Daily Economy
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Government Failure in One Lesson
“Perhaps the easiest way to explain government failure in one lesson is to remember that there is no such thing as ‘the state.’ Instead, essential decisions about resource use will be made by political actors.” ~Michael Munger
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AI Eases Its Own Labor-Market Transitions
“Not long ago, search engines like Google were not understood by the masses, which forced people through experience to learn how to ‘Google’ webpages in the proper way. Submitting a search query is similarly a new language to learn, just like prompting a language model.” ~Samuel Crombie and Jack Nicastro
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Politicizing Monetary Policy Won’t Fix the Fed’s Failings
“Even if one thinks Trump is well-suited to make interest rate decisions (and there is little reason to think he is), it does not follow that Trump’s proposed solution would improve monetary policy.” ~Nicolás Cachanosky
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Trade Deficits: Accounting Masquerading as Economics
“Reducing ‘imports’ would not, in fact, increase GDP at all. At best, doing so would leave GDP unchanged since we would be adding less to consumption, investment, and government spending while subtracting equally less from imports.” ~David Hebert
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No, Biden’s Protectionism Isn’t “All About National Defense”
“Evidence from America’s past… lends no support to those who insist that, absent higher tariffs and subsidies, America will probably be unable to maintain the industrial might she needs to defend herself militarily.” ~Donald J. Boudreaux
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The Dollar and its Domestic Enemies
“The greatest threat to the soundness and utility of the US dollar comes not from shadowy figures in faraway lands, but from unremarkable apparatchiks carrying out the edicts of US officialdom.” ~Peter C. Earle
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Defense Manual for The War on Prices
“The book advocates for a substantial policy shift toward minimal governmental interference, allowing market mechanisms to function unimpeded. Sadly, we are moving in the opposite direction.” ~Vance Ginn
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Governments Shouldn’t Be In the Lending Business
“When government officials approve and guarantee loans, lenders don’t have to worry about taking the loss. They can be very generous, pursuing what they regard as socially beneficial goals, and never worrying about the losses the taxpayers will have to bear.” ~ George Leef
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Our Kids Have No Economic Immune Systems
“Kids are told they can do anything, that they are personally mighty and important. But they never have the experience of everyday effort and failure.” ~Michael Munger
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Confounding the Case for Oil and Gas Collusion
“Oil is produced and sold in a global market. Even true cartels like OPEC don’t have total control over prices. It comes down to supply and demand.” ~Alexander W. Salter
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•
Government Failure in One Lesson
“Perhaps the easiest way to explain government failure in one lesson is to remember that there is no such thing as ‘the state.’ Instead, essential decisions about resource use will be made by political actors.” ~Michael Munger
-
•
AI Eases Its Own Labor-Market Transitions
“Not long ago, search engines like Google were not understood by the masses, which forced people through experience to learn how to ‘Google’ webpages in the proper way. Submitting a search query is similarly a new language to learn, just like prompting a language model.” ~Samuel Crombie and Jack Nicastro
-
•
Politicizing Monetary Policy Won’t Fix the Fed’s Failings
“Even if one thinks Trump is well-suited to make interest rate decisions (and there is little reason to think he is), it does not follow that Trump’s proposed solution would improve monetary policy.” ~Nicolás Cachanosky
-
•
Trade Deficits: Accounting Masquerading as Economics
“Reducing ‘imports’ would not, in fact, increase GDP at all. At best, doing so would leave GDP unchanged since we would be adding less to consumption, investment, and government spending while subtracting equally less from imports.” ~David Hebert
-
•
No, Biden’s Protectionism Isn’t “All About National Defense”
“Evidence from America’s past… lends no support to those who insist that, absent higher tariffs and subsidies, America will probably be unable to maintain the industrial might she needs to defend herself militarily.” ~Donald J. Boudreaux
-
•
The Dollar and its Domestic Enemies
“The greatest threat to the soundness and utility of the US dollar comes not from shadowy figures in faraway lands, but from unremarkable apparatchiks carrying out the edicts of US officialdom.” ~Peter C. Earle
-
•
Defense Manual for The War on Prices
“The book advocates for a substantial policy shift toward minimal governmental interference, allowing market mechanisms to function unimpeded. Sadly, we are moving in the opposite direction.” ~Vance Ginn
-
•
Governments Shouldn’t Be In the Lending Business
“When government officials approve and guarantee loans, lenders don’t have to worry about taking the loss. They can be very generous, pursuing what they regard as socially beneficial goals, and never worrying about the losses the taxpayers will have to bear.” ~ George Leef
-
•
Our Kids Have No Economic Immune Systems
“Kids are told they can do anything, that they are personally mighty and important. But they never have the experience of everyday effort and failure.” ~Michael Munger
-
•
Confounding the Case for Oil and Gas Collusion
“Oil is produced and sold in a global market. Even true cartels like OPEC don’t have total control over prices. It comes down to supply and demand.” ~Alexander W. Salter