Econlib

Sam Enright works on innovation policy at Progress Ireland, an independent policy think tank in Dublin, and runs a publication called The Fitzwilliam. Most relevant to us, on his personal blog, he writes a popular link roundup; what follows is an abridged version of his Links for July. 1. Questions that are rarely asked: How has the average length of time that elapses per page in a novel changed over time? 2.

People conspire all the time. Firms collude. Politicians bargain behind closed doors. Militaries deceive their enemies. But other conspiracies are detected, or they do not last long. Why do some remain secret while others are revealed? A simple game theory model can help illustrate that the probability of a conspiracy being revealed depends on the number of independent choosing individuals whose cooperation is necessary, and the incentives those individuals face.

In 1988, when I was 27 years old, I read Ayn Rand for the first time. It was her novel Atlas Shrugged, in its just-released Portuguese edition. At that time, I already considered myself a sort of classical liberal, but my superficial knowledge of political philosophy, among many other gaps in my education, made my convictions not very convincing. It was only after reading her that I gained the libertarian worldview I more or less hold to this day.

In the good old days, dump trucks came in one discrete unit. Nowadays, they pull trailers with as much cubic space as themselves. Once upon a time, buses, too, were constituted in a fairly modest vehicle. Today, they are double their previous size. Half as many drivers are now required to pilot these roadway behemoths. This “causes unemployment,” in the view of many folks. Even worse are automatic trains, such as those which run 24-7 in the Dallas Fort Worth Airport. They use no conductors at all.

Inequality is often the outcome of processes regarded as fair. Yet advantages acquired fairly in one sphere—economic, educational, or political—rarely remain confined to the domain that produced them. As these advantages spill over into other areas, they reshape opportunities and outcomes over time, gradually transforming what began as tolerable disparities into broader patterns of unequal access and influence.

In their textbook, Modern Principles of Economics, Tyler Cowen and Alex Tabarrok ask what happens when Walmart buys toys from a Chinese supplier. I decided to test this once by going to my local Walmart and buying an action figure of All Elite Wrestling’s Brody King, which is part of the Jazwares “Unrivaled” collection and a Walmart exclusive. After tax, the figure cost me $21.82.

In Season 1 of the TV show Severance, we learn that the main character, Mark Scout, once shared a life with his wife, Gemma, whose presumed death he mourns. In Season 2, the audience sees flashbacks of the highlights of their romantic life but also some profound pain they experienced (for example, a miscarriage). Maintaining a marriage through difficulties is a formative experience and contains elements of acute pain.

The law of diminishing marginal utility is one of the foundational principles of economics, but its significance extends far beyond the marketplace. The principle states that as a person acquires additional units of a good, the satisfaction gained from each successive unit tends to decline. The first glass of water relieves intense thirst, the second provides comfort, and the third offers only modest enjoyment.

How much is international trade costing Americans jobs? It turns out, not much. A major objection by protectionists is that international trade with other countries, especially low-wage countries, will undermine American workers. As a consequence, there will be a “giant sucking sound” (to use Ross Perot’s phrasing) as jobs are pulled from the United States to these countries. From a purely theoretical perspective, there is little reason to think this will happen.

Sam Enright works on innovation policy at Progress Ireland, an independent policy think tank in Dublin, and runs a publication called The Fitzwilliam. Most relevant to us, on his personal blog , he writes a popular link roundup; what follows is an abridged version of his Links for June. Blogs and short links 1. From Henry Oliver: The idea that studying English literature is particularly good preparation for becoming prime minister is ludicrous. 2. Patrick Collison glimpsing at Hibernofuturism. 3.