Daniel J. Smith @smithdanj1 Twitter profile

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Daniel J. Smith

3 months

Excited to share my new working paper, "The Road to Serfdom and the Definitions of Socialism, Planning, and the Welfare State, 1930-1950," coauthored with @BenzecryGabriel and Nicholas Jensen. We examine the common understanding of socialism, capitalism, and the welfare state

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Daniel J. Smith

@smithdanj1

2 months

Walter Lippmann (The Good Society). This was written in 1937, prior to I, Pencil and “The Use of Knowledge in Society.”

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Daniel J. Smith

@smithdanj1

2 months

The economics profession needs to do a lot of self-reflection. How have so many economically illiterate policies become popular on both the left and the right? We need to become better teachers, scholars, and public communicators.

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Daniel J. Smith

@smithdanj1

6 months

An image of citizens living life as they please in the Soviet Gulag:

Jacobin

@jacobin

6 months

Libertarians argue that capitalism is superior to socialism because in capitalism anyone is free to do anything — including start a worker cooperative. In truth, capitalism constrains our options, while socialism can liberate us to live as we please.

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Daniel J. Smith

@smithdanj1

2 months

People say Hayek is a confusing writer. I just spent a week reading the secondary literature on Hayek’s thought on a particular issue and came away thoroughly confused. Then I spent an hour reading Hayek and now everything is perfectly clear. I think some of the confusion

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Daniel J. Smith

@smithdanj1

5 months

. @Walmart 's average associate pay is $17.50/hr. That is $35,700 per year, $71,400 for a family two. Not bad for a position available to even those without a high school diploma. And, its a great way to gain experience and build up a resume. I'm certainly thankful for the

Jacobin

@jacobin

5 months

Infamous for its starvation wages, Walmart just posted staggering first-quarter profits. The surge is a result of its strategic shift toward catering to affluent shoppers while its full-time workers continue to rely on Medicaid and food stamps.

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Daniel J. Smith

@smithdanj1

5 months

Updated: This is total famine deaths (from @OurWorldInData ) under socialism and capitalism as measured by state ownership of the economy (from @vdeminstitute ) from 1848-2011:

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Daniel J. Smith

@smithdanj1

5 months

@jacobin Actually, the historical evidence, using V-Dem's state ownership of the economy, shows that socialism (0 on the state ownership of the economy index) has historically been associated with the repression of civil liberties, proving Hayek's Hypothesis in The Road to Serfdom:

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Daniel J. Smith

@smithdanj1

3 months

There are no exceptions to Hayek's hypothesis in The Road to Serfdom regarding the incompatibility of socialism, as defined as state ownership of the economy, and political freedom (). #Venezuela provides the most recent example. Just like many other

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Daniel J. Smith

@smithdanj1

6 months

What is socialism’s record in achieving these goals?

Jacobin

@jacobin

6 months

The socialist objective of securing shelter, leisure time, and economic well-being is about creating a foundation upon which everyone can pursue their dreams, curiosities, and ambitions — without having to constantly worry about their mere survival.

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Daniel J. Smith

@smithdanj1

3 months

In 2006, Jeffrey Sachs asserted in @scientificamer that Hayek's main argument in The Road to Serfdom was wrong () given that welfare states, especially in Nordic countries, had not systemically led to tyranny. But, that was based on a misunderstanding of

The Social Welfare State, beyond Ideology

Are higher taxes and strong social "safety nets" antagonistic to a prosperous market economy? The evidence is now in

www.scientificamerican.com

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Daniel J. Smith

@smithdanj1

1 year

Economists: without deposit insurance, consumers don't have the financial literacy to examine bank soundness. Bank Advertising in 1905:

Article clipped from The Des Moines Register

Clipping found in The Des Moines Register published in Des Moines, Iowa on 11/17/1905.

www.newspapers.com

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Daniel J. Smith

@smithdanj1

4 months

I’ve got some bad news for you: the Jacobin is exploiting your ignorance of economics.

Jacobin

@jacobin

4 months

We’ve got some bad news for you: your boss is exploiting you. Karl Marx explains how.

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Daniel J. Smith

@smithdanj1

2 months

I’m all for being precise in our definitions. The traditionally understood definition of socialism is state ownership of the means of production. Looking at the evidence historically, state ownership of the economy from @vdeminstitute (0 = complete state ownership) is, in fact,

Matt McManus

@MattPolProf

2 months

One problem I have with a lot of critics of socialism is they present capitalism as capable of being many things and allied with many different approaches: liberalism, welfarism, social democracy etc. By contrast socialism is always a command economy and authoritarian government.

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Daniel J. Smith

@smithdanj1

2 months

James M. Buchanan on spontaneous order:

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Daniel J. Smith

@smithdanj1

2 months

A lot of socialists want to wash their hands of the entire failed history of socialism by saying they want social ownership, not state ownership. Left unspoken is how they get social ownership of the economy without a state. The only peaceful way I can imagine is to purchase

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Daniel J. Smith

@smithdanj1

4 months

Jacobin

@jacobin

4 months

We’re working longer hours than in decades. But we don't have to. We deserve a more democratic economy in which we have the free time to develop our talents, hang out with friends and family, and do whatever else we please.

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Daniel J. Smith

@smithdanj1

2 months

Not sure who wrote this in a MTSU library book, but it’s correct!

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Daniel J. Smith

@smithdanj1

2 months

@zeithistoriker On what evidence? In our forthcoming paper in Public Choice, we examine this question using @vdeminstitute ’s data on state ownership of the economy (0 = complete state ownership and 4 = complete private ownership). We find that, historically, socialism, not capitalism, has been

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Daniel J. Smith

@smithdanj1

5 months

One little hitch, historically socialism has been associated with the repression of democratic freedom:

Jacobin

@jacobin

5 months

Some leftists imagine a postcapitalist society will free everyone from the need to work. But the only realistic and fair way to manage production under socialism is to democratically distribute and share in the burdens of labor.

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Daniel J. Smith

@smithdanj1

2 years

Bernanke won the Nobel prize for his scholarship, not his central banking. Why was there such a divergence between his scholarship and policy-making? Political environments distort incentives:

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Daniel J. Smith

@smithdanj1

2 years

. @JohnCooper4Nash Vouchers only direct public dollars to private schools when parents believe private schools will serve their children better. Wealthy parents already have that choice. Vouchers extend that choice to all parents. Put kids, not systems & teacher unions, first.

John Cooper

@JohnCooper4Nash

2 years

I was proud to stand up for @MetroSchools this morning alongside some of our city’s great leaders for public education. Public dollars should not go to private schools, and we hope the TN Supreme Court will agree that the state voucher program should not apply to Nashville.

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Daniel J. Smith

@smithdanj1

8 months

Socialism (state ownership of the economy of 0-1) historically has led to the suppression of academic freedom. See:

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Daniel J. Smith

@smithdanj1

1 year

Wrong. It’s because greed is decreasing.

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Daniel J. Smith

@smithdanj1

6 months

The phrase “neoliberal” is a binary term used to degrade and “other” scholars who do not fit the progressive postmodern ideological standards:

Joseph E. Stiglitz

@JosephEStiglitz

6 months

Forty-odd years after neoliberalism took hold it’s clear it doesn’t work. In fact, it never had either a robust theory or the data to back up its claims. Time to introduce a new, more freeing capitalism that allows all people to live up to their potential. That’s what I do in my

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Daniel J. Smith

@smithdanj1

2 months

Maybe true. But let’s see the list of economists willing to support a national price gouging law and check their credentials.

Justin Wolfers

@JustinWolfers

2 months

"The list of economists who've said they will willingly serve under Trump is the least impressive list of economists in history." Trump's going to make up policy on the fly, and he doesn't have a remotely competent econ team. No serious Republican economist will work with him.

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Daniel J. Smith

@smithdanj1

1 year

A scholar concerned about truth is thankful when potential errors in a working paper are brought to their attention. Even if the scholar disagrees, they now have the opportunity to address them in revisions. Threatening a lawsuit in this context is puzzling and unscholarly.

Nancy MacLean | Author, Democracy in Chains

@NancyMacLean5

1 year

@PhilWMagness @jonathanmahler Keep lying about my work with such libel to protect your dogma and patron and you could find yourself in court like your no doubt favorite channel, Fox.

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Daniel J. Smith

@smithdanj1

2 months

Actually, It's Best Not to Ignore the Economists - Cafe Hayek

Actually, It’s Best Not to Ignore the Economists

TweetHere’s a letter to The Atlantic: Editor: Attempting to justify the price controls proposed by Kamala Harris, Zephyr Teachout reveals in many ways her ignorance of relevant facts and of economics...

cafehayek.com

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Daniel J. Smith

@smithdanj1

5 years

We would all much rather be quarantined today than in 1957. What does this say about the wage stagnation debate that claims little wage growth since 1950s? What do our official data underestimate regarding our quality of life?

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Daniel J. Smith

@smithdanj1

5 months

Imagine how much additional government assistance would be required to support these workers if Walmart did not provide these jobs. By revealed preference, working at Walmart is the best employment opportunity they have available.

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Daniel J. Smith

@smithdanj1

2 months

Except for, you know, Nobel laureates () and one of the most popular surveys of macroeconomic schools of thought (), and all the publications by Austrian economists in mainstream journals.

Modern Macroeconomics

‘Snowdon and Vane’s book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also...

www.e-elgar.com

Shahin Ashkiani

@shaahin_a

2 months

It is not just mmt or pk, NO ONE takes Austrian economics seriously This is from Lichtenberger et al., 2024 working paper on full employment. They rightly have covered every school except Austrian econ.

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Daniel J. Smith

@smithdanj1

8 months

Econtwitter would be so much more productive and civil if we all acted more like @jmhorp . Not only does he have a low error rate, he acknowledges when a rare post is incorrect.

Jeremy 'adjusted for inflation' Horpedahl 📈

@jmhorp

8 months

Took this Tweet down, as @AlexNowrasteh tells me the CBP data are just a subset of the total. Sorry for that incorrect information There doesn't seem to be a good national database on this topic, but see Alex's paper on Texas:

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Daniel J. Smith

@smithdanj1

2 months

Or, as Hayek hypothesized in The Road to Serfdom, heavy state ownership of the means of production is incompatible with the maintenance of high levels of democratic freedom.

Matt McManus

@MattPolProf

5 years

@aClassicLiberal Well at the time Chavez was extremely popular amongst the poor of Venezula-much like Lula-for his redistributive policies. A more careful look might have pointed out that a combination of the oil curse and corruption might have led to one party rule. But I hardly....

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Daniel J. Smith

@smithdanj1

6 months

My coauthors and I agree this is an important question to investigate. We find, however, that it is socialism, not capitalism, that is associated with isolation. @ReinartsEcon @BenzecryGabriel

Jacobin

@jacobin

6 months

Robert Putnam’s Bowling Alone chronicled the growing loneliness and isolation of wealthy societies. Twenty years later, the problem is far worse than he could have imagined.

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Daniel J. Smith

@smithdanj1

8 days

What is pathetic is socialist countries that do not, or historically did not, even collect or release reliable and accurate poverty data. And, apparently, everyone but the writers at the Jacobin knows why.

Jacobin

@jacobin

8 days

Boosters of the capitalist system love pointing to statistics suggesting stunning progress in eradicating global poverty. But those metrics set the bar pathetically low — and don’t account for the obscene explosion in global inequality.

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Daniel J. Smith

@smithdanj1

20 days

Milton Friedman on being labeled “pro-business”: You must separate out being “pro free-enterprise” from being “pro-business.” The two greatest enemies of the free enterprise system in my opinion have been on one hand my fellow intellectuals, and on the other hand, the big

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Daniel J. Smith

@smithdanj1

1 month

"As intellectual descendants of Carl Menger, most Austrian economists have defended the proposition that spontaneous market forces are capable of producing an overall order in society. Hayek, for one, is well-known for his emphasis on the role of the nonpurposive social

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Daniel J. Smith

@smithdanj1

5 months

How many jobs for workers without a high school degree has the @jacobin created? It is hypocritical to criticize one of the companies doing the most to provide decent employment opportunities for low-skilled workers for not doing enough. And, importantly, they earn those profits

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Daniel J. Smith

@smithdanj1

23 days

While Hayek is often accused of writing The Road to Serfdom in 1944 as a popular political tract, something serious economists shouldn't do, in the very same year Lange and Lerner published The American Way of Business as an explicitly ideological teaching aid for the National

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Daniel J. Smith

@smithdanj1

3 months

In The Road to Freedom, @JosephEStiglitz claims to "turn on its head the Hayek-Friedman contention that economic freedom somehow defined-and typically defined in a way associated with a minimalist state-is necessary for political freedom." He argues that the "economic system that

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Daniel J. Smith

@smithdanj1

11 months

It’s sad we live in a world where teacher unions are such an entrenched special interest group that educational reform groups have to outspend them to get politicians to even consider doing what the vast majority of Tennesseans, especially parents, already want.

Tennessee Education Association

@TEA_teachers

11 months

“The radical, dark money groups lobbying to end public education as we know it have zero credibility when it comes to the best interests of students,” Sen. Heidi Campbell tells @TNLookout

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Daniel J. Smith

@smithdanj1

2 years

Nobody can credibly support a new Titans stadium on the grounds of economic benefit. The only defense left is the lease agreement. The Titans handed a wishlist to the city to enhance their bargaining power.

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Daniel J. Smith

@smithdanj1

10 months

@Campbell4TN This is absolutely untrue. Scientific polls find there is wide support for educational reform and school choice, even under democrats, and especially in Middle Tennessee:

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Daniel J. Smith

@smithdanj1

2 months

Stigler: "every durable social institution or practice is efficient, or it would not persist over." Buchanan: "But man must look on all institutions as potentially improvable."

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Daniel J. Smith

@smithdanj1

2 years

. @JohnCooper4Nash sent his children to a private school because he, presumably, thought that private school better served his children. That is great! But it would be nice for less fortunate parents to have that choice as well.

Corey A. DeAngelis, school choice evangelist

@DeAngelisCorey

2 years

you sent your kids to private school.

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Daniel J. Smith

@smithdanj1

4 years

Libertarians welcome more Americans to the cause of police reform via @reason

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Daniel J. Smith

@smithdanj1

2 months

"Ironically, higher market prices, by increasing the supply of necessary goods, is the driving force that will ultimately push the price back down. Price-gouging laws, which artificially keep the price of goods low despite their increased demand, tend to generate shortages by

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Daniel J. Smith

@smithdanj1

2 years

Is capitalism a necessary condition for political freedom?

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Daniel J. Smith

@smithdanj1

2 months

Socialist intellectuals have a long history of asserting that "this time will be different" with little visible display or self-reflection or soul-searching (I highly recommend Niemietz's Socialism: The Failed Idea That Never Dies).

Daniel Di Martino 🇺🇸🇻🇪

@DanielDiMartino

2 months

I look forward to reading your op-ed titled "I was wrong about Venezuela. I am sorry."

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Daniel J. Smith

@smithdanj1

2 years

@Eroksoccer @bryan_caplan @thecentersquare @justin_hayes11 No. The primary reason rent and housing prices are high is restrictive zoning laws driven by NIMBYism:

Zoning laws, not REITs to blame for high housing prices

The primary reason local governments are restricting the supply of housing may be precisely because homeownership is seen as an investment.

www.ocregister.com

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Daniel J. Smith

@smithdanj1

2 months

When socialists blame the failure of socialism on "brutal capitalism," they clearly are not referring to capitalism as traditionally understood, private ownership of the economy. It seems that what they mean is "economic reality," as in "Socialism was going in the right direction

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Daniel J. Smith

@smithdanj1

2 months

Another Lippmann banger:

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Daniel J. Smith

@smithdanj1

2 months

@zeithistoriker @vdeminstitute Thanks! I read it recently and there is no evidence offered:

Stiglitz's The Road to Freedom

Analyzing the Hayek Hypothesis on the Relationship Between Capitalism and Political Freedom

danieljsmith.substack.com

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Daniel J. Smith

@smithdanj1

2 months

The Problems with Piketty's Data:

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Daniel J. Smith

@smithdanj1

2 years

It still blows my mind that Hayek's "Economics and Knowledge" paper was originally an address to the London Economics Club. It has taken me multiple re-readings over several years to get to the point where I think I understand it.

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Daniel J. Smith

@smithdanj1

9 days

Bad headline, but prices convey knowledge and incentives about the underlying economic reality caused by the storm. They are the most effective real-time mechanism available to discourage the misuse and hoarding of scarce resources after a disaster and to encourage supply (paying

Isabella M. Weber

@IsabellaMWeber

10 days

Economics when every bit of common sense has been erased

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Daniel J. Smith

@smithdanj1

5 months

Capitalism has its problems, but I think it is socialism that has the problem with violence.

Jacobin

@jacobin

5 months

Capitalism is often presented as synonymous with peaceful exchange. But the system has always reproduced itself through violence in defense of private property and power.

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Daniel J. Smith

@smithdanj1

3 years

President Biden agrees to take 100,000 refugees from Ukraine. Why not make it more?

Opinion | More Ukrainians Welcome Here

Biden takes 100,000 refugees from Ukraine. Why not make it more?

www.wsj.com

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Daniel J. Smith

@smithdanj1

2 months

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Daniel J. Smith

@smithdanj1

3 months

Here is State Ownership of the Economy from @vdeminstitute , where 4 = complete private ownership or control and 0 = complete state ownership or control, for the Nordic countries: Finland 2.831 Denmark 2.974 Iceland 2.969 Norway 2.831 Sweden 3.103 By the traditional

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Daniel J. Smith

@smithdanj1

8 months

Both of my kids came from #IVF performed in #Alabama . It is a shame to see anyone denied the right to use the best medical science to attempt to become a parent.

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Daniel J. Smith

@smithdanj1

4 months

Historical data on Women's Civil Liberties Index and State Ownership of the Economy all the way back to 1789 for many countries (data from @vdeminstitute ). Historically, socialism is associated with the repression of women's civil liberties.

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Daniel J. Smith

@smithdanj1

3 months

Socialism in reality (remember, Venezuela was initially held up as a example: ):

Venezuelan migrants find lifeline in Colombia’s adult webcam industry

In Colombia’s border towns, there are now hundreds of webcam sex houses – both legal and illegal – all providing work to tens of thousands of Venezuelan women who've fled their homes in search of...

www.cnn.com

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Daniel J. Smith

@smithdanj1

4 years

Tennessee should fund public school students instead of institutions | Opinion @PERIatMTSU @DeAngelisCorey via @tennessean

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Daniel J. Smith

@smithdanj1

2 months

If socialists truly only want capitalist countries with large welfare programs, as common in Nordic countries, then they have already achieved this vision in the United States, especially when accounting for private sector spending (). Mission accomplished,

Tony Annett

@tonyannett

2 months

But social democrats can point to economies that did best of all.

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Daniel J. Smith

@smithdanj1

2 years

Privatized profits and socialized losses = vicious circle of moral hazard making our economic increasingly fragile and a major sector (finance) dependent upon staying in the good graces of those in political authority for rescue. This cannot end well.

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Daniel J. Smith

@smithdanj1

10 months

@Campbell4TN That is not a critique. The poll has received praise across the aisle for its scientific validity. Dismissing quality data because of an ideological difference with the source contributes to political polarization and inhibits productive dialogue.

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Daniel J. Smith

@smithdanj1

3 years

Mankiw discovers public choice:

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Daniel J. Smith

@smithdanj1

8 months

Book Review | How Monetary Policy Got behind the Curve--and How to Get Back, by Michael D. Bordo, John H. Cochrane, and John B. Taylor

Book Review | How Monetary Policy Got behind the Curve--and How to Get Back, by Michael D. Bordo,...

Reviewed by Thomas L. Hogan | It is now widely accepted that the Federal Reserve’s overly expansionary monetary policy was a primary cause of abnormally high inflation in 2021-2023. Many questions,...

www.independent.org

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Daniel J. Smith

@smithdanj1

26 days

Economists face knowledge and incentive problems too. We should have humility. But, don't take it fromme, take it from Hayek:

Brian Callaci

@brian_callaci

27 days

I don't know what he's talking about, but I really dislike this standard rhetorical move. If Econ 101 is the final answer and end of the inquiry, what is research for? Either economics is complex and requires study, or Econ 101 explains it all.

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Daniel J. Smith

@smithdanj1

6 months

Appropriate for the times.

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Daniel J. Smith

@smithdanj1

2 months

Any socialist that truly just wants worker-owned firms, not state ownership of the economy, should be a harsh critic of any attempt to associate socialism with Marx, the hammer and the sickle, or Che. They should have criticized Chavez as soon as he took office in 1999 and

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Daniel J. Smith

@smithdanj1

5 months

Thanks to capitalism, workers are earning more and working less than ever before. There is, of course, room for improvement (such as deregulating housing and labor markets).

Jacobin

@jacobin

5 months

Relationship problems are usually considered private struggles. But from financial stress to overwork, capitalism’s systemic pressures upend our romantic lives, too.

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Daniel J. Smith

@smithdanj1

5 years

“Economists have the least influence on policy where they know the most and are most agreed; they have the most influence on policy where they know the least and disagree most vehemently”: via @NYTOpinion

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Daniel J. Smith

@smithdanj1

1 year

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Daniel J. Smith

@smithdanj1

3 months

Politically, rent control is a brilliant idea. People hate paying rent and especially hate it when their rent goes up. The proposal will likely be popular with many voters who lack an understanding of economics, and thus, do not understand the predictable harmful consequences.

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Daniel J. Smith

@smithdanj1

7 months

I wanted to provide some more context for my new working paper, "The Socialists’ Hypotheses and The Road to Serfdom" (), regarding the context in which Hayek wrote The Road to Serfdom:

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Daniel J. Smith

@smithdanj1

3 years

Inequality and the Piketty Accounting Error by @PhilWMagness and @VincentGeloso

Opinion | Inequality and the Piketty Accounting Error

The stock-market crash, not high FDR-era taxes, caused the ‘great leveling’ of the middle 20th century.

www.wsj.com

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Daniel J. Smith

@smithdanj1

1 month

@haugejostein Stiglitz presents no empirical evidence for his contention that capitalism undermines political freedom. The only empirical studies I found in the literature do not support this contention:

Stiglitz's The Road to Freedom

Analyzing the Hayek Hypothesis on the Relationship Between Capitalism and Political Freedom

danieljsmith.substack.com

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Daniel J. Smith

@smithdanj1

9 months

Modern Socialists: Socialism will work if it is set up as a deliberative democracy. Historical evidence on the relationship between socialism and deliberative democracy: (Source is )

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Daniel J. Smith

@smithdanj1

2 months

Actually I think it is mostly the other way around. The dismissal of economics is mostly used to rationalize ideology. Keep in mind, while I’m an economist, I have published several critiques of the field, yet still will defend it against this charge. But, let’s have a

Jason Crawford

@jasoncrawford

2 months

Because economics is mostly used to rationalize ideology

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Daniel J. Smith

@smithdanj1

6 years

Nancy MacLean questioning my authority to ask a question about her book on James Buchanan (I’ve published history of econ thought papers on Buchanan), based on an academic journal forthcoming in SEJ, because I’m not a historian. Then she personally attacks my research on pensions

🍁🍎🍂Daniel Kuehn 🍂🍏🍁

@D_Kuehn

6 years

MacLean vs. @smithdanj1

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Daniel J. Smith

@smithdanj1

2 years

Very impressive work published in the top journal in political economy by @PhilWMagness and @mikewinddale . @NorthwoodU ( @kentmacdonald ) has a top scholar in economics.

Phil Magness

@PhilWMagness

2 years

New article (co-authored with Michael Makovi) at the Journal of Political Economy. We show that Karl Marx was a largely rejected & peripheral figure in academic circles prior to 1917. He only gained mainstream cache after the Russian Revolution of 1917.

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Daniel J. Smith

@smithdanj1

4 years

Stakeholder capitalism allows the Davos crowd to obfuscate what counts as success for a business, and for executives to behave increasingly like global bureaucrats, writes @alexwsalter via @WSJ @alexwsalter

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Daniel J. Smith

@smithdanj1

10 days

“Throughout the book, Stiglitz makes strong assertions with little or no evidence”

The Wrong Road to Freedom - Econlib

A Book Review of The Road to Freedom: Economics and the Good Society, by Joseph E. Stiglitz.1 Introduction Columbia University economics professor Joseph E. Stiglitz has recently published a book...

www.econlib.org

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Daniel J. Smith

@smithdanj1

2 months

“Late stage capitalism” > any stage socialism

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Daniel J. Smith

@smithdanj1

3 years

Just noticed this addition: “Buchanan's legacy lives on through the Political Economic Research Institute (PERI) at Middle Tennessee State University (MTSU)”

James M. Buchanan - Wikipedia

en.wikipedia.org

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Daniel J. Smith

@smithdanj1

2 months

@jacobin And the one system robustly proven to consistently deliver high shares (and levels) of income to workers? capitalism.

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Daniel J. Smith

@smithdanj1

11 months

Actually, this is one reason why I'm confused the left doesn't support school choice. There is a long history of politicians on the left and right hijacking education for political purposes. Why not take it out of the hands of politicians and put it into the hands of parents?

Senator Heidi Campbell

@Campbell4TN

11 months

Radical, dark money groups lobbying to end pub ed have0️⃣cred when it comes to the interests of students. When the TN GOP attacks LGBTQ students, bans books/history lessons, & blocks measures to stop school shootings, these groups are nowhere to be found.”

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Daniel J. Smith

@smithdanj1

1 year

Yes, it breeds innovation and then copy-cat competition (though there is more product differentiation here than meets the eyes from types of sauce or fries). This is why Nordhaus finds the majority of the gains of innovation go to consumers not the innovators.

The Aureus Press

@Trad_West_Art

1 year

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Daniel J. Smith

@smithdanj1

6 months

Markets do not rely on perfect information. By concentrating costs and benefits on the decision-making they incentivize knowledgeable decision-making, esp. compared to political decision-making (if parents do not have good information, how will the elect school board members?)

Douglas N. Harris

@douglasharris99

6 months

ASSUMPTION 2: “Consumers (& producers) have good information.” REALITY: Parents do not observe schooling directly. Output is complex & ambiguous & arises far in the future. We also cannot easily attribute output to schools because of contributions from families & other factors

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Daniel J. Smith

@smithdanj1

2 years

We must quit assuming we have "philosopher king" financial regulators immune to knowledge and incentive problems. Instead, as economists, we need to seek institutional solutions that structure the flow of information and incentives toward socially beneficial outcomes.

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Daniel J. Smith

@smithdanj1

8 days

@IsabellaMWeber The higher price enables factories and transportation specialists to pay workers overtime, to temporarily add production night shifts, to run machinery at full capacity (which is more expensive because it temporarily foregoes maintenance), and come up with other creative

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Daniel J. Smith

@smithdanj1

7 months

R.I.P. The Scottish Enlightenment 1697-2024

R.I.P. The Scottish Enlightenment 1697-2024 - Marginal REVOLUTION

The Scottish Enlightenment will die on April 1st 2024, exactly 327 years, eight months and 24 days after the incident that provoked it. For on April 1st the Hate Crime and Public Order Act (Scotland)...

marginalrevolution.com

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Daniel J. Smith

@smithdanj1

2 months

@zarahsultana Except for the pesky problem of socialism's incomparability with democracy (), civil society and democratic participation (), and academic freedom (), among other things.

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Daniel J. Smith

@smithdanj1

3 years

My latest in the ⁦ @Tennessean ⁩: Funding stadiums with taxpayer dollars simply cannot justified or fair to the ordinary taxpayer, many of whom will never attend a game or event. ⁦ @PERIatMTSU ⁩ ⁦⁦ @jc_bradbury ⁩ ⁦ @Titans ⁩ #Tennessee

Why a new Titan’s stadium would be a taxpayer-funded boondoggle | Opinion

Funding stadiums with taxpayer dollars simply cannot justified or fair to the ordinary tax payer, many of whom will never attend a game or event.

www.tennessean.com

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Daniel J. Smith

@smithdanj1

4 years

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Daniel J. Smith

@smithdanj1

6 months

The empirical evidence suggest the opposite.

Jacobin

@jacobin

6 months

Liberal democracy gives us essential rights like free speech and civil liberties. But without challenging the domination of capital, liberal rights will always be curtailed by the power of the rich.

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Daniel J. Smith

@smithdanj1

2 years

Basically their argument boils down to: I’m not NIMBY, I just don’t want the type of people too poor to afford a $2 million home with 10 acres for their horses moving into Bellevue (we have too many of them already)!

Emily Hamilton

@ebwhamilton

2 years

Vanderbilt law professor argues that construction materials for a proposed apartment building could cause a risk during flooding, doesn't have the same concern for materials that would be used to build single-family houses on the same site:

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Daniel J. Smith

@smithdanj1

2 years

@paulg @BesDMarx Yes, even the wealthiest people surrounded by MBAs and top marketing teams make major mistakes. The benefit of markets is that they make these errors evident and unsustainable through the flow of information and structure of incentives provided by profit and loss.

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