Foundation for Economic Education
Published on 7 Dec 2017The classic holiday film Elf offers a lot more than a good time and a bunch of laughs. It teaches you how to get the most out of your life by finding your comparative advantage – the intersection between what you’re good at and what people need.
After watching this video, download our free ebook “Your Life, Your Work” to learn more about how to find your own comparative advantage and build a life you’re excited about.
Get it here: https://info.fee.org/your-life-your-work
December 22, 2017
Learning To Be Yourself With Buddy The Elf
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QotD: Economic lessons from Christmas toy shortages
Toy marketing on this elite level — Canada should be proud! — creates enraged parents. Hatchimals disappeared from stores altogether many weeks ago, and the high prices commanded in the resale market have created an industry of colorful social-media abuse. Hatchimal hoarders (who can now command C$120-$140 on eBay for one egg) are alleged to be greedy monsters, ruining Christmas for single moms — that is, by making the toy available at a premium at a time when toy stores and the makers of the product are no longer any help. (If the toy had never been invented, or were otherwise unavailable at any price, there would be no cause for complaint.)
What we have here is the familiar operation of a strong human superstition: the belief in an illusory “just price” for a product. It is the same superstition that makes some music and sports fans angry at scalpers. But it is exacerbated in the Christmas-shopping milieu by the innate predicament of the parent, always an emotional hostage to their offspring.
The complainers know perfectly well their kids will survive if they have to wait a couple of months for a Hatchimal. They know they could buy many equally good (and equally ephemeral) toys for half what they might pay a Hatchimal hoarder. They probably even know, if I can play the obtuse childless know-it-all for a second, that an authoritative, confident parent could explain the situation to a child, and make them live with the explanation.
Parents always want Christmas to be just so, but in the people who are castigating Hatchimal resellers, you can hear the hints of desperation, maybe even bad conscience. The problem, angry moms and dads, is not the hoarders. They just saw the real problem coming, and it is you.
Colby Cosh, “How the Hatchimals Christmas craze got me to own up to my irrational baseball complex”, National Post, 2016-12-16.
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December 21, 2017
Manufacturing model trains in China
Jason Shron (who glories in living the “hoser” stereotype) runs a small Canadian company that manufactures 1:87 scale model trains, doing the majority of the actual manufacturing in China. Even there, rising standards of living mean that small companies like Rapido Trains need to be on the lookout for ways to economize, as illustrated in this short video:
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The bloody 20th century and the leaders who helped make it so
Walter Williams on the terrible death toll of the 20th century, both in formal war between nations and in internal conflict and repression:
The 20th century was mankind’s most brutal century. Roughly 16 million people lost their lives during World War I; about 60 million died during World War II. Wars during the 20th century cost an estimated 71 million to 116 million lives.
The number of war dead pales in comparison with the number of people who lost their lives at the hands of their own governments. The late professor Rudolph J. Rummel of the University of Hawaii documented this tragedy in his book Death by Government: Genocide and Mass Murder Since 1900. Some of the statistics found in the book have been updated here.
The People’s Republic of China tops the list, with 76 million lives lost at the hands of the government from 1949 to 1987. The Soviet Union follows, with 62 million lives lost from 1917 to 1987. Adolf Hitler’s Nazi German government killed 21 million people between 1933 and 1945. Then there are lesser murdering regimes, such as Nationalist China, Japan, Turkey, Vietnam and Mexico. According to Rummel’s research, the 20th century saw 262 million people’s lives lost at the hands of their own governments.
Hitler’s atrocities are widely recognized, publicized and condemned. World War II’s conquering nations’ condemnation included denazification and bringing Holocaust perpetrators to trial and punishing them through lengthy sentences and execution. Similar measures were taken to punish Japan’s murderers.
But what about the greatest murderers in mankind’s history — the Soviet Union’s Josef Stalin and China’s Mao Zedong? Some leftists saw these communists as heroes. W.E.B. Du Bois, writing in the National Guardian in 1953, said, “Stalin was a great man; few other men of the 20th century approach his stature. … The highest proof of his greatness (was that) he knew the common man, felt his problems, followed his fate.” Walter Duranty called Stalin “the greatest living statesman” and “a quiet, unobtrusive man.” There was even leftist admiration for Hitler and fellow fascist Benito Mussolini. When Hitler came to power in January 1933, George Bernard Shaw described him as “a very remarkable man, a very able man.” President Franklin Roosevelt called the fascist Mussolini “admirable,” and he was “deeply impressed by what he (had) accomplished.”
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William Gibson: The 80s Revolution – Extra Sci Fi – #7
Extra Credits
Published on 19 Dec 2017Start your free 1-month trial for The Great Courses Plus! http://ow.ly/3iLM30egcfR
After Star Wars, the science fiction genre suddenly became a pop culture darling, and a flood of schlocky imitations followed. William Gibson led the charge to reclaim space in the genre for his concept of future history – one that, in turn, eventually launched cyberpunk.
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UFOs? Again?
I must admit I share Colby Cosh’s just disproven belief that we were done with the UFO craze:
Yeah, I know: wrong UFO
There can no longer be any doubt: every fashion phenomenon does come back. I, for one, really thought we had seen the last of UFO-mania. When I was a boy, the idea of stealthy extraterrestrial visitors zooming around in miraculous aircraft was everywhere in the nerdier corners of popular culture. If you liked comic books or paperback science fiction or Omni magazine — and especially if those things were among the staples of your imaginative diet — there was no getting away from it.
Anyone remember the NBC series Project U.F.O. (1978-79), inspired by the USAF’s real Project Blue Book program? As the anthology show’s Wikipedia page observes, most episodes had the plot of a Scooby-Doo cartoon, only backwards: they would end with the investigating protagonists discovering that UFOs remained impenetrably Unidentifiable, but must be “real” craft capable of physically improbable manoeuvres. (I know citing Wikipedia will savour of pumpkin-spice holiday laziness on my part, but the Scooby thing is a truly perceptive point by some anonymous Wiki-genius.)
Then, at the end of the show, a disclaimer would appear on-screen: “The U.S. Air Force stopped investigating UFOs in 1969. After 22 years, they found no evidence of extra-terrestrial landings and no threat to national security.”
[…]
There are very good reasons for a superpower’s military apparatus to devote a little money to following up UFO sightings. “Threat Identification”? Sure, whatever. Plenty of U.S. military flyers have seen UFOs, and these people ought to be comfortable reporting odd occurrences without ridicule. But if I were American, I would definitely want most of that budget to go to Scully rather than Mulder. Don’t throw cash at someone who really, really wants to believe.
What I find vexing is that most of the response to the Times story has been in the spirit of “Whoa, aliens!” rather than “Taxpayers got robbed.” Young people may know on some level that ubiquitous good-quality cameras have all but eliminated civilian UFO sightings. But they lack the personal memory of a live, thriving UFO fad, one that bred quasi-scholarly international UFO-study associations along with a whole publishing industry devoted to UFO tales. I wonder if the Times’ piece on UFO research, by the very virtue of its flat-voiced Grey Lady objectivity, is having the same weird effect as that disclaimer they showed at the end of Project U.F.O.
Repost – The Monkees – “Riu Chiu” HD (Official Music Video) – from THE MONKEES – THE COMPLETE SERIES Blu Ray
Uploaded on 15 Dec 2015
The Monkees perform “Riu Chiu” from Episode 47, “The Monkees’ Christmas Show”.
H/T to Kathy Shaidle for the link.
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QotD: Milton Friedman’s four types of spending
Economist Milton Friedman famously divided spending into four types:
- I’m spending my own money on myself, in which case, I want to get the best combination of price and quality. This is the sort of spending that middle-aged women do on expensive handbags.
- I’m spending my own money on someone else, in which case I mostly care about price. This is why you get so many books you never read as gifts.
- I’m spending someone else’s money on myself, in which case … WEEEEE! This is the kind of spending that employees do on expense accounts. (Though not, of course, myself. I mean a generic employee with less moral fiber than I have).
- I’m spending someone else’s money on someone else, in which case … ah, who cares?
Megan McArdle, “Republicans Should Save These 3 Unpopular Parts of Obamacare”, Bloomberg View, 2017-01-05.
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December 20, 2017
JourneyQuest S03E06 – “Every Breath, Every Heartbeat”
Zombie Orpheus Entertainment
Published on 19 Dec 2017Watch the complete, uncut season on Amazon Prime or ZOE Premium (http://www.zombieorpheus.com) and be sure to follow us on Facebook for the latest updates (http://www.facebook.com/zombieorpheus)
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Zim Tzu reflects on facing his former mentor
After every Vikings game, head coach Mike Zimmer speaks to the local media. To some, his words are merely conveying ordinary common wisdom, but for the Daily Norseman‘s Ted Glover, Zim Tzu speaks in a secret code that only he can translate for the benefit of the unwashed masses:
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WW1 Christmas Truce: Silent Night – Extra History – #1
Extra Credits
Published on 17 Dec 2017Sponsored by World of Tanks! New players: Download the game and use the code ARMISTICE for free goodies! http://cpm.wargaming.net/ivmqe6kc/?pu…
PLUS! In the spirit of the Christmas Truce, World of Tanks has prepared a gift box for EVERY PLAYER. Redeem the bonus code: HULSE14On Christmas Eve in 1914, soldiers in the trenches sang together across the wastes of No Man’s Land. Some were brave enough to step out of their trenches and meet face-to-face, forming an unofficial truce that lasted (with a few blemishes) until the end of Christmas Day.
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Repost – Happy holiday travels!
H/T to Economicrot. Many many more at the link.
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How to Have a British Christmas – Anglophenia Ep 20
Anglophenia
Published on 3 Dec 2014From explosives at the dinner table to burning letters to Santa, Siobhan Thompson looks at 10 ways Christmas differs in Britain. (Notably, they don’t call them the holidays.)
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QotD: Heaven
I suspect that if people were asked to describe a heaven, they would come up with something very like an eternal cruise on one of those dreadful ships that ruin the appearance and atmosphere of everywhere they dock: five meals a day, a casino, cinema, sauna, swimming pool, dinner at the captain’s table. But such a life would soon pall. Before long there would be quarrels, divisions into factions, and possibly even a murder or two, just for variation. Man is not so much a problem-solving creature as a problem-creating one; and as for his state of mind, he likes change for its own state, even if it be change for the worse. Man will never be entirely sensible.
Theodore Dalrymple, “Dissatisfaction Guaranteed”, Taki’s Magazine, 2016-11-26.
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December 19, 2017
The imminent threat of Neo-Victorianism
Megan McArdle on the moral panic currently gripping modern American public life:
The same logic applies to the burdens of proof. If unsubstantiated claims are accepted at face value, then eventually enough will turn out to be false that many future claims will be disregarded — whether they are plausible or not, whether they are substantiated or not. That was the harm done by cases like the Duke Lacrosse scandal, the UVA rape case, the Tawana Brawley accusations, and many others. But there’s another potential harm we also have to think about.
Let’s say that we do manage to establish a social norm that a single accusation of “inappropriate sexual behavior” toward a woman is enough to get you fired and drummed out of your industry. It’s the crux of the issue so eloquently explored recently by Claire Berlinski: What would a reasonable and innocent heterosexual man do to protect himself from the economic death penalty?
One thing he might do is avoid being alone with anyone of the opposite sex — not in the office and not even in social situations. You might, in other words, adopt something like the Pence Rule, so recently mocked for its Victorian overtones. (Or worse still, work hard not to hire any women who could become a liability.)
This would obviously be bad for women, who would lose countless opportunities for learning, advancement, friendship, even romance — the human connections that make us human workers superior to robots, for now.
On the radio recently, I pointed out that this might be a logical result of a “one strike and you’re out” policy. The host, aghast, remarked that this was obviously not what we wanted. And of course, that isn’t what anyone wants. It might nonetheless be the logical result of the rules we’re setting up.
It’s easy for me to think of all the things I would have lost out on under a strict Pence Rule. The creative writing professor who conducted my independent study in his house, for example. It was perhaps a more innocent time, but even then I was not unaware of the sexual overtones our culture would see in a young female student going to a much older male professor’s home while his wife was at work. He was a perfect gentleman who made me cabbage soup, taught me to insert little slivers of garlic into a beef roast, and savagely critiqued my prose. David Slavitt, wherever you are, thank you for making me a better writer. And my condolences to all the female students today who will never have similar opportunities — if I may judge by the bemusement/horror of male professors to whom I have told this story.
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