About a year or so ago I noticed a cliche spreading among a certain set of prominent investors and money managers: that a key obstacle to success among young people today is a lack of personal finance erudition. Today's entry in the genre came from Ben Carlson at Ritholtz Wealth Management, who wrote: "I wish high schools and colleges would teach personal finance. They could … [Read more...] about So-called “personal finance education” is a distraction
On the occasion of a new Federalist Society nominee to the Supreme Court, I thought it'd be worth explaining a set of issues that are going to repeatedly come before the Court in the coming decades, and explain a confusing set of terms that arises from those issues. The "Administrative" Procedure Act is about regulation, not administration The Administrative Procedure Act … [Read more...] about The rhetorical confusion between the administrative and regulatory states
Right-wing troll Ben Shapiro has a cliché he deploys whenever he's confronted by someone who disagrees with his particular brand of snarky malevolence: "facts don't care about your feelings." Of course, what Ben means is that his feelings don't care about your facts. If Ben feels you're wrong, then you're wrong regardless of the evidence you provide, and if Ben feels he's right … [Read more...] about Distinguishing between falsifiable and non-falsifiable claims
There is no cliché more beloved by chin-stroking observers of The West than the "sclerotic" labor markets of Western Europe. France is of course the most notoriously sclerotic labor market; but Spain hasn't dodged sclerosis either; and even our Anglo-Saxon brethren in the United Kingdom have a certain sclerotic tendency. There is a problem with this diagnosis, … [Read more...] about What if low US labor force participation is driven by low US labor standards?
For decades (at least as long as I've been alive), people have used the expressions "marriage bonus" and "marriage penalty" to describe what happens to the income tax liability of a couple before and after they formally wed. But focusing attention on changes in income tax liability has resulted in a totally inadequate amount of attention being paid to the actual marriage … [Read more...] about Means-testing and the real marriage penalties (wonkish)