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Tyler Watts
East Texas Baptist University
10Publications
1H-index
3Citations
Publications 10
Newest
#1Nicholas Adam Curott (BSU: Ball State University)H-Index: 1
#2Tyler Watts (East Texas Baptist University)H-Index: 1
Credit expansion by Bank of the United States in the early 1790s unleashed an investment bubble in real estate, manufacturing, and infrastructure projects. Domestic inflation created a disparity in international prices that led to a reduction in net exports and eventual specie outflow and deflation. An ensuing credit crunch brought a recession involving declines in prices and nominal GDP, the bursting of the land bubble, and a cluster of business and personal bankruptcies. We detail changes in c...
1 CitationsSource
#1Tyler Watts (East Texas Baptist University)H-Index: 1
#2Molly WoodruffH-Index: 1
Purpose The purpose of this paper is to examine differences in property institutions in the USA and India and their effects on agricultural productivity. Design/methodology/approach This paper undertakes a case study of industrial organization of agriculture, comparing agricultural development in the USA and India, with a focus on changes in farm size over time. Findings In the USA, unlimited individual land ownership has enabled the gradual, long-term development of scale economies in agricultu...
1 CitationsSource
#1James E. McClure (BSU: Ball State University)H-Index: 7
#2Tyler Watts (East Texas Baptist University)H-Index: 1
This article critiques current undergraduate economics textbooks’ treatment of externalities. Despite a tremendous scholarly pushback since 1920 to Pigou’s path-breaking writings, modern textbook authors fail to synthesize important critiques and extensions of externality theory and policy. The typical textbook treatment (a) does not distinguish pecuniary from technological externalities, (b) is silent about the invisible hand’s unintended and emergent consequences as a positive externalit...
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#1Tyler Watts (East Texas Baptist University)H-Index: 1
This paper investigates information and trust mechanisms employed by international traders in the early 19th century on the Great Plains frontier, using as a case study Bent, St. Vrain & Company (BSV). BSV dominated the burgeoning Santa Fe Trail trade amongst Americans, Mexicans, and the various nomadic Indian tribes inhabiting the frontier through superior application of “commercial diplomacy.” BSV went to great lengths to signal trustworthiness to their trading partners, adopting in large meas...
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#1Tyler Watts (East Texas Baptist University)H-Index: 1
The jobs train is an interactive classroom exercise designed to provide students with a concrete, intuitive understanding of why unemployment occurs naturally in a market economy. In a classroom economy simulation, students experience a contrived labor market regime that generates 0% unemployment. By contrasting the obviously unsatisfactory outcomes of the jobs train with real world labor markets, students observe clearly the market-based underpinnings of both frictional and structural unemploym...
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#1Tyler Watts (BSU: Ball State University)H-Index: 1
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#1Tyler Watts (BSU: Ball State University)H-Index: 1
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#1Tyler Watts (East Texas Baptist University)H-Index: 1
#2Lukas Snyder (BSU: Ball State University)
This paper compares estimates of the resource costs of monetary gold accumulation under the classical (1880-1914) gold standard with estimates of the resource costs associated with gold “investment” in the post-Bretton Woods era (1972-present) for the United States. While the costs associated with monetary or “investment” uses of precious metals — primarily gold coins and bullion — fell to historically low levels during the “great moderation” era (1982-2007), they rose sharply during both the “g...
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#1Tyler Watts (GMU: George Mason University)H-Index: 1
I investigate in depth the contemporary, nation-wide arbitrage phenomenon of copper penny hoarding. While penny hoarding represents a “pure arbitrage” opportunity, it also clearly demonstrates the knowledge problems that face those entrepreneurs who are fully informed about intra-market price differences. This paper contrasts the Neoclassical and Austrian views on the role of information and knowledge in arbitrage, emphasizing the greater depth in understanding to be gained from the knowledge-ba...
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