sensible Ukraine policy would look like - Katrina vanden Heuvel - The Washington Post - Jan 4, 2022 Opinion: Stop the stumble toward war with Russia - Katrina vanden Heuvel - The Washington Post - Jan 18, 2022 Toward a Global Realignment - Zbigniew Brzezinski - The National Interest - April 17, 2016 The Broken Chessboard: Brzezinski Gives Up on Empire - Mike Whitney - Counterpunch - Aug, 25, 2016 A Year After 1/6, Ukraine's War Draws U.S. Far-Right to Fight Russia, Train for Violence at Home - Tom O'Connor and Naveed Jamali - Newsweek - Jan 5, 2022 CIA-trained Ukrainian paramilitaries may take central role if Russia invades - Zach Dorfman - Yahoo! News - Jan 13, 2022 American Commitee for U.S.-Russia Accord U.S.-Russia Relations: Can ‘Strategic Empathy' Be A Way Forward? - Quincy Institute for Responsible Statecraft Panel Discussion Insurrection has led to dereliction of duty - Ret. Gen Maj. Dennis Laich and Ret. Col. Lawrence Wilkerson - Military Times - Jan 7, 2022 Do We Need to Go to War for Oil? - David R. Henderson - Independent Institute Policy Paper

The Education Exchange
Ep. 192 - May 17, 2021 - The Costs of Covid Countermeasures

The Education Exchange

Play Episode Listen Later May 17, 2021 29:09


A research fellow at the Hoover Institution, David R. Henderson, joins Paul E. Peterson to discuss the long-term costs of the pandemic response on young people. Henderson's op-ed, "Youth Pay a High Price for Covid Protection," was co-written with Charles L. Hooper and is available in the Wall Street Journal. https://www.wsj.com/articles/youth-pay-a-high-price-for-covid-protection-11620078943?mod=searchresults_pos1&page=1

Why America?
#7 David Henderson: The Immigrant Who Worked For Reagan

Why America?

Play Episode Listen Later May 12, 2021 55:35


Economist and author David R. Henderson moved to the United States in 1972 and became a U.S. citizen in 1986, serving on President Ronald Reagan's Council of Economic Advisers, becoming one of the world's foremost economic experts and professors across his extensive career. In this episode, he discusses immigration, the draw of the USA, and what it was like serving as an immigrant under Reagan. --- Send in a voice message: https://anchor.fm/why-america/message

American Institute for Economic Research
NASA is Paying for Moon Rocks. The Implications for Space Commerce are Huge By Alexander William Salter & David R. Henderson

American Institute for Economic Research

Play Episode Listen Later Sep 17, 2020 4:25


In ancient times, mankind extended the division of labor across tribes, turning enemies into friends. Later came trade across national boundaries, with similar largely peaceful effects. Now, humans are prepared to extend it still further: into the final frontier. Doux commerce is coming to the stars. NASA just made a ‘giant leap for mankind.’ Everyone who cares about human wealth and welfare should heartily thank them.

Scott Horton Show - Just the Interviews
9/4/20 David Henderson on the Supposed Economic Threat From China

Scott Horton Show - Just the Interviews

Play Episode Listen Later Sep 6, 2020 42:48


Scott interviews David Henderson about the threat to the U.S. posed by China’s growing stature as an economic powerhouse. In general, Henderson thinks that such concerns are overblown, citing the real economic figures behind the trade relationship. In particular, he explains the way that losses from outsourcing tend to be concentrated to a few employees in a specific industry, whereas the (much larger) gains to are spread out over a whole population of consumers. This results in a skewed narrative that Americans are losing out on global trade with China. He also dispels the myth that America doesn’t produce anything anymore, explaining that we produce the same amount as ever, just with many fewer workers. Henderson and Scott go on to discuss the prospects for war between the U.S. and China, a very real and concerning threat that is mitigated, at least to some extent, by an open economic relationship between the two nations. Discussed on the show: “Is China An Economic Threat?” (Hoover Institution) The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger Wal-Mart: A Progressive Success Story “TikTok Pot Luck | GoodFellows: Conversations from the Hoover Institution” (YouTube) “Testing the “China Shock”: Was Normalizing Trade with China a Mistake?” (Cato Institute) “War Made Easy: How Presidents & Pundits Keep Spinning Us to Death (2007)” (IMDb) The Doomsday Machine: Confessions of a Nuclear War Planner “Special Report: Pentagon’s latest salvo against China’s growing might – Cold War bombers” (Reuters) David R. Henderson is a Research Fellow at Stanford’s Hoover Institution and former professor of Economics at the Graduate School of Business and Public Policy at the Naval Postgraduate School. He is the author of The Joy of Freedom: An Economist’s Odyssey. Read his work at DavidRHenderson.com and AntiWar.com. This episode of the Scott Horton Show is sponsored by: NoDev NoOps NoIT, by Hussein Badakhchani; The War State, by Mike Swanson; WallStreetWindow.com; Tom Woods’ Liberty Classroom; ExpandDesigns.com/Scott; Listen and Think Audio; TheBumperSticker.com; and LibertyStickers.com. Donate to the show through Patreon, PayPal, or Bitcoin: 1Ct2FmcGrAGX56RnDtN9HncYghXfvF2GAh. https://www.youtube.com/watch?v=7kSVhL5gv9A

Rod Arquette Show
Rod Arquette Show: What Will America Look Like When the Madness Ends?

Rod Arquette Show

Play Episode Listen Later Jun 29, 2020 101:20


Rod Arquette Show Daily Rundown - Friday, June 26, 20204:20 pm: U.S. Marshal for Utah, Matt Harris, joins the program to discuss the impact the protests/riots have had on law enforcement in America4:35 pm: Author and historian Victor Davis Hanson joins the program for a conversation about his recent piece on what America will look like once the madness of the coronavirus and police protests ends6:05 pm: We conclude our week of interviews with the candidates for Utah Governor with Utah’s current Lieutenant Governor, Spencer Cox, and his thoughts heading into the last weekend of campaigning prior to Tuesday’s primary election6:20 pm: Emily Jashinsky of The Federalist joins Rod to discuss the ways white women have contributed fuel to the mayhem of riots and protests6:35 pm: We’ll listen back to Rod’s conversations this week with Dr. Brian Shiozawa of the University of Utah on the driving forces behind the spikes in Covid 19 cases in Utah, and (at 6:50 pm) with David R. Henderson of the Hoover Institution about the changes that can be made to help improve black livelihoods in the United States

Rod Arquette Show
Rod Arquette Show: Should Victims of Sex Abuse Be Able to Sue Abusers Decades Later?

Rod Arquette Show

Play Episode Listen Later Jun 24, 2020 108:08


Rod Arquette Show Daily Rundown - Tuesday, June 23, 20204:20 pm: Inez Stepman, Senior Policy Analyst for the Independent Women’s Forum, joins Rod to discuss why she says the anti-American education system in our country made the riots inevitable4:35 pm: Salt Lake County Councilman Richard Snelgrove joins the show to discuss his recent op-ed piece about why defunding the police will not work5:05 pm: Former state representative Ken Ivory joins Rod for a conversation about the Utah Supreme Court’s decision to toss out a law that allowed victims of sexual abuse to sue their abusers decades later.Ivory ran the original bill in the state legislature.6:05 pm: Utah Gubernatorial candidate Gregg Hughes, the former Speaker of the Utah House of Representatives, joins the show to discuss his campaign heading into the primary election one week from today6:20 pm: Hoover Institution Research Fellow David R. Henderson joins the show to discuss his recent piece about changes that can be made to help improve the livelihoods of black Americans6:35 pm: Josh Blackman, as Assistant Professor at the South Texas College of Law, joins Rod for a conversation about the Supreme Court’s blocking of President Trump’s attempts to end DACA

Bob Murphy Show
Ep. 123 Faulty Economic Justifications for the Coronavirus Lockdowns

Bob Murphy Show

Play Episode Listen Later Jun 12, 2020 39:56


Bob explains some of the basic--but crucial--errors in the cost/benefit analyses that have been offered by economists to justify the political lockdowns issued in light of the coronavirus. Specifically, economists have conflated voluntary physical distancing with coerced lockdowns, and they are also misusing the concept of a Value of a Statistical Life (VSL). Mentioned in the Episode and Other Links of Interest: Some papers/articles on the Value of a Statistical Life (VSL) concept: column (https://www.nytimes.com/2020/05/28/opinion/coronavirus-economy-death.html) using VSL to justify lockdowns. David R. Henderson's critique of Zingales (https://www.econlib.org/the-vsl-quandary/) . Help support (http://bobmurphyshow.com/contribute)  the Bob Murphy Show. The audio production for this episode was provided by  Podsworth Media (http://podsworth.com/) .

Bob Murphy Show
Ep. 118 David R. Henderson Critiques Stimulus Bill and Organizes Protest of CA Lockdown

Bob Murphy Show

Play Episode Listen Later May 7, 2020 56:15


Mentioned in the Episode and Other Links of Interest: The YouTube version (https://youtu.be/-Oada5-PV-Y) of this interview. David R. Henderson's Hoover article on the "anti-stimulus" bill. (https://www.hoover.org/research/anti-stimulus-bill) David's past appearance (https://www.bobmurphyshow.com/episodes/ep-8-david-r-henderson-on-working-in-the-reagan-administration/) on the Bob Murphy Show. David's Soho Forum debate (https://reason.com/video/should-the-coronavirus-lockdowns-end-immediately-a-soho-forum-debate/) (against Justin Wolfers) on the lockdown. A news article on the protest (https://www.montereyherald.com/2020/05/01/photos-protesters-take-to-monterey-for-demonstration-against-californias-coronavirus-shutdown/) David helped organize. Sample issues (https://lara-murphy.com/lara-murphy-report/)  of the Lara-Murphy Report. Help support (http://bobmurphyshow.com/contribute)  the Bob Murphy Show. The audio production for this episode was provided by  Podsworth Media (http://podsworth.com/) .

Crossroads Podcast
Unlikely to Resist

Crossroads Podcast

Play Episode Listen Later May 6, 2020 26:31


In this case study episode, I discuss the environmental cases of Love Canal and Warren County, North Carolina. I walk through the legislation that came out of both of these cases and how they related to what we're experiencing today. Resources are below! Resource Conservation and Recovery Act https://public.ornl.gov/sesa/environment/policy/rcra.html   Gibbs, L. M. (2011). Love Canal : And the Birth of the Environmental Health Movement: Vol. Updated ed., 2011 ed. Island Press.   "Down the Memory Hole" by David R. Henderson https://www.epa.gov/enforcement/comprehensive-environmental-response-compensation-and-liability-act-cercla-and-federal   Environmental Justice Groups Sue EPA https://grist.org/justice/environmental-groups-sue-epa-over-reckless-response-to-coronavirus/

RT
CrossTalk On Economy - QUARANTINE EDITION - Business As Usual

RT

Play Episode Listen Later May 1, 2020 25:56


As countries start to end lockdowns, it is time to assess the economic damage left in the wake of the pandemic. Is there too much or too little government involvement? Can there be a return to business as usual? CrossTalking with David R. Henderson and John Laughland.

Loving Liberty Radio Network
4-14-2020 Loving Liberty with Bryan Hyde hr 1

Loving Liberty Radio Network

Play Episode Listen Later Apr 14, 2020 42:38


Barry Brownstein always has a thoughtful take on the passing scene. If you're serious about weaning yourself from fear, he has some great advice. Eric Peters has more great food for thought from Coronaland. Are you ready for your ear tags or is it time to stand up for your rights? Reality is finally setting in and says it's time for our lockdown liberation. David R. Henderson makes a very strong case for how the official overreaction is more dangerous than the virus. --- Support this podcast: https://anchor.fm/loving-liberty/support

reality henderson eric peters loving liberty david r henderson bryan hyde
Loving Liberty Radio Network
4-13-2020 Loving Liberty with Bryan Hyde hr 2

Loving Liberty Radio Network

Play Episode Listen Later Apr 13, 2020 42:47


What advice might the founding generation have for us as we navigate the challenges of the current pandemic? In regards to our inalienable rights, they'd likely tell us to "stand your ground." Many of us are sensing that a groundswell is building. David R. Henderson says the time for liberation from lockdown is now. Ryan Schudde from the Libertarian Traveler podcast joins us to talk about the value of travel as an application of our self-ownership and personal development. --- Support this podcast: https://anchor.fm/loving-liberty/support

henderson loving liberty david r henderson bryan hyde
Bob Murphy Show
Ep. 96 Why I Am Still an Austrian Economist: My Response to Caplan

Bob Murphy Show

Play Episode Listen Later Jan 29, 2020 115:09


In Bob's interview of Bryan Caplan (in episode #91), they briefly discussed Bryan's essay criticizing Austrian economics. At listener request, in this episode Bob goes solo to give a much more comprehensive analysis of why he (Bob) remained an Austrian economist, even after seeing top-notch neoclassicals in action during his own time in grad school. Mentioned in the Episode and Other Links of Interest: Bob Murphy Show ep. 91 (https://www.bobmurphyshow.com/episodes/ep-91-bryan-caplan-defends-open-borders-and-his-critique-of-austrian-economics/) , the interview with Bryan Caplan. Bryan Caplan's essay, "Why I Am Not an Austrian Economist." (https://econfaculty.gmu.edu/bcaplan/whyaust.htm) A compilation of responses (https://mises.org/wire/caplan-and-responses) to Caplan. Part 3 (https://www.bobmurphyshow.com/episodes/ep-31-capital-and-interest-in-the-austrian-tradition-part-3-of-3/) of Bob's series on Capital & Interest theory, which has links to the first 2 in the series. Bob's "sushi article" (https://mises.org/library/importance-capital-theory) (responding to Krugman and Cowen's critiques of Austrian business cycle theory). Links (https://consultingbyrpm.com/blog/2011/07/my-heretical-and-pathbreaking-work-on-austrian-interest-theory.html) to Bob's dissertation and also a paper on multiple interest rates. Bob's article explaining Hotelling's principle (https://www.econlib.org/library/Columns/y2008/Murphyoil.html) for an exhaustible resource. Arnold Kling on "recalculation." (https://www.econlib.org/archives/2010/07/the_recalculati_2.html) David R. Henderson talking about cardinal vs. ordinal utility (https://www.econlib.org/archives/2015/05/murphy_on_inter.html) . Help support (http://bobmurphyshow.com/contribute)  the Bob Murphy Show. The audio production for this episode was provided by  Podsworth Media (http://podsworth.com/) .

The Tom Woods Show
Ep. 1423 Tucker Carlson Supports Elizabeth Warren's Economics

The Tom Woods Show

Play Episode Listen Later Jun 7, 2019 29:53


Virtually every major news source covered what Tucker Carlson had to say in the monologue of his FOX News program the other day, when he declared Elizabeth Warren's economic plan to be a simple matter of economic patriotism that most Americans would support, and that out-of-touch Republicans, too enamored of libertarianism (!), would do well to heed. David R. Henderson joins me to respond.

Bob Murphy Show
Ep. 8 David R. Henderson on Working in the Reagan Administration, Krugman’s Inflation Memo, and Publicly Challenging the Secretary of Defense

Bob Murphy Show

Play Episode Listen Later Dec 12, 2018 105:37


(https://www.bobmurphyshow.com/wp-content/uploads/2018/12/david_henderson.jpg) Economist David R. Henderson underwent a personal odyssey in his discovery of free-market economics. David tells Bob the story of his recruitment by Harold Demsetz, and how David ended up at UCLA during its glory days. The conversation turns to David’s time on the Council of Economic Advisors to Ronald Reagan, as well as David’s unusual position as a professor at the Naval Postgraduate School while he was a columnist for Antiwar.com (http://www.antiwar.com) .           Mentioned in the Episode and Other Links of Interest: David’s archives (https://www.econlib.org/econlog-by-author-and-letter/?selected_letter=H#dhenderson) at EconLog. David’s books:  Making Great Decisions in Business and Life (https://www.amazon.com/gp/product/0976854104/ref=as_li_tl?ie=UTF8&tag=consultingbyr-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=0976854104&linkId=5229beab4a4e2a0d865529506aeff10b)  (2006) Bob’s  article (http://journal.apee.org/index.php?title=ARTICLES_2018_Journal_of_Private_Enterprise_Vol_33_No_1_Spring_parte5) on the 1970’s price controls on crude oil (and Milton Friedman’s goof in Newsweek). David’s Mercatus paper on “Canada’s Budget Triumph” (https://www.mercatus.org/publication/canada-s-budget-triumph) Bob’s lost inflation bet to David (https://www.econlib.org/archives/2012/12/my_inflation_be.html) . Bob’s book  Contra Krugman (http://www.ContraKrugmanBook.com)  (which discusses the above events plus a whole lot more!). David on Paul Samuelson (https://www.econlib.org/archives/2010/07/paul_samuelsons.html) predicting a return of depression after WW2 budget cuts. David asks a pointed question (https://web.nps.edu/Video/portal/Video.aspx?enc=57QDj9bL/C3nBPoIBH6nJynwwBZ0U7Ge) of Leon Panetta (beginning at [43:41] in the video). Explanation of Bob’s inside joke about Phil Magness and “madjuncts.” (http://philmagness.com/?p=1873) The sound engineer for this episode was Chris Williams. Learn more about his work at ChrisWilliamsAudio.com (http://www.ChrisWilliamsAudio.com) .

Cato Audio
August 2017

Cato Audio

Play Episode Listen Later Aug 1, 2017 67:30


August 2017 featuring Arnold Kling, Megan McArdle, David R. Henderson, Jeffrey A. Singer, Mark A. Calabria, Lindsey Burke See acast.com/privacy for privacy and opt-out information.

The Tom Woods Show
Ep. 668 An Economist's Case for a Noninterventionist Foreign Policy

The Tom Woods Show

Play Episode Listen Later May 25, 2016 36:04


Economist David R. Henderson, deeply affected by the wars following 9/11, turned his research energies toward foreign policy, looking to see how an economist's tools could be brought to bear in deciding on a sensible foreign policy. We talk about that today, in a really outstanding conversation.

henderson foreign policy david r henderson
Economics Detective Radio
Income and Wealth Inequality with David R. Henderson

Economics Detective Radio

Play Episode Listen Later Jul 7, 2015


…or How I Learned to Stop Worrying and Love Inequality. David R. Henderson (http://www.davidrhenderson.com) is a research fellow at Stanford University’s Hoover Institution, and a professor of economics at the Graduate School of Business and Public Policy, Naval Postgraduate School, in Monterey, California. Thomas Piketty’s Capital in the 21st Century (http://amzn.to/1LT9jLG) managed to do something unprecedented among equation-dense economic tomes, it became the #1 selling book on Amazon.com. The book tapped in to a hot topic among politicians and the general public: the high (and possibly rising) wealth and income shares of the top 1%. However, David points out that although the book was a best-seller, it wasn’t actually a best-reader. Amazon logs the sentences people highlight, and the top five most-highlighted sentences in Capital all appear in the first 26 pages (www.wsj.com/articles/the-summers-most-unread-book-is-1404417569). It seems that, at least among kindle readers, most people didn’t make it past the introduction. It appears that people buy the book to back up the views they already hold. David thinks that the huge interest in economic inequality in general and the wealth of the 1% in particular was sparked in the 1990s by politicians, including Al Gore, and picked up by journalists like Sylvia Nasar (https://en.wikipedia.org/wiki/Sylvia_Nasar), before influencing the economics debate. Piketty has been able to ride this wave of public interest at what appears to be its crest. David distinguishes between inequality of wealth, inequality of income, and inequality of power. Income inequality is the difference in the amount of income we each take in in wages, interest, dividends, and government transfers (e.g. welfare or social security payments), the four main sources of income for most people. Wealth should ideally include the total value of a person’s assets in addition to the stream of income he is likely to earn in the future, though this stream is more often ignored in wealth statistics. Wealth inequality is not the same as income inequality. Critically, since people earn variable income throughout their lives, income inequality doesn’t capture what we think of as the gap between “rich” and “poor.” Retired people who own two-million-dollar homes might have low incomes, but they certainly aren’t poor. Or, to use an example that’s relevant to myself, as a PhD student my income probably sits in the bottom quintile, and yet I can expect a much higher income after I graduate. The major factor in both income inequality and wealth inequality (measured by current assets and not expected earnings) is age. Teenagers earn little or nothing, but they grow into adults and gain skills and education, their incomes rise, and they gain wealth through savings. Even if everyone had the same lifetime earnings, there would still be significant inequality in any given year since some people would be young low-earners, while others would be older, wealthier high-earners. And since the older people would have had the chance to accumulate wealth over a lifetime, they would have twenty times the wealth of their younger counterparts. While there is a correlation between wealth and power, that correlation is by no means perfect. David gives the example of Bill Gates who discovered the hard way that when you have too little political influence, it can be costly. Gates was hit with a long and costly antitrust suit, after which he greatly expanded his lobbying efforts; he had learned his lesson. David agrees with Joseph Stiglitz’ argument (http://amzn.to/1LT9dDC), to some extent, that large accumulations of wealth are the result of rent seeking. Local governments restrict the building of new homes and developments that could expand the supply of housing. Thus, they keep real estate prices artificially high to the benefit of those who already own their homes. This is an example of successful rent seeking by homeowners to the detriment of non-homeowners. However, while Stiglitz would argue that this justifies a higher tax rate on the wealthy, David prefers the more direct solution of simply reducing or removing these restrictions. The following are also mentioned in this episode: Wealth Inequality in America (https://www.youtube.com/watch?v=QPKKQnijnsM) Piketty and Saez vs. Burkhauser and Cornell: Who’s right on income inequality and stagnation? (https://www.aei.org/publication/piketty-and-saez-vs-burkhauser-and-cornell-whos-right-on-income-inequality-and-stagnation/) Income and Wealth by Alan Reynolds (http://amzn.to/1LOy1Ma) The Boskin Commission (https://en.wikipedia.org/wiki/Boskin_Commission) Myths of Rich and Poor by W. Michael Cox and Richard Alm (http://amzn.to/1NOvEYR) Mark J. Perry on individual income inequality (https://www.aei.org/publication/sorry-krugman-piketty-and-stiglitz-income-inequality-for-individual-americans-has-been-flat-for-more-than-50-years/) Greg Mankiw’s favourite textbook (http://amzn.to/1Rihq8j) Bernie Madoff (https://en.wikipedia.org/wiki/Bernard_Madoff) The McCulloch chainsaw (https://en.wikipedia.org/wiki/Robert_P._McCulloch) Lyndon B. Johnson (https://en.wikipedia.org/wiki/Lyndon_B._Johnson) David’s review of Capital in the 21st Century for Regulation (http://object.cato.org/sites/cato.org/files/serials/files/regulation/2014/10/regulationv37n3-9.pdf) David’s (unexpectedly) controversial EconLog post about ordinal utility (http://econlog.econlib.org/archives/2015/05/tyler_cowen_on_14.html) Robert Solow’s review of Capital in the 21st Century (http://www.newrepublic.com/article/117429/capital-twenty-first-century-thomas-piketty-reviewed) Matthew Rognlie’s response to Piketty (http://www.newrepublic.com/article/117429/capital-twenty-first-century-thomas-piketty-reviewed) and Randal O’Toole’s comment on Rognlie’s response (http://www.cato.org/blog/housing-wealth-inequality) Branko Milanović’s blog on global inequality (http://glineq.blogspot.ca/) David’s article on The Bottom One Percent (http://www.hoover.org/research/bottom-one-percent) Peter Jaworski (http://explore.georgetown.edu/people/pj87/?action=viewpublications&PageTemplateID=360 Is Government the Source of Monopoly? By Yale Brozen (http://amzn.to/1HdvyI0)