Author Archive for Steve Landsburg

What is an E-flat idiot?

Published
by
Steve Landsburg
on May 14, 2021
in Entertainment and WTF?
. 23 Comments

So I was clicking through the stations on Sirius XM and came upon a rebroadcast of an old Jack Benny radio program from 1953, with Bob Hope as the guest star. There is a live and apparently very appreciative audience that laughs expansively at all the “jokes”. (Yes, the scare-quotes are deliberate.) But one instance stands out from the rest: When Dennis Day informs Bob Hope that, having seen all the Road To… movies, he has something to say. And what, asks Hope, is that? The ensuing dialogue goes like this:

Dennis Day: You’re nothing without Bing Crosby!

Bob Hope: You E-flat idiot!

At this the audience laughs uproariously, out of all proportion to all previous laughter, and for what seems like approximately forever (though I now know that it was about 17 seconds).

Having absolutely no idea what an “E-flat idiot” is, I of course turned to Google, where I get several hits — all of them to pages with lists of something like “the longest laughs in the history of radio”, but not one of which leaves me any more enlightened about what an E-flat idiot actually is.

(I realize it’s probably too much to hope that I’ll ever understand why this was funny, but I’d at least like to know what it means.)

Anyone?

Click here to comment or read others’ comments.

Share

The Best Books

Published
by
Steve Landsburg
on April 20, 2021
in Books and Recommendations
. 5 Comments

Shepherd.com is a brand-new website where authors recommend the five best books on a topic of their choosing. The topic of my choosing was The Biggest Questions, and while I doubt very much that I picked the five best books ever written in this category (by any standard you care to name), I am at least confident that I picked five well worth your attention.

Feel free to do any or all of the following:

  • Tell me (and of course our readers) what you think are the most glaring omissions from my list.
  • Tell us which other lists on that site are most worth checking out.
  • Tell us what topic, and what five books, you’ll be choosing if you ever get the call for a contribution from Shepherd.

Click here to comment or read others’ comments.

Share

Bernie Madoff

Published
by
Steve Landsburg
on April 14, 2021
in Current Events
. 26 Comments

The death of Bernie Madoff reminds me that I never understood why he was so vilified. He ran a Ponzi scheme. All of his investors knew it was a Ponzi scheme. They chose to get in, and gambled that they could time their exits just right. Some succeeded, some failed. So Madoff was the moral equivalent of a bookmaker (and not the kind of bookmaker who employs violence to enforce collections). He catered to a preference that some might call a vice. Where’s the problem?

There would be a problem if anybody had believed Madoff’s claim that he could earn a consistent 10% in any kind of market conditions, but it’s hard for me to imagine who that “anybody” might be — and if he or she does exist, then I don’t think it’s incumbent on the rest of us to protect an investor who is so willfully naive. The fact that he not only claimed to return 10% in every kind of market condition but actually did so constituted something like proof postive that he was running a Ponzi scheme, for anyone who cared to take notice.

So I think Madoff’s “lies” go into the same category as the alleged “lies” of Barack Obama when he said that under Obamacare, anybody who liked his/her old health insurance policy would be able to keep it. Nobody capable of arithmetic could have believed such an outlandish statement — unless they gave it no thought whatsoever, in which case even if they were fooled, they were fooled about something they apparently didn’t care about.

In other words: It’s not a lie if nobody believes it.

The scandal, I think, is that public resources were used to recover the losses of those who took the Madoff gamble and lost.

Click here to comment or read others’ comments.

Share

Power Hour

Published
by
Steve Landsburg
on April 10, 2021
in Economics and Self-Promotion
. 6 Comments

It’s always a pleasure to do a Podcast with a host who is thoughtful, understands the issues, and engages in meaningful dialogue instead of just mindlessly plowing through a list of prepared questions. Remarkably many fail to clear that bar. Alex Epstein clears it easily. My interview with him is here.

Click here to comment or read others’ comments.

Share

The Future of Bitcoin

Published
by
Steve Landsburg
on March 29, 2021
in Economics
. 7 Comments

Note: This is strictly a post about Bitcoin as a payment system. If you have something to say about Bitcoin as a store of value, a bubble or a long-term investment, you are off topic.

That said, I want to think about the interaction between transaction fees, seignorage and the number of miners. I’m sure there are people who have thought far harder about this than I have, and I dare to expect that some of those people are reading this. I hope one or more of those people will let me know whether I’m thinking about it correctly.

It seems to me that at least in the short run, the following things are more or less fixed:

a) The cost of mining (call it C)

b) The maximum possible daily transaction volume (call it T)

c) The fee per transaction at which users demand exactly T daily transactions (call it F)

d) The daily seignorage earned by miners (that is the newly minted Bitcoins that a miner receives upon successfully completing a block). (Call it S.)

Now:

1) There is free entry into mining; therefore each miner has to earn C. If there are M miners, then the total revenue earned by miners is CM.

2) That total revenue breaks into two parts: Transaction fees, which total TF per day, and seignorage, which totals S per day.

3) So CM = TF + S, or M = (TF + S)/C , where everything on the right side of that equation is more or less fixed in the short run.

4) If the seignorage were to stop flowing (as it will on some fixed date in the near future), then the equation becomes M=TF/C.

5) Currently, the value of S is about 9 times the value of TF (these are my crude off-the-cuff estimates; see below). Therefore TF/C is about 10% of (TF + S)/C. In other words, when the seignorage disappears, the number of miners should fall to about 10% of the current number.

(Of course many of the things I am treating as more-or-less fixed can change, so this is a ceteris paribus calculation, not a forecast.) My questions (below the fold for those who are reading this on my website):

Continue reading ‘The Future of Bitcoin’

Share

Is There a Way to Stop Paypal from Stealing?

Published
by
Steve Landsburg
on March 20, 2021
in Consumer Advocacy and Personal
. 13 Comments

I’ve been a quite satisfied customer of Paypal almost since the very beginning, but I am now a mightily annoyed and frustrated customer and I wonder if anyone has any advice on how to deal with this:

1) I see a charge to my Paypal account for $35.63, with the payee listed as “Google — Automatic Payment”. Looking back, I see there was an identical charge (which I had overlooked) a month earlier.

2) I disputed the charge with Paypal. 24 hours later, I was informed that the transaction was authorized and the case is closed.

3) Google denies any knowledge of this. They claim that the last time they authorized any sort of automatic payment from me to them was in May, 2020 and the amount was $4.29. Edited to add: When I go to Paypal and look under “automated payments” and then click on Google, it shows that the last automated payment to Google was in fact this $4.29. The repeated $35.63 payments do not show up.

4) When I try calling Paypal, I tell the automated phone system that I’m calling to dispute a transaction. They ask me which transaction, I tell them, the voice says that’s already resolved, and they hang up on me.

5) When I try calling Paypal back and respond to all queries about why I’m calling with the word “agent”, the voice says that to speak to an agent, I must call back during normal business hours. But I’m *already* calling during normal business hours.

6) When I use the chat function on Paypal’s webpage, I get the same responses I get from the phone system.

Question 1:

How the hell do I get Paypal to talk to me? Failing that, how the hell do I get Google to inform Paypal that they did not authorize this charge? (Google appears to be completely unreachable by phone.)

Question 2:

It looks like the only way to stop this from happening every month is to close my Paypal account. Will it then be safe to open a new Paypal account, or will they just transfer the charges to the new account?

Help!

Share

Oldies but Goodies

Published
by
Steve Landsburg
on March 6, 2021
in Blogging, Self-Promotion and Technology
. 3 Comments

Technology marches on, and many of the flash videos I’ve posted here over the past fifteen years or so have become mostly unwatchable, because almost nobody uses flash players anymore. So I’ve just spent the better part of a day updating all of those videos to more modern formats. This means that if you have occasion to read old posts with videos in them, the videos will actually work now.

While I was at it, I updated this site’s video page, which you can get to by clicking on the menu at the top or by going directly here. This too had become unusable because of all the flash video. I updated the video formats and added several more items. Let me know if you have any special favorites you think I should add.

Click here to comment or read others’ comments.

Share

The More Things Change….

Published
by
Steve Landsburg
on January 25, 2021
in Current Events
. 13 Comments

Just in case you thought the change of administration meant an end to stupid and evil trade policies, CNN reports that “President Joe Biden will sign an executive order Monday aimed at boosting American manufacturing, setting in motion a process to fulfill his campaign pledge to strengthen the federal government’s Buy American rules.”

Click here to comment or read others’ comments.

Share

Worst Revolution Ever

Published
by
Steve Landsburg
on January 11, 2021
in Current Events and History
. 15 Comments

I already knew this, but it’s nice to be reminded: Caitlin Flanagan is a national treasure.

Click here to comment or read others’ comments.

Share

People Respond to Incentives

Published
by
Steve Landsburg
on January 10, 2021
in Current Events, Economics and Policy
. 4 Comments

Marty Makary, Professor of Health Policy at Johns Hopkins, as quoted by Alex Tabarrok:

Ironically, those in the Oxford-AstraZeneca trial who inadvertently received half the initial vaccine dose had lower infection rates

Makary and Tabarrok’s main point (with which I fully agree) is that it’s criminally stupid for the FDA not to approve the A-Z vaccine immediately — and their main argument would stand with or without the observation about infection rates.

But I’m quoting the same observation for an entirely different reason: To point out that sometimes you need economics to explain the medical data.

In particular: Half-dosed subjects will generally have fewer side effects. Subjects with fewer side effects will think it more likely that they’ve gotten the placebo. Subjects who think they’ve gotten the placebo are going to continue taking more precautions with masks, social distancing, etc. Therefore it’s entirely plausible that half-dosed subjects will have lower infection rates.

Thanks to Romans Pancs for pointing me in this direction, and reminding me of the Thanksgiving puzzle that I posted here.

Click here to comment or read others’ comments.

Share

But This Was Always Obvious to Everyone, Right?

Published
by
Steve Landsburg
on January 9, 2021
in Current Events and Politics
. 24 Comments

trumpOver four years ago, I published my answers to some frequently asked questions about Donald Trump. Here is some of what I said then:

…

Is Donald Trump batshit crazy? Obviously yes. He seethes with personal resentments, all of which loom larger in his mind than, well, anything, and appears genuinely incapable of fathoming the possibility that there are people who don’t particularly care whether someone high or low has been “unfair” to Donald J. Trump. He claims to believe that Hillary Clinton’s policies would be disastrous for the country, yet works to undermine the Republican congressional and Senate candidates who stand as a bulwark against those policies, because preventing a national disaster is less important than petty vengeance against those who have failed to pay Trump his due respects. Moreover, he seems genuinely baffled by the suggestion that anybody anywhere might prioritize things differently. He has, as I’ve said before on this blog (and as countless others have said, sometimes more poetically) the mental, emotional and moral maturity of a four-year-old, with an attention span to match.

Is being batshit crazy a disqualification for the position of Commander in Chief of the armed forces of the United States of America? Hell yes.

Summary: I do not know and I do not much care whether Donald Trump is a racist or a serial groper, except insofar as I wish nobody were a racist or a serial groper. When I’m deciding who to support for President, I care about things that will affect his or her performance in office. In Trump’s caase, I believe the xenophobia is a sufficient disqualification, though I think one could reasonably argue that, given the shortcomings of the alternatives, we should not be so quick to disqualify. But I do not think that one could reasonably say the same about the paranoia, narcissism, and all the related mental instability. The next time Trump goes off on an incoherent rant — and he will — try imagining him in command of the United States Army. Take that image into the voting booth.

I’m not always right, but I’m not always wrong either.

Click here to comment or read others’ comments.

Share

Query

Published
by
Steve Landsburg
on January 7, 2021
in Current Events and Policy
. 12 Comments

Can one of my more knowledgeable readers answer this?

If there are 23 cabinet positions, of which, say, 6 are vacant and 17 are occupied, what counts as a majority for purposes of the 25th amendment? Is it half of 23 or half of 17?

I realize there are additional ambiguities in the 25th amendment, which talks about “principal officers of the executive department”, without ever using the word “cabinet”. But I think I understand those issues. I’d just like an answer to the specific question above.

Click here to comment or read others’ comments.

Share

Merry Christmas

Published
by
Steve Landsburg
on December 21, 2020
in Economics
. 27 Comments

If you’re wealthy enough to be sure you’ll never spend it all, you might be thinking — especially at this time of year — about giving away some of the excess. Unfortunately, that’s impossible.

What you can do is force some people to give to other people, and you might very well want to do that. But as for your own excess wealth, you can’t give it away, because you already have.

There are two ways to explain this. Pretty much everyone agrees that one explanation is much clearer than the other, but it seems like they’re split about evenly as to which is the clearer one. So I’ll offer both and you can take your choice.

Continue reading ‘Merry Christmas’

Share

How To Auction Vaccines

Published
by
Steve Landsburg
on December 10, 2020
in Current Events, Economics, Policy and Reforms
. 20 Comments

I hold this truth to be self-evident: It is downright crazy to try to distribute vaccines without using prices. I said as much last week.

The question then becomes: How should those prices be implemented?

Method I: Distribute vaccine rights randomly and let people trade them. This suffers from the fact that you can’t know how much the vaccine is really worth to the people you’re bargaining with, which is a barrier to efficient bargaining.

My immediate instinct (which I still think is a pretty good one) is (after pre-vaccinating certain key groups like first responders and health care workers) to give everyone a choice: You can have your vaccine now, or you can have a check for (say) $500 and your vaccine in six months. This suffers from the need to get the price right (presumably involving some trial and error) but I stand by it as far far better than the Soviet-style central planning we’re about to actually get.

But now Romans Pancs has done far better than I have, by actually thinking about the details of the optimal auction design and getting them right. His paper is here. (You’ll need to sign up for a free account before downloading.) Anyone who actually cares about getting vaccines distributed efficiently should start by reading this paper.

Click here to comment or read others’ comments.

Share

Priority Care

Published
by
Steve Landsburg
on December 2, 2020
in Current Events, Economics and Policy
. 28 Comments

Here is a scenario not unlike many that could well play out in the near future, courtesy of our friends at the Centers for Disease Control:

  • Edna, age 65 and retired, lives alone and likes it. She gets along well with her neighbors but prefers not to socialize much. She’s entirely comfortable with her Kindle, her Netflix, and her Zoom account, which she uses to keep in touch with her family. She does look forward to the day when she can hug them again, but for the time being, she’s wistfully content.
  • Irma, age 62 and retired, lives alone but mostly lives to dance. In normal times, she’s out dancing five nights a week, and out with friends most afternoons. Confined to her apartment, she’s feeling near suicidal.
  • Tina, age 65 and a corporate CEO, has discovered, somewhat to her surprise, that she can do her job via Zoom as well as she can do it from her office. It took a little getting used to, but with all the time she saves commuting, she’s actually able to work more effectively, and everything’s humming along just as it should.
  • Gina, age 58 and also a corporate CEO, has a very different management style. She’s accustomed to popping into her managers’ offices unannounced at all times of day to keep tabs on what’s going on, and she’s found that this way of working is extremely effective for
    her. Since the pandemic started, she’s lost her grip and the corporation is foundering.

Now: A vaccine becomes available. The CDC decides that people over 65 will be near the front of the line to receive it.

Question 1: Should Edna be allowed to sell her place in line to Irma? Should Tina be allowed to sell her place to Gina?

Question 2: Do you think the CDC will allow that?

I am quite sure that the answer to Question 1 is yes, and nearly as sure that the answer to Question 2 is no. Which means something is wrong.

It is tragic that so much of pandemic-management policy has been made in defiance of basic science. It is equally tragic that so much policy is about to be made in defiance of basic economics. Because if there’s one thing that economics teaches us, it’s that you cannot distribute a scarce resource efficiently unless you use the price system. No bureaucrat at the CDC has enough information to distinguish Edna from Irma, or Tina from Gina. Therefore they won’t even try.

Essentially everyone understands that it would be insane to try to distribute food or housing or pretty much anything else without using prices. But when it comes to Covid vaccines, the reasoning seems to be that vaccine distribution is uniquely important, so we should do a uniquely bad job of it. Go figure.

If you think it would be a nightmare for all the Edna/Irma and Tina/Gina pairs to negotiate individual contracts, there’s a simpler way to accomplish the same thing: Let Irma and Gina buy their way to the front of the line, then take all the money you collect and redistribute it to the population as a whole so that Edna and Tina get their shares. In other words, let the price system do its job.

Share

Thanksgiving Puzzle

Published
by
Steve Landsburg
on November 26, 2020
in Puzzles
. 24 Comments

Suppose there are two vaccines available. Suppose also that:

  • Both vaccines have been shown to be 90% effective in double-blind clinical trials.
  • Vaccine X has rather unpleasant side effects, which disappear after about 24 hours. Vaccine Y appears to have no short term side effects at all.
  • Both vaccines are identical in all other relevant ways you can think of — cost, probability of long-term side effects, possibility of collateral benefits, etc.

Which vaccine do you prefer to receive, X or Y?

I’ll give my answer in a few days, or chime in sooner if someone else gives my answer first.

Hat tip to the ever-thoughtful Romans Pancs, who emailed me the relevant analysis.

Edited to add: Well, that didn’t take long. Jim Ancona nailed it in comment #2 — and expressed it so clearly that I feel no need to explain it in any words other than his.

I also want to commend the first of the two answers in Dave’s comment #1, which brings up another factor that hadn’t occurred to me. Of course (in Dave’s scenario) you won’t be the only one thinking this way, so it’s not clear that in equilibrium you’ll prefer X, but it is clear that some people will prefer X for Dave’s reason. Once enough of them have chosen X, you can be indifferent between X and Y.

Click here to comment or read others’ comments.

Share

History Lesson

Published
by
Steve Landsburg
on November 14, 2020
in Current Events, Politics and WTF?
. 44 Comments

Alabama Senator-elect Tommy Tuberville is quoted as saying:

I tell people, my dad fought 76 years ago in Europe to free Europe of socialism. Today, you look at this election, we have half this country that made some kind of movement, now they not believe in it 100 percent, but they made some kind of movement toward socialism. So we’re fighting it right here on our own soil.

Over at MSNBC, Steve Benen responds:

It’s true that Tuberville’s father fought in France during World War II, but if the senator-elect thinks the war was about “freeing Europe of socialism”, he probably ought to read a book or two about the conflict.

Apparently, reading a book or two about World War II is not a prerequisite for writing commentary at MSNBC. I wonder which of the following points Mr. Benen has overlooked:

  • Our primary opponents in the European conflict were known as “the Nazis”.
  • Naziism is/was a dialect of socialism.

I’d elaborate, but I’ll keep this short just in case Mr. Benen drops by this blog. Apparently he doesn’t like to read very much.

Click here to comment or read others’ comments.

Share

Maternal Instinct

Published
by
Steve Landsburg
on November 12, 2020
in Fluff
. 9 Comments

(Found on the web with no attribution; I’ll be glad if someone can identify the source for the purpose of proper acknowledgement).

Click here to comment or read others’ comments.

Share

Want a Coup? Abolish the Electoral College

Published
by
Steve Landsburg
on November 12, 2020
in Current Events, Politics and Self-Promotion
. 22 Comments

If you’re worried about the president subverting the electoral process, you might pause to give thanks for the electoral college. If the election were conducted by a federal authority, or if any single authority were responsible for aggregating all the votes from around the country, it’s a fair bet that either this president or some future president would be exploring ways to intimidate that authority.

How is it that so many of the very same people who express grave concern about a president clinging to power by manipulating or ignoring vote totals are so quick to disdain the institution that makes it essentially impossible for him to do exactly that?

It’s always dangerous to centralize power. It’s doubly dangerous to centralize the power to decide who wields power.

More thoughts on this can be found in my piece in today’s Wall Street Journal.

Click here to comment or read others’ comments.

Share

Where to Find Me

Published
by
Steve Landsburg
on November 9, 2020
in Ontology, Philosophy and Self-Promotion
. 5 Comments

I don’t always enjoy being interviewed, but I do always enjoy being interviewed by the thoughtful and provocative (in the best way!) Bob Murphy. You’ll see why if you listen to the latest episode of the Bob Murphy show, where we discuss why there is something instead of nothing.

Although this is intended primarily as an audio podcast, those who prefer video can watch here.

Click here to comment or read others’ comments.

Share

Math for All Ages

Published
by
Steve Landsburg
on November 5, 2020
in Math and Video
. 12 Comments

I was recently asked to speak at the awards ceremony for the winners of the Witwatersrand math competition. This presented a particular challenge, because there were winners in age groups ranging from nine-year-olds to college students. Here is the talk I ended up giving:

Share

Morning-After Arithmetic

Published
by
Steve Landsburg
on November 4, 2020
in Back of the Envelope
. 32 Comments

I take it that the following states are undecided:

Pennsylvania
Georgia
Michigan
North Carolina
Wisconsin
Nevada

By my calculations, this election is a tie if Trump wins (precisely) any of the following three subsets:

A = {Pennsylvania, Georgia, Michigan}
B = {Pennsylvania, Georgia, Wisconsin, Nevada}
C= {Pennsylvania, Michigan, Wisconsin, Nevada}

It is a Trump victory if Trump wins any of the following:

1) Any superset of A, B or C.
2) Any superset of {Michigan, Georgia, North Carolina, Wisconsin}
3) Any superset of {Michigan, Georgia, North Carolina, Nevada}

I went to bed believing that 98 – 47 = 41, and therefore had this all wrong, but I think it’s right now. Does anyone want to check my arithmetic?

Share

The State of the Union

Published
by
Steve Landsburg
on October 25, 2020
in Musings
. 75 Comments

I like my eggs poached and slightly runny. If you feel like I just wasted a moment of your time, you might want to stop reading. What follows is mostly opinion, and I’m not sure my opinions about politics are worth any more of your time than my opinions about eggs.

That said:

1) Liberalism — by which I mean the societal presumption that it’s okay for people to disagree about fundamental things and not have to kill each other over it — and even better that they can live in harmony and respect their differences — is only a few hundred years old. It is also, I suspect, a lot more fragile than it appears to those of us who have had the good fortune to live in a time and place where we could take it for granted.

2) Not coincidentally, prosperity — by which I mean that a great many people are not starving — is approximately the same age, and likely to be just as fragile. A few hundred years is, in historical time, the blink of an eye.

Continue reading ‘The State of the Union’

Share

Vaccine Testing: The Smart and Sneaky Way

Published
by
Steve Landsburg
on October 23, 2020
in Current Events, Economics and Science
. 27 Comments

There are (at least) two ways to test the efficacy of a vaccine. The Stupid Way is to administer the vaccine to, say, 30,000 volunteers and then wait to see how many of them get sick. The Smarter Way is to adminster the vaccine to a smaller number of (presumably much better-paid) volunteers, then expose them to the virus and see how many get sick.

A trial implementing the Smart Way is getting underway at Imperial College London. In the United States, we do things the Stupid Way, at least partly because of the unaccountable influence of a tribe of busybodies who, having nothing productive to do, spend their time trying to convince people that thousands of lives are worth less than dozens of lives. Those busybodies generally refer to themselves as Ethicists, but I think it’s always better to call things by informative names, so I will refer to them henceforth as Embodiments of Evil.

Last night, while I was attempting to calculate the amount of damage that these Embodiments of Evil have caused, I was interrupted by a knock on my door. It turned out to be a man from Porlock, who wanted to consult me on some mundane issue. At first I tried to turn him away, explaining that I was in the midst of a difficult calculation and could not be distracted. But my visitor brought me up short by reminding me that the economist’s job is not just to lament bad policies, it’s also to figure out ways to circumvent them. So we put our heads together and this is what we came up with:

First, design a vaccine trial that is, to all appearances, set up the Stupid Way. We vaccinate people, we let them go their own ways, and we track what happens. But we add one twist: Any volunteer who gets sick after being vaccinated receives an enormous payment. Call it something like “Compassionate Compensation”.

Here are the advantages:

Continue reading ‘Vaccine Testing: The Smart and Sneaky Way’

Share

Teaser

Published
by
Steve Landsburg
on October 5, 2020
in Current Events, Policy and Politics
. 52 Comments

Here are the opening paragraphs of my (paywalled) op-ed in today’s Wall Street Journal.

For nearly four years, I’ve looked forward to voting against Donald Trump. But Joe Biden keeps testing my resolve.

It isn’t only that I think Mr. Biden is frequently wrong. It’s that he tends to be wrong in ways that suggest he never cared about being right. He makes no attempt to defend many of his policies with logic or evidence, and he deals with objections by ignoring or misrepresenting them. You can say the same about President Trump, but I’d hoped for better.

Click here to comment or read others’ comments.

Share

The Continuing Tragedy

Published
by
Steve Landsburg
on October 4, 2020
in Bad Reasoning, Current Events and Politics
. 18 Comments

The great tragedy of the Trump administration has been that the President’s obvious mental incapacity has tended to discredit, in the minds of the public, even the good policies that he (apparently randomly) chooses to endorse. As a result, many good policies will never get the consideration they’re due.

For example: Trump happens to be right that we can design a system a whole lot better than Obamacare. But he’s never explained why, and he’s never even attempted to sketch out what such a system might look like. This (appropriately, and probably accurately) makes him appear to be an idiot, and therefore (inappropriately) leads the public to dismiss meaningful health care reform as an idiotic policy.

Likewise: Trump happens to be right that lockdowns and other mandates have enormous costs, which need to be weighed against the benefits of fighting a pandemic. But instead of focusing on that important point, he’s garbled it all up with the ridiculous notion that you’d have to be dumb to wear a mask (and no, his occasional weasel words on this subject do not erase his primary message). This (appropriately, and probably accurately) makes him appear to be an idiot, and therefore (inappropriately) leads the public to dismiss meaningful cost-benefit analysis as an idiotic exercise.

There are a thousand more examples; feel free to share your favorites in comments.

Click here to comment or read others’ comments.

Share

Why We Need Billionaires

Published
by
Steve Landsburg
on October 3, 2020
in Uncategorized
. 19 Comments

The next time somebody asks me why there have to be billionaires, I will point that person to this tweet from Elon Musk:


Musk went ahead and invested about $100 million in SpaceX and $6 million in Tesla — totaling about half of his proceeds from the sale of PayPal, in which he was an early investor.

Who invests $100 million in a project that has a 10% chance of success? Answer: Essentially nobody who doesn’t believe that success will bring a reward of at least $1 billion.

Click here to comment or read others’ comments.

Share

Where I’ve Been

Published
by
Steve Landsburg
on September 30, 2020
in Ontology, Philosophy, Rationality, Self-Promotion and Truthseeking
. 24 Comments

Video of my recent talk to the Philadelphia Association for Critical Thinking (topic: Why is There Something Instead of Nothing?”) is now available here.

Click here to comment or read others’ comments.

Share

I Read the News Today, Oh Boy

Published
by
Steve Landsburg
on September 18, 2020
in Current Events and Politics
. 27 Comments

I devoutly wish that Ruth Bader Ginsburg had lived on for a very long time. She was fair-minded, thoughtful, and occasionally brilliant. I valued her reasoning even when I disagreed with her conclusions, and because she was a careful thinker, I am confident that there were times when she was right and I was wrong.

I devoutly wish that Donald Trump were not the president of the United States, largely because he is everything that Ginsburg was not.

But clouds have silver linings, and I take great solace in the fact that Trump will (probably) appoint Ginsburg’s successor. History suggests that a Trump appointee will share the Ginsburg characteristics I most admire, and that a Biden appointee would probably not. The world is a complicated place.

Share

Where I’ll Be

Published
by
Steve Landsburg
on September 16, 2020
in Events and Self-Promotion
. 13 Comments

This Saturday at 2PM Eastern time, I’ll be talking to the Philadelphia Association for Critical Thinking on “Why is There Something Instead of Nothing?”

Unfortunately, times are such that I’ll have to give my talk over Zoom. Happily, this means that no matter where you are in the world, you can attend. Register by visiting the upcoming meetings page and scrolling down to “Click Here to Register” (near the very bottom), or just visit the registration page. Registration is free but required.

Share
« Older Entries
Newer Entries »