BB&T Professor of Economics
Gatton College of Business and Economics
University of Kentucky
Gatton College of Business
University of Kentucky
Lexington, KY 40506-0034
Office: 223P Business and
Phone: (859) 257-3581
Vita supplementKentucky Distinguished Economist, 2020.
Some Recent Work
“Some Basics of Capitalism and Socialism and Implications for Human Liberty, Morality, and Fairness,” September
2020 (white paper). This paper reviews the deep
fundamentals of capitalism and socialism, as well as the fairness
aspects of capitalism.
“Facts and Trends Regarding Performance and Funding of K-12 in Kentucky,” December 2020 (white paper).
This paper documents the historical increase in K-12 spending and the trend in test scores, as well as other aspects of K-12.
Commentaries on School Choice
“School Choice is a Better Investment Than More School Spending,” (with G. Houchens) May 2021, in the Northern Kentucky
Tribune, The State Journal (Frankfort), Richmond Register, and The Times Leader (Caldwell County).
“Helping Parents with Their Kids’ Schooling,” (with G. Houchens) January 2021, in the Louisville Courier-Journal, Kentucky
Today, The State Journal (Frankfort),
Kentucky New Era (Hopkinsville), The Times Leader (Caldwell County),
and The Times
“Educational Options for Families: The Road to Real Reform,” March 2020 (opinion column published in The Lane Report,
March 14, 2020.
“The Allocation and Exchange of Property Rights as a Way to Understand Comparative Economics Systems and Managerial Economics,”
Fall 2020 (published in the Journal of Private
Enterprise, winter 2020). This paper presents unifying discussion of
different economic systems. The key aspects of their differences
illustrate how free enterprise generally produces more prosperity, as
well as helps understand managerial economics.
“The CARES Act: Relief, But What About Recovery?,” Pegasus Institute blog, April 9, 2020.
“COVID-19: In Rush to Act, There are a lot of Questions that We Still Haven’t Answered,” Pegasus Institute blog, April 3, 2020.
“Coronavirus Economics #5: The Costs and Benefits of Government Action,” University of Kentucky Institute for the Study of
Free Enterprise video series, May 2020.
“Social Security and Medicare Spending Growth: Is It Just More Seniors or More Per Senior?,”
Feb. 2019 (published in Merrifield, John and Poulson, Barry (eds.),
A Fiscal Cliff: New Perspectives on the U.S. Federal Debt Crisis,
Washington, DC: Cato Institute, 2020, pp. 261-274.). This
paper discusses the large increases in Social Security and Medicare
spending forecast to come in the near future and what might to done to
“Competition and Certificate-of-Need Laws,” Pegasus Institute Policy Brief, January 2020.
This paper argues that competition is presumptively the best form of
organization for healthcare and that claims to the contrary do not have
“The Federal-Private Wage Differential: How Has It Evolved?,”
Fall 2020 (published in Applied Economics, 53(5), 2021, pp. 536-554
(with S. K. Choi)). This paper is a careful statistical
examination of federal worker pay compared to private sector pay from
1995 to 2017. We find that federal workers invariably are paid
more by an average of 13.2%, even after controlling for differences in
education, age, and other worker characteristics.
“The Growth of Government, Trust in Government, and Evidence on Their Coevolution,”
March 2018 (published in Journal of Economics and Finance, 43(3), July
2019, pp. 456-480 (with S. Gordon and J.R. Clark)). This paper shows
how the 50-year decline of trust in the federal government is
associated with the growth of federal spending and regulation.
Test Scores, Education Spending, and Productivity in Public
Education: National Trends and Evidence Across States and Over
Time, 1990 – 2015,” January 2018 (with R. Bray). This study
finds a decades-long, substantial rise in national K-12 funding, but
only modest test score increase. This implies that productivity,
measured by test score points per dollar of funding, has steadily
decreased. Funding changes over time and across states indicate only a
minimal association of funding to test scores.
Founding Director and current affiliate, Institute for the Study of Free Enterprise
BB&T Program for the Study of Capitalism, 2007-2018.
Learning About Economic Freedom
Assorted Non-Technical Writing
Some Recent Teaching
ECO 365, Social Economic Organization, Spring 2020. Syllabus.
This course presents fundamental ideas underlying economic
organization, including capitalism and its critiques and alternatives.
ECO 401, Intermediate Microeconomic Theory, Fall 2018. Syllabus.
This course is the core course in microeconomic theory in the
undergraduate economics program. Its purpose is to develop a
deeper understanding of microeconomics and its applications.
Other Courses Taught
ECO 732, Labor Economics II (graduate), Spring 2015. Syllabus.
ECO 610, Managerial Economics (MBA), Fall 2014. Syllabus.
ECO 601, Advanced Microeconomic Theory (graduate), Fall 2013. Syllabus.
ECO 479, Public
Economics: SyllabusECO 401,
Microeconomic Theory: Syllabus
ECO 477, Labor Economics
ECO 499, Law and Economics
ECO 411, Business
ECO 710, Economics of
Organizations (graduate): Syllabus
Some Non-Technical Writing
Financial Mkts. Meltdown
Politics of the Stimulus
Mkts. and Capitalism Economic
Summer 2008 Economy
$ for the Environment
Energy and Food Prices
Labor Market Mandates
employer mandates (S)
employer mandates (L)