Monday, January 21, 2008

Summer Seminars

At The Austrian Economists, Pete Boettke proudly endorses FEE and IHS.
I still think FEE and IHS are the best way for young people to get introduced to classical liberal political economy and then advanced scholarship in the tradition. It was undoubtedly true when I was a student in the 1978-1988 period.
I have attended seminars from both institutions. Like Dr. Boettke, I recommend them highly.

UPDATE: Apply to IHS and I will get a $10 gift card!!! Details here.

Wednesday, January 16, 2008

Veblen Goes Ghetto

During the discussion in ECON 293/493 on Monday, one student hinted that conspicuous consumption is running rampant among poor black Americans. Does this stem from Black American culture? Maybe not.
In the racially divided society we live in, whites are trying to impress other whites, and blacks are trying to impress other blacks. But because poor blacks are more likely to live among other poor blacks than poor whites are to live among other poor whites, poor black families are more susceptible to being pulled into a signaling game with their neighbors.

As the article admits, these ideas are not new. Economist Thorstein Veblen was very much interested in conspicuous consumption.


In case you haven't figured it out, the title is a reference to the Bastiat writing. I hope you find this blog interesting and helpful as you explore the ideas of Classical Liberalism and Free Markets (or is this the same idea?). Take care.