Links 2023-07-09

Some counter conventional wisdom worth sharing

Let’s start with the feel-good one of the bunch. Gale Pooley briefly runs through “Six Reasons Why Time Is Better than Money for Measuring Resource Abundance”. These show why time is the universal denominator and unit of account. This is best depicted in his third reason: "

Third, time prices can be calculated on any product with any currency at any time and any place. This means you can compare the time price of bread in France in 1850 to the time price of oranges in New York in 2023.

Why do I term this a “feel-good” story? Because by viewing resource availability through the more proper lens of time price allows us to see just how good the world is today compared to the past.

The latest sequel of debt-ceiling theater is behind us for now. As both a review of that recent performance as well as a lesson for future reference, I point to Justin Amash’s explainer on how “The debt ceiling isn't what you think it is”. Pull this back out or look for me to do so when this play comes back from intermission.

In the spirit of important reference pieces that argue against common misconceptions, I offer this Research Roundup from Kevin Erdmann. Yes, yes, this is A LOT more depth than many of you want. But it is a good primer for all the people get wrong about the economics of housing. I believe this is one of the top issues in our society as it has knock-on effects in so many areas beyond just the obvious problem of housing being a fundamental part of the economy (e.g., homelessness, stagnation, wealth inequality, etc.).

Who owns reputation? Walter Block argues it is in the eyes of the beholder rather than the object as he rejects the concept of libel laws.

If you aren’t challenged yet in your conventional wisdom, let’s try some “Unpopular Grocery Opinions” from Zachary Bartsch. After covering why you don’t have to obey stop signs in parking lots and when you can park in handicap spaces, he has some great thought analysis on when you should not (not may not but should not) return your shopping cart.