Archive for Richard B. McKenzie

Richard McKenzie is a professor in the Merage School of Business at the University of California, Irvine. He is author most recently of Why Popcorn Costs So Much at the Movies, and Other Pricing Puzzles.

John Maynard Keynes, R.I.P.

The late revered British economist John Maynard Keynes, whose 1936 treatise, The General Theory of Employment, Interest, and Money, changed the way many economists think about recessions, once wrote that “in the long run we’re all dead.” Well, maybe so . . . for everyone but Keynes. Keynes’s ghost has haunted the halls of the [...]

22Sep2010 | Richard B. McKenzie | 9 comments | Continued

Raising the Minimum Wage Will Do No Harm?

President Bush and the Democratically controlled Congress had all but done it. As this goes to press, they are on the verge of hiking the federal minimum wage, which has not budged since 1997. The minimum wage will have risen by 70 cents, or to $5.85, an hour by the time these words are read. [...]

1Mar2007 | Richard B. McKenzie | 3 comments | Continued

Another Minimum-Wage Clash

Richard McKenzie teaches economics in the Graduate School of Management at the University of California, Irvine. It happened again. Republicans and Democrats recently locked political horns over President Clinton’s proposed one-dollar increase in the minimum wage. The political partisans repeated past claims with self-righteous fervor, but once again were off base on the consequences of [...]

1Nov1998 | Richard B. McKenzie | 1 comment | Continued

The Foundations of Political Disarray: Lessons from Professor Hayek

Dr. McKenzie is Professor of Management in the Graduate School of Management at the University of California, Irvine, and an adjunct fellow at the Center for the Study of American Business in St. Louis. The late Friedrich Hayek, who spent his career explaining why centrally directed economies are bound to fail, started one of his [...]

1Oct1995 | Richard B. McKenzie | 0 comments | Continued

The Thomas/Hill Hearings: A New Legal Harassment

Richard McKenzie is Walter B. Gerken Professor of Enterprise and Society in the Graduate School of Management at the University of California, Irvine, and John 34. Olin Adjunct Professor in the Center for the Study of American Business at Washington University, St. Louis. Like millions of other Americans, I was drawn to the television to [...]

1Jan1992 | Richard B. McKenzie | 0 comments | Continued

The Only Failure We Have to Fear Is the Fear of Failure

Dwight R. Lee is the Ramsey Professor of Economics at the University of Georgia, Athens. Richard B. McKenzie is the Hearin/Hess Professor of Economics at the University of Mississippi, Oxford. Socialism has been, by any measure of economic success, a total failure. The hope of socialism was that it would promote wealth and distribute it [...]

1May1991 | and and Dwight R. Lee | 0 comments | Continued

The Ongoing Struggle for Liberty: Reasons for Optimism

Dwight R. Lee is the Ramsey Professor of Economics at the University of Georgia, Athens. Richard B. McKenzie is the Hearin/Hess Professor of Economics at the University of Mississippi, Oxford. Both authors are adjunct scholars at the Center for Study of American Business, Washington University, St. Louis. The struggle to protect our liberty against the [...]

1Jul1990 | and and Dwight R. Lee | 0 comments | Continued

Mandated Benefits: The Firm as Social Agent of the State

Professor McKenzie teaches in the Economics Department at Clemson University. This article is adapted from his Cato Institute book, The American Job Machine (New York: Universe Books, 1988). There is a growing movement in Congress to force businesses into providing a wide range of employee benefits. These benefits include mandated health insurance for employees and [...]

1Jul1988 | Richard B. McKenzie | 0 comments | Continued

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