Archive for Russell Roberts

Russell Roberts teaches economics at George Mason University in Fairfax, Virginia. His latest book is The Invisible Heart: An Economic Romance (MIT Press).

"We Can’t Get Rich Doing Each Other’s Laundry"

Since World War II, manufacturing employment as a fraction of total employment has declined steadily. In the middle of the war, it was over 40 percent of the work force. By 1966 it dipped below 30 percent for the first time. By 1985, it dropped below 20 percent for the first time. In 2000 there [...]

1Mar2002 | Russell Roberts | 1 comment | Continued

America and the World’s Resources

At the heart of almost all economics is the idea of mutually beneficial exchange. When two people voluntarily engage in an activity, economists assume that both parties are better off. Otherwise, one of them would have refused the deal. It doesn’t mean people don’t make mistakes—sure they do.

1Dec2001 | Russell Roberts | 5 comments | Continued

Does Trade Exploit the Poorest of the Poor?

Roughly 180 years ago David Ricardo discovered comparative advantage. He showed that trade benefits both trading partners even when one is less productive than the other across all activities. There are gains from trade and specialization even in that case.

1Sep2001 | Russell Roberts | 0 comments | Continued

I, Pepsi

One of Frédéric Bastiat’s great insights into understanding economics was to distinguish what is seen from what is not seen. Searching out the unseen is in many ways the essence of economics. A soda bottling plant may seem like a strange place to do economics, but come along with me and take a look at [...]

1Jun2001 | Russell Roberts | 0 comments | Continued

Relying on Relatives

One of the highlights of the 2000 presidential campaign was Winifred Skinner. You may remember her—she was the can-collecting 79-year-old woman who used the money from her foraging for tin and aluminum to finance her prescription drugs. She was interviewed on Good Morning America about her plight, and Al Gore highlighted her story in his [...]

1Mar2001 | Russell Roberts | 1 comment | Continued

Don’t Fear Deficits

At current tax rates, barring a recession, the federal government will run large and growing surpluses during the next decade and beyond. Yet regardless of the identity of the new president or the character of the new Congress, we are certain to hear a great deal of talk in the coming months about deficits rather [...]

1Dec2000 | Russell Roberts | 2 comments | Continued

Will Campaign Finance Reform Enhance the Power of the People?

A common cry among the reform set these days is that there is too much money in politics. Those who decry the role of money in politics imagine a world where the 535 members of Congress along with the president sit around in togas discussing the best way to serve the people. Rather than being [...]

1Sep2000 | Russell Roberts | 0 comments | Continued

Nothing Left to Buy?

America is now in the middle of an unparalleled economic expansion. In the fourth quarter of 1999, the economy grew at the frenetic rate of 6.9 percent. The Dow climbs upward. Even some so-called serious people have started to wonder if the business cycle has been abolished. I think we’ll manage to have a recession [...]

1Jun2000 | Russell Roberts | 0 comments | Continued

They Can Afford It, Can’t They?

A lot of bad public policy is based on the “they can afford it” principle. Pharmaceutical prices should be lower because pharmaceutical companies can afford it. Health insurance should cover two days in the hospital for mothers and their newborns because health insurance companies can afford it. My favorite example of recent months is the [...]

1Mar2000 | Russell Roberts | 1 comment | Continued

Transforming the Political Marketplace

What we expect from our politicians goes a long way toward determining what kind of politicians we can expect to find in office. Just as suppliers compete by trying to please their customers, politicians compete by trying to please voters. Just as the features of cars tell us something about the preferences of car buyers, [...]

1Dec1999 | Russell Roberts | 0 comments | Continued

A World Without the FDA

Back in 1980 I had the good fortune to spend a summer in Santiago, Chile. My woeful high-school French produced an even more woeful Spanish, but I was able to travel about that beautiful country with wonderful people. In the middle of my stay I developed a fearful cold and wandered into what looked like [...]

1Sep1999 | Russell Roberts | 11 comments | Continued

Nothing’s Free

My brother and I have a game we play from time to time. He calls me with a can’t-miss investment opportunity, and my job is to figure out what’s wrong with it. There is always something wrong with it. In fact, the better it looks on the outside, the worse it looks on the inside [...]

1Jun1999 | Russell Roberts | 1 comment | Continued

Illuminating the Unseen

The good effects of laws are often easily seen. The bad effects, unseen. So observed Frederic Bastiat 150 years ago. His basic insight remains true today. We live in busy times. Information bombards us. In such a world, even that which is seen is often overlooked. The unseen is that much more elusive. If we [...]

1Mar1999 | Russell Roberts | 0 comments | Continued

Market Worship?

As we approach the millennium, the pace of economic change quickens. Consumers have always wanted better products at lower prices. But in today’s economy, the market delivers “better and cheaper” more quickly than at any time in human history The time between product improvements gets shorter and shorter. Competition drives prices lower. It’s a wonderful [...]

1Jan1999 | Russell Roberts | 0 comments | Continued
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