Monetary Economics
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The Folly of Debt Cancellation
“Discharging foreign debt undermines financial institutions, distorts prices, redistributes resources, and impairs the integrity of all parties. It also risks becoming the default practice, as political choices undertaken under exigent circumstances all too frequently do.” ~ Peter C. Earle
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The Future Will Be Flatter than Ever
“Thomas Friedman declared in his 2005 book The World is Flat, that the world is flat. This “flattening” (or leveling of the playing field, as we might think of it) continues today in radically new ways that Friedman may not have imagined.” ~ Emile Phaneuf
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Lessons From America’s First Great Inflations
“Today, the Federal Reserve and federal government serve as America’s Rhode Island, the money pump that keeps the money supply rising faster than money demand.” ~ Robert E. Wright
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Yes, the High Inflation Rates Will Continue in 2022
“A shift to a more restrictive monetary policy to control inflation is likely to result in a recession. One can only hope that the Fed is able to handle this transition better than it has handled the monetary policy of the recent past.” ~ James D. Gwartney & David Macpherson
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Trade, Debt, and Growth
“What are we getting for this unprecedented debt? Mostly, all it’s purchased for us is political leadership which can only charitably be characterized as mediocre.” ~ Robert F. Mulligan
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Three Topics for Young Political Economists
“I would claim that the growth of platforms that allow peer-to-peer cooperation, and foster the low-cost commodification of excess capacity, are likely to change our relations to work, to ownership, and to each other.” ~ Michael Munger
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On Securing Sources of Supplies: Should Government Repatriate ‘Supply Chains?’
“Private firms already have powerful incentives to ensure that they are optimally secured against supply disruptions. Any government intervention would then upset these optimal private arrangements.” ~ Donald J. Boudreaux
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Understanding the CPI
“Regardless of substitution, businesses have to use some commodities for production. With PPI inflation for all commodities at 24 percent, though that does not necessarily forecast a future CPI increase that high, it strongly suggests CPI inflation will continue to rise.” ~ Robert F. Mulligan
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Washington Blob Wreaks Death and Destruction Abroad, Avoids Accountability and Responsibility at Home
“Washington policymakers need to put America—its people, territory, liberties, prosperity, and security—first. To retake its claimed role of global leader Washington paradoxically will have to relearn the value of humility.” ~ Doug Bandow
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Suffering from Sunk Costs
“Understanding how to understand and apply sunk costs is important in many ways. And one of those ways is to recognize that when we make a mistake in such efforts, we can’t retroactively fix those mistakes, but we can use them to learn better.” ~ Gary M. Galles
-
•
The Folly of Debt Cancellation
“Discharging foreign debt undermines financial institutions, distorts prices, redistributes resources, and impairs the integrity of all parties. It also risks becoming the default practice, as political choices undertaken under exigent circumstances all too frequently do.” ~ Peter C. Earle
-
•
The Future Will Be Flatter than Ever
“Thomas Friedman declared in his 2005 book The World is Flat, that the world is flat. This “flattening” (or leveling of the playing field, as we might think of it) continues today in radically new ways that Friedman may not have imagined.” ~ Emile Phaneuf
-
•
Lessons From America’s First Great Inflations
“Today, the Federal Reserve and federal government serve as America’s Rhode Island, the money pump that keeps the money supply rising faster than money demand.” ~ Robert E. Wright
-
•
Yes, the High Inflation Rates Will Continue in 2022
“A shift to a more restrictive monetary policy to control inflation is likely to result in a recession. One can only hope that the Fed is able to handle this transition better than it has handled the monetary policy of the recent past.” ~ James D. Gwartney & David Macpherson
-
•
Trade, Debt, and Growth
“What are we getting for this unprecedented debt? Mostly, all it’s purchased for us is political leadership which can only charitably be characterized as mediocre.” ~ Robert F. Mulligan
-
•
Three Topics for Young Political Economists
“I would claim that the growth of platforms that allow peer-to-peer cooperation, and foster the low-cost commodification of excess capacity, are likely to change our relations to work, to ownership, and to each other.” ~ Michael Munger
-
•
On Securing Sources of Supplies: Should Government Repatriate ‘Supply Chains?’
“Private firms already have powerful incentives to ensure that they are optimally secured against supply disruptions. Any government intervention would then upset these optimal private arrangements.” ~ Donald J. Boudreaux
-
•
Understanding the CPI
“Regardless of substitution, businesses have to use some commodities for production. With PPI inflation for all commodities at 24 percent, though that does not necessarily forecast a future CPI increase that high, it strongly suggests CPI inflation will continue to rise.” ~ Robert F. Mulligan
-
•
Washington Blob Wreaks Death and Destruction Abroad, Avoids Accountability and Responsibility at Home
“Washington policymakers need to put America—its people, territory, liberties, prosperity, and security—first. To retake its claimed role of global leader Washington paradoxically will have to relearn the value of humility.” ~ Doug Bandow
-
•
Suffering from Sunk Costs
“Understanding how to understand and apply sunk costs is important in many ways. And one of those ways is to recognize that when we make a mistake in such efforts, we can’t retroactively fix those mistakes, but we can use them to learn better.” ~ Gary M. Galles