Introduction to the Becker-Posner Blog

Blogging is a major new social, political, and economic phenomenon. It is a fresh and striking exemplification of Friedrich Hayek�s thesis that knowledge is widely distributed among people and that the challenge to society is to create mechanisms for pooling that knowledge. The powerful mechanism that was the focus of Hayek�s work, as as of economists generally, is the price system (the market). The newest mechanism is the �blogosphere.� There are 4 million blogs. The internet enables the instantaneous pooling (and hence correction, refinement, and amplification) of the ideas and opinions, facts and images, reportage and scholarship, generated by bloggers. We have decided to start a blog that will explore current issues of economics, law, and policy in a dialogic format. Initially we will be posting just once a week, on Mondays. In time we may post more frequently. The first postings will be tomorrow, December 6. Becker is a Nobel-prize-winning economist who in addition to scholarly publications on a wide range of economic issues including education, discrimination, labor, the family, crime, addiction, and immigration, for many years wrote a monthly column for Business Week. Posner is a federal circuit judge and also a writer of books and articles in a variety of fields, including antitrust, intellectual property, and other fields in which economics is applied to law, but also topical fields such as impeachment, contested elections, and national-security issues. (The rules of judicial ethics preclude Posner from commenting publicly on pending or impending litigation or participating in politics, as by endorsing candidates.) We wish in closing this brief introduction to our blog to thank Lawrence Lessig, Jacob Wachman, and Matthew Haughey for their valuable assistance in setting up the blog.

Comments

[Econ PhD Student]

Wow! I am so excited that you guys are doing this. Now I'll never get my work done!

[Apparent Authority]

While I will not pretend to discuss economics with the likes of Becker and Posner I am excited to have access to the minds of such intellectuals. I feel their brief synopsis of blogs is accurate but leaves out what I feel to be the most important. I, a humble evening law student at The John Marshall Law School have the opportunity to either be heard or ignored by an audience that includes the Honorable Richard Posner. To be heard is a great thing.

[Chris Baker]

Thank you so much for releasing this blog under a Creative Commons license! Great stuff.

[Greg Newburn]

The concept of blogging as a Hayekian affair was implicit in Julian Sanchez's May 2003 "Reason" article, where he calls blogging "distributed journalism." The article, which focuses on how bloggers uncovered the John Lott/Mary Rosh scandal after "professional" journalists had given up, can be found at: http://reason.com/0305/co.js.the.shtml

[Mac Echols]

Welcome!!! Welcome to the Blogsphere!

[Guymos]

What about combining the comments to the bek-po blog into one thread since some people seemed to be in one thread thinking they are in another or don't realize that there are two comment threads? Those commenting usually indicate who's being addressed if not both. And it looks like there might be hundreds of comments weekly. Posted to both threads.

[Amy]

Thank you, gentlemen.

As a young believer in the revolutionary implications of blogging and wikis as tools for sharing and collaboration, I am delighted and excited by your initiative.

As respected intellectuals you bring credibility to the blogosphere in the eyes of the still sceptical mainstream.

It is a wonderful thing that those people not fortunate enough to have contact with great minds in person, can now learn from, and interact with, learned people like yourselves, via the internet.

I can't wait to have my mind stretched by your blog.

[Justkidding]

At least you both seem to appear rational and intelligent.
-JK
Nice theory; I'd like to see your Data. Are there examples that challenge your assumptions? how do they hold up? How do you objectify "Should"?

[Max Nigh]

As economists, can you explain the midwest states voting against their own best interests in the last election? How about the dollar down , and ultimately making things more expensive here.
Veritas Max Nigh

[Peter Konefal]

Excellent to see this site. I hope other judges and nobel laureates join you two in the blogosphere.

I want to take a stab at answering 'Veritas Max nigh''s question. It appears that there are variety of explanations, not least of which is an ideological one (midwest voters mistakenly believe bush's domestic policies will benefit them). The ideological explanation depends on Bush's policies not being in the midwest's best interests, if they are, then it is not ideological for the midwest in general to vote for the GOP.

A second tier of explanations is the ususal psychological motivations of voters, and the general prioritizing of fear (national security, terrorism) above rational analysis that characterized this and many US elections. This is the case despite many indications that Bush's policies have increased, not decreased the likelyhood of future terror attacks against the US (iraq has in many ways become a training ground for mostly sunni Al Qaeda recruits)

Alternately, it has been observed that voters have voted in parallel with their class interests, so middle and upper class voters have an incentive to vote for candidates who will reduce their financial contributions to society.

[Crystal]

How very exciting...Welcome to the blogosphere...

[smart shade of blue]

As a practicing trustbuster and long standing appreciator of the dismal science and the related field of Law&Economics, I have been a reader of your articles and books for years now, and you never disappointed my expectations. I wish great success for this new enterprise of yours.

[Cato Renasci]

I'll add my welcome and good wishes for success in the blogosphere!

It's been twenty-five to thirty years since I encounted first Gary Becker's seminal Human Capital and then his Economic Theory. Becker's work was transformative, in the sense that while you didn't think that way before you read it, afterwards, you said "duh! that's obvious, how could anyone not see Becker's right? Only truly original thought has that "aha" quality. I could never think of traditional macroeconomics seriously after reading Becker.

My reaction to Richard Posner's Law and Economics was mixed when I read it in law school. As an economist I was impressed by the thought experiment (if I'd quibble with the details), but I questioned the universal applicability of the economic paradigm. The work has grown on me over the years.

[Cato Renasci]

I'll add my welcome and good wishes for success in the blogosphere!

It's been twenty-five to thirty years since I encounted first Gary Becker's seminal Human Capital and then his Economic Theory. Becker's work was transformative, in the sense that while you didn't think that way before you read it, afterwards, you said "duh! that's obvious, how could anyone not see Becker's right? Only truly original thought has that "aha" quality. I could never think of traditional macroeconomics seriously after reading Becker.

My reaction to Richard Posner's Law and Economics was mixed when I read it in law school. As an economist I was impressed by the thought experiment (if I'd quibble with the details), but I questioned the universal applicability of the economic paradigm. The work has grown on me over the years.

[Steve Porter]

Since he would have known that to do so would mean the certain end of regime and probably himself as well, why would Saddam ever have attacked the U.S.?

[GEORGE SMITH]

good and interesting.

[Orson Olson]

Congratulations, honorable gentlemen!
Please keep up the keen, insightful dialog - the world needs it.

[Anonymous]

cool thank you

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[Anonymous]

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[Anonymous]

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