Double Hat-Tip to Tyler Cowen

Arnold isn't convinced: If we abolished free parking, would parking spaces be scarcer? Keep in mind that if the price of parking went up, this would cause movement along the supply curve as well as along the demand curve. Maybe the total number of parking places would decline (it depends on elasticities), but the one result you can predict with certainty is that the number of unused parking places would go up. Is that necessarily welfare-improving?

|Peter Boettke|

Warning: this post is more about theoretical economics than practical business implications that I usually focus on here.

… and, I presume, nothing with understanding the present either! A correspondent who must not wish me well directs me to the latest path of radioactive fallout from Robert Murphy's 5000-word "only jerks use Bayes's Rule to update their beliefs" post: Robert Murphy:

Steven Horwitz This talk by Bank of Canada Governor Mark Carney from Thursday is of note mostly for the fact that he explicitly addresses both Austrian criticisms of central bank policy and the position taken by NGDP targeters like Scott Sumner.  The bit on the Austrians is below.  He does a decent job of explaining the argument, but a not so good job, I would argue, on what it implies.

Was the Great Recession of 2007-2009 the result of a large reallocation of workers out of the housing sector after it busted or was it the consequence of a collapse in nominal spending that could have been prevented by policy?

Steven HorwitzTyler Cowen raises this question over at Marginal Revolution:

|Peter Boettke|