Peter G. Klein @petergklein Twitter profile

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Peter G. Klein

2 years

Now published! Pick up a copy from your favorite bookseller.

A manifesto on managers and hierarchy that bucks the trend of the lean, flat, leaderless organization As business struggles to adapt to a rapidly changing wo...

www.hachettebookgroup.com

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Last Seen Profiles

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Peter G. Klein

@petergklein

3 years

Dr. Fauci discovers cost-benefit analysis

The Hill

@thehill

3 years

Dr. Fauci: "There is the danger that there will be so many people who are being isolated who are asymptomatic for the full ten days, that you could have a major negative impact on our ability to keep society running. So the decision was made of saying let's get that cut in half."

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Peter G. Klein

@petergklein

3 years

Birthplace of the great economist Ludwig von Mises in Lviv, Ukraine (you can see a small plaque in the photo)

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Peter G. Klein

@petergklein

6 years

Civil libertarians: a wholly unaccountable government agency records 100% of your electronic communications. Americans: *yawn* Media: a private firm, accountable to its board, shareholders, and customers, has been sharing some information you gave it. Americans: *meltdown*

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Peter G. Klein

@petergklein

16 days

Imagine The Atlantic running a piece titled "Sometimes You Just Have to Ignore the Epidemiologists" or "Sometimes You Just Have to Ignore the Climate Scientists"

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Peter G. Klein

@petergklein

6 years

"Because we scientists vastly exceed all other human beings in wisdom, honesty, integrity, selflessness, and humility. Especially humility."

Neil deGrasse Tyson

@neiltyson

6 years

Today, the greatest threat of extinction we face is not asteroids or climate change or disease or famine. It’s society’s refusal to heed the warnings of scientists.

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Peter G. Klein

@petergklein

5 years

Another famous psychology study, David Rosenhan's “On Being Sane in Insane Places,” appears to have been made up.

Stanford professor who changed America with just one study was also a...

Stanford psychology and law professor David Rosenhan could transfix an audience in a crowded lecture hall with just a few words. “What is abnormality?” he would ask undergraduate students, his...

nypost.com

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Peter G. Klein

@petergklein

3 years

One of the worst aspects of the war mentality is its collectivism. Lots of calls to punish "Russia" by banning Russian individuals or firms from participating in international trade, accessing the global financial system, studying in the US, even submitting to academic journals.

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Peter G. Klein

@petergklein

5 months

@johnjhorton Wait you have actual chalk boards?

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Peter G. Klein

@petergklein

4 years

Sad to report that Oliver Williamson passed away yesterday at age of 87. I'll have more to say in the coming days. He was a giant in economics and management and had a huge influence on my thinking and career. RIP.

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Peter G. Klein

@petergklein

7 years

Funniest thing I've seen all week: "Economics to Sociology Phrasebook."

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Peter G. Klein

@petergklein

4 years

This is a good example of why it's useful to understand some economics and statistics. The thread makes two basic errors. 1/

Will Wilkinson

@willwilkinson

4 years

I can barely wrap my head around it, but I have to admit that I am, in fact, hearing people argue that, yes, it's worth taking the risk that MILLIONS of Americans will die in exchange for an inscrutably indeterminate chance of improvement in the economic outlook.

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Peter G. Klein

@petergklein

4 years

You say my office is messy but check out Jean Piaget

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Peter G. Klein

@petergklein

7 years

Actually large companies often like being regulated because it imposes relatively higher costs on smaller, more efficient rivals.

Elon Musk

@elonmusk

7 years

Nobody likes being regulated, but everything (cars, planes, food, drugs, etc) that's a danger to the public is regulated. AI should be too.

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Peter G. Klein

@petergklein

3 years

People are starting to realize you can't "shut down" an economy then simply turn it on again. (Economists who believe in "shmoo" capital and abstract away from time, uncertainty, and the stages of production still don't get it.)

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Peter G. Klein

@petergklein

4 years

Besides his contributions to auction theory, Milgrom is one of the most important figures in modern organizational economics. His 1992 book with John Roberts, "Economics, Organizations, and Management," had a huge influence on the teaching of managerial economics. 1/

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Peter G. Klein

@petergklein

7 years

Dilbert explains the Austrian economics concept of malinvestment.

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Peter G. Klein

@petergklein

6 years

Many young people seem unaware of the origins of the term "politically correct." Two Soviet factory managers are preparing a glowing report on their production levels. "Comrade, I don't think these numbers are correct." "Yes, but they're politically correct."

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Peter G. Klein

@petergklein

7 years

The correction on this NYT piece is pure gold.

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Peter G. Klein

@petergklein

2 months

Timur Kuran has a nice paper on this - in the Ottoman empire, Muslims faced higher borrowing costs than non-Muslims because market participants assumed (correctly) that, in a contractual dispute, courts would be biased in favor of the Muslim litigant.

Judicial Biases in Ottoman Istanbul: Islamic Justice and Its Compatibility with Modern Economic...

Abstract The transition to impersonal exchange and modern economic growth has depended on courts that enforce contracts efficiently. This article shows that Islamic courts of the Ottoman Empire...

www.journals.uchicago.edu

TracingWoodgrains

@tracewoodgrains

2 months

Excellent, thoughtful post.

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Peter G. Klein

@petergklein

4 years

Social science twitter, not during a crisis: "Can we really say X causes Y? Without multiple RCTs or preregistered quasi-experiments with valid instruments, we don't actually know." Social science twitter, during a crisis: WE MUST IMPLEMENT POLICY X NOW OR WE ALL DIE

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Peter G. Klein

@petergklein

2 years

Look what just arrived!

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Peter G. Klein

@petergklein

4 years

When I feel bad for wasting time arguing on Twitter, I remember that even the great Ludwig von Mises suffered from this malady.

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Peter G. Klein

@petergklein

4 years

Here is the syllabus from Oliver Williamson's ECON 224, "The Economics of Institutions," Fall 1988. (I took it in 1989 but can only find this version.)

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Peter G. Klein

@petergklein

6 years

One of my treasures is a first edition of Frank Knight's Risk, Uncertainty, and Profit (1921). I picked it up years ago for $5 at Berkeley flea market. There is an inscription in what is presumably Knight's own hand: "To M. M. With regards, F. H. K." 1/

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Peter G. Klein

@petergklein

2 years

When someone publishes a paper with the same idea you're working on

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Peter G. Klein

@petergklein

7 years

Actually, the opposite is true. Allowing trophy hunting increases the economic value of elephants and provides incentives for locals to protect and preserve. People, stop listening and following celebrities.

Ricky Gervais

@rickygervais

7 years

The fact that Trump has lifted President Obama's ban on elephant trophies being imported into the country is a devastating blow to the survival of these beautiful animals. It's savage and pointless. It breaks my heart.

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Peter G. Klein

@petergklein

4 years

Very excited to be taking on a new role as Strategic Entrepreneurship Journal co-editor along with Gary Dushnitsky and Melissa Graebner. @Strategic_Mgmt

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Peter G. Klein

@petergklein

3 years

Twitter too!

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Peter G. Klein

@petergklein

5 years

Daily reminder that Krugmanomics is literal nonsense

Paul Krugman

@paulkrugman

5 years

DEBT IS MONEY WE OWE TO OURSELVES DEBT IS MONEY WE OWE TO OURSELVES DEBT IS MONEY WE OWE TO OURSELVES DEBT IS MONEY .... It only make us poorer in aggregate if it crowds out investment — which is isn't doing

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Peter G. Klein

@petergklein

2 years

@HeatherKEvans Here's my version

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Peter G. Klein

@petergklein

9 years

Keynesian economics.

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Peter G. Klein

@petergklein

1 year

Tacit knowledge is trending so I thought I'd share some classroom activities I use to teach the concept. I start with an in-class exercise with questions like these.

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Peter G. Klein

@petergklein

9 years

The University of Missouri just sent an email instructing students witnessing "hateful" speech to CALL THE POLICE.

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Peter G. Klein

@petergklein

4 years

Me listening to one of those "how I did it" talks from a star in my field

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Peter G. Klein

@petergklein

6 years

Your paper after peer review.

Klara

@klara_sjo

6 years

A lamb stuffed inside a pig stuffed inside a cow. It's.. beautiful..

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Peter G. Klein

@petergklein

5 years

Did you know that the first @mises website was created by Yours Truly in 1995? This Oct 1996 version is the oldest preserved on the Wayback Machine and the original was similar, but without the fancy graphics (and hosted on a university server.) #Web30

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Peter G. Klein

@petergklein

10 months

I think of this often when people mention "market power."

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Peter G. Klein

@petergklein

3 years

Live look at the Suez Canal

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Peter G. Klein

@petergklein

1 year

Review paper with 13 (!) authors on empirical measurement of risk and uncertainty. A good summary of how neoclassical economists understand these constructs.

What Is Certain about Uncertainty?

(June 2023) - This paper provides a comprehensive survey of existing measures of uncertainty, risk, and volatility, noting their conceptual distinctions. It summarizes how they are constructed, their...

www.aeaweb.org

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Peter G. Klein

@petergklein

5 months

@johnjhorton We have whiteboards. They get stained, the marker dust doesn't wash out of your clothes like chalk dust, and they're generally less cool.

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Peter G. Klein

@petergklein

2 years

Gary Winslett 🌐🇺🇸

@GaryWinslett

2 years

That Meta is in free fall before our eyes should be Exhibit A that all the talk of Big Tech “monopolies” has little basis in the facts. 1/2

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Peter G. Klein

@petergklein

1 year

Delighted to receive the 2022 Academy of Management Perspectives Best Paper Award for "Capitalism, Cronyism, and Management Scholarship: A Call for Clarity" with Michael Holmes, @NicolaiFoss , @siriterjesen , and Justin Pepe. @AOMConnect #AOM2023

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Peter G. Klein

@petergklein

4 years

@jncohen Future Nobel laureate told me, "Our colleagues will insist they care only about formal models and sophisticated empirical work but, if you really want to convince them something is true, give them a bunch of examples."

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Peter G. Klein

@petergklein

9 years

Keynesian economics.

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Peter G. Klein

@petergklein

4 years

Perhaps inspired by the NYT's disappointing Dealbook series, we're seeing an avalanche of articles on Friedman's famous 1970 essay on corporate social responsibility, most of which (like this one) can't be bothered to state Friedman's argument correctly.

Commentary: 50 years later, Milton Friedman’s shareholder doctrine is dead

Commentary: On the 50th anniversary of Milton Friedman's declaration of shareholder capitalism supremacy, his doctrine is dead.

fortune.com

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Peter G. Klein

@petergklein

2 years

🚨New paper alert!🚨 @NicolaiFoss and I ask, "Why Do Companies Go Woke"? We define a woke company as one embracing progressive, politically left-wing practices, language, and imagery, even when these are not demanded by owners, executives, most workers, or customers. 1/

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Peter G. Klein

@petergklein

2 years

@LMalloy Have you seen the British section of an American grocery store?

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Peter G. Klein

@petergklein

4 years

The issue is this: each additional day of lockdown purportedly increases public health by X (by reducing Covid-19 spread) and decreases public health by Y (through short- and long-run effects of economic decline). At what point does MC > MB? 6/

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Peter G. Klein

@petergklein

2 years

These protests are really getting out of hand

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Peter G. Klein

@petergklein

2 years

@PerBylund To be fair the media also refers to Robert Reich as an "economics professor" despite lacking a PhD or any peer-reviewed publications.

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Peter G. Klein

@petergklein

10 years

Thomas Piketty has vastly more influence than I do. I condemn such inequality.

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Peter G. Klein

@petergklein

4 years

In any case, the first step in thinking about this difficult issue is to frame the problem correctly, and the thread certainly doesn't. 9/9

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Peter G. Klein

@petergklein

3 years

The last two years have highlighted how public officials often spread misinformation for strategic purposes. A salient example is Fauci's admission that he discouraged masking in early 2020, not because he thought masks were ineffective, but to avoid public hoarding of masks. 1/

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Peter G. Klein

@petergklein

7 years

If they didn't already exist, private schools, hospitals, parks, charities ... would strike people as the most outlandish libertarian idea.

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Peter G. Klein

@petergklein

7 years

This rant is a good example of the need for better economics education. No one disputes that the USPS does these things. The economic question is whether the value to consumers of the goods and services produced exceeds the opportunity cost of the resources used to produce them.

Paul Waldman

@paulwaldman1

7 years

I'd like to thank the president for giving me the opportunity to go on a little rant reminding everyone that the US Postal Service is a fricking marvel, and people's complaints about it are largely bogus. Strap in... /1

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Peter G. Klein

@petergklein

1 year

No. The economic calculation problem (as described by Mises in his pioneering 1920 article) is about the role of private ownership, competition, and entrepreneurial judgment in allocating resources to their highest valued uses. It has nothing at all to do with computing power!

Roko 🌊🧊🏙️

@RokoMijic

1 year

@_AtlasCapital @RichardHanania > the reasons planned economies are worse have nothing to do with available compute. isn't the whole point of the "economic calculation problem that?

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Peter G. Klein

@petergklein

4 years

So we are comparing two sets of unknowns. Note how he uses "risk" for one and "inscrutably indeterminate chance" for the other, which is pure sleight-of-hand. 4/

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Peter G. Klein

@petergklein

5 years

This critique of free speech gets the 18th century context entirely wrong. The 1A was justified not by a utilitarian argument that truth necessarily wins in the marketplace of ideas, but by the idea that false speech does not violate anyone's natural rights.

Richard Stengel

@stengel

5 years

My @WashingtonPost piece on why the very broadness of the First Amendment suggests we should have a hate speech law. And if we did, why the President might be in violation of it.

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Peter G. Klein

@petergklein

5 years

Despite much noise to the contrary, Econ 101 is often correct

Erik Brynjolfsson

@erikbryn

5 years

Rent control in SF reduces total rental housing, increases overall rental prices and destroys value overall. However, it helps those renters lucky enough to get rent-controlled apartments.

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Peter G. Klein

@petergklein

5 years

In 2009 I presented a research paper at the Federal Reserve Board of Governors. Afterwards we got on the elevator to the lunchroom, then Ben Bernanke and a bodyguard got on. My host introduced us and mentioned that it was my birthday, whereupon Bernanke sang me the birthday song.

Aidan Moher

@adribbleofink

5 years

Tell me a story about yourself the sounds like a lie but is absolutely true.

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Peter G. Klein

@petergklein

6 years

Useful networking tips for #AOM2018 social events.

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Peter G. Klein

@petergklein

7 years

PSA for students.

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Peter G. Klein

@petergklein

4 years

Ortega y Gasset anticipated Twitter in 1930.

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Peter G. Klein

@petergklein

2 years

Advance reading copy! (In the old days these were distributed as uncorrected, bound galley proofs.) Mark your calendars for October 4.

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Peter G. Klein

@petergklein

3 years

Happy birthday, Ludwig von Mises!

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Peter G. Klein

@petergklein

1 year

Lina Khan would have ordered a breakup of Kmart, Woolco, and Target. Otherwise, how could these tiny entrants survive? (pic via @JonErlichman )

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Peter G. Klein

@petergklein

2 years

Mises finally got an NIL deal

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Peter G. Klein

@petergklein

8 years

Krugman continues his sad descent from mildly interesting economist to paranoid, delusional, anosognosic social media troll.

Paul Krugman

@paulkrugman

8 years

So it's official, and it's vile: the loser of the popular vote installed by Russian intervention, a rogue FBI, and epic media malfunction.

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Peter G. Klein

@petergklein

2 years

Classic

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Peter G. Klein

@petergklein

5 years

This summary of Akerlof (1970) omits the punch line, which is not that used car markets can't exist, but that participants develop institutions - warrantees, inspections, reputation - to compensate for asymmetric information. What are the equivalents in the "market" for science?

Noah Haber

@NoahHaber

5 years

Why "The Market for Lemons," a nearly 50 year old econ paper by George Akerlof, is nearly everything you need to know about why everything in science is the worst: A thread brought to you by being late for the good train and being stuck on the local. 1/n

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Peter G. Klein

@petergklein

5 years

@Noahpinion How does that line go? "No matter how much the government interferes in the economy and society, any problems will be blamed on whatever small pocket of freedom remains."

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Peter G. Klein

@petergklein

5 months

Very good thread but unfortunately skips 1/3 of the Marginal Revolution by omitting the approach developed by Menger and his followers, in which economic behavior is described as purposeful or goal-oriented, but not "rational" in the cognitive or behavioral sense. 1/

Alex Imas

@alexolegimas

5 months

Re-upping this amazing thread by @Undercoverhist on the history of what rationality means in economics. To be fair, defining rationality precisely is exactly what allowed it to be overturned by Kahneman/Tversky/Allais/co. So kudos to Samuelson/Savage and co.

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Peter G. Klein

@petergklein

2 years

Doug Diamond had an "Austrian" take on the Financial Crisis.

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Peter G. Klein

@petergklein

3 years

On display at @mises -- Frank Knight's personal copy of Menger's Grundsätze!

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Peter G. Klein

@petergklein

4 years

Frank Knight in the WSJ: "The goal should be to move from uncertainty to risk, which will take time and data."

Opinion | Risk, Uncertainty and Coronavirus

We don’t have enough data to know whether drastic lockdowns are worth the economic damage.

www.wsj.com

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Peter G. Klein

@petergklein

6 years

This is a common misconception. Austrian economists are not anti-empiricists -- far from it! They simply hold that empirical data must be interpreted in light of prior theory (a mainstream position in the philosophy of science, unlike the crude positivism of econ textbooks). 1/

Jeff Brown

@IlliniBizDean

6 years

This is unfortunate because the papers I have read by Austrian school scholars contain some useful ideas and insights. But as a group, the Austrian School folks are so dogmatic and anti-empiricism, that they become their own worst enemy in influencing wider economic thought.

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Peter G. Klein

@petergklein

15 days

The only economics he knows is Marxism so I can see why he would think this

Nathan J Robinson

@NathanJRobinson

15 days

the difference being that those other two are sciences rather than a religion

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Peter G. Klein

@petergklein

25 days

I was greatly honored to receive the 2024 Mentor Award from the @ENT_Div_AoM . I was privileged to be mentored by great scholars such as Murray Rothbard, Israel Kirzner, Oliver Williamson, David Teece, Ray Bagby, Kendall Artz, and many more and I've tried to pass on what I know.

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Peter G. Klein

@petergklein

4 years

US federal government spending was 32% of GDP in 1980, 37% in 2018. Never fell below 31% during this period. Peaked at 39% during the Obama stimulus.

Binyamin Appelbaum

@BCAppelbaum

4 years

"Government is the problem" "Get government out of my life" "Starve the beast" Well, here we are in the middle of a pandemic without a functioning federal government. What now?

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Peter G. Klein

@petergklein

3 years

This is a variant of Schumpeter's thesis that capitalism is the only economic system capable of generating the surplus wealth necessary to support a class of anti-capitalist intellectuals!

Louis Hensler III

@LWHensler3

3 years

@AndyGrewal Plus ordinary folk don't have time for such. Commitment to envy requires access to leisure.

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Peter G. Klein

@petergklein

4 years

Schumpeterian competition in mobile OS

𝖼𝗋𝗄Ⓥ

@crk5

4 years

another fun infographic from u/PieChartPirate Most Popular Mobile Operating Systems 2000 - 2020

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Peter G. Klein

@petergklein

2 years

Very interesting paper by @juanrallo , @PhilippBagus , and Miguel Ángel Alonso on "Knightian Uncertainty in Capitalism and Socialism." Focuses on the role of institutions in helping agents cope with uncertainty under different regimes.

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Peter G. Klein

@petergklein

11 months

Frank Knight's copy of Menger's Grundsätze (1871) - on display at the @mises archives!

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Peter G. Klein

@petergklein

2 years

When your empirical results are based on weak theoretical foundations

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Peter G. Klein

@petergklein

3 years

Today has been a good reminder that if there's anything elite academics dislike more than actual diversity (of strategy, objectives, or organizational form), it's market entry.

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Peter G. Klein

@petergklein

7 years

Amazon's prediction engine is just amazing.

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Peter G. Klein

@petergklein

2 years

Now available for pre-order from your favorite bookseller

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Peter G. Klein

@petergklein

4 years

Likewise, the number of people who will die or have a reduced quality of life from a deep and lengthy recession is also unknown. It could also be quite large - one study estimated 500k additional cancer deaths from the 2008 financial crisis. 3/

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Peter G. Klein

@petergklein

3 years

Gotta love those price-fixing cartels

BBC News (World)

@BBCWorld

3 years

Most of world's nations agree to 15% minimum corporate tax rate

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Peter G. Klein

@petergklein

6 years

A shocking tale of academic misconduct -- an accepted paper is spiked, twice, due to behind-the-scenes lobbying by scholars offended by its arguments.

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Peter G. Klein

@petergklein

6 years

Speaking of language, the technical meaning of "socialism" is government ownership of the means of production, not high levels of spending on social programs. Even Bernie isn't a socialist, just a left-wing social democrat. (Most Republicans are right-wing social democrats.)

Noah Smith 🐇🇺🇸🇺🇦🇹🇼

@Noahpinion

6 years

Howdy, comrades! :D Today's @bopinion post is about socialism in America today. What can we learn about socialism from Alexandria Ocasio-Cortez' platform? And how reasonable is that platform?

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Peter G. Klein

@petergklein

3 years

Except for the billion or so people who could choose not to use Facebook, Instagram, or WhatsApp

NowThis Impact

@nowthisimpact

3 years

‘The buck stops with Mark’ — Whistleblower Frances Haugen says there is no one currently holding Facebook’s Mark Zuckerberg accountable

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Peter G. Klein

@petergklein

5 years

Contemporary political discourse

Steve Stewart-Williams

@SteveStuWill

5 years

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Peter G. Klein

@petergklein

5 years

Explains a lot

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Peter G. Klein

@petergklein

6 years

Nobel committee continues to disappoint. Tiny, light blue text and photos on a royal blue background? What year are we in?

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Peter G. Klein

@petergklein

3 years

US Senator discovers the purpose of a business firm

Sen. Marsha Blackburn

@MarshaBlackburn

3 years

Facebook has one primary goal — profit.

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Peter G. Klein

@petergklein

4 years

Of course, there are also legal, political, and constitutional issues associated with shelter-in-place orders but Wilkinson isn't interested in these. 8/

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Peter G. Klein

@petergklein

3 years

@wwwojtekk "Our economy is dominated by powerful incumbents with unprecedented monopoly and monopsony power! They must be stopped!" Startup university announced. "LOL, what a joke, nobody should go there or work there."

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Peter G. Klein

@petergklein

4 years

First, we are dealing with uncertainties all around. The number of people who will die or have a reduced quality of life (e.g. from lung damage) from Covid-19 - and would not have otherwise - if lockdowns were ended sooner, is unknown, though we can make reasonable guesses. 2/

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Peter G. Klein

@petergklein

5 years

Oliver Williamson won the Nobel Prize for arguing exactly the opposite of this

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