Daily Economy
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Democracy and the Toxic Metastasizing of a Sound Idea
Because the American government is democratically elected, there’s a widespread presumption that the actions of this government are, as a rule, the best ones possible. Yet this presumption is mistaken.
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What Preferences Do You Want?
What preferences do you want? In traditional neoclassical economics, that’s a nonsense question, because preferences are taken as idiosyncratic, fixed, and exogenous. Of course, that’s only a modeling assumption; no one really claims that’s descriptively accurate.
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U.S. Dollar Supremacy Could Quickly Fade
The greatest risk to the US dollar may, in fact, come from within. The imposition of tariffs and sanctions create an opportunity for other countries to engage in bilateral trade. The decision to withdraw from the free trade initiatives such as the TPP and T-TIP weakens not only the prospects for US trade but also…
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The U.S. Welfare System’s Paternalistic History
History will always remember President Lyndon Johnson for his escalation of the war in Vietnam, which turned into an unwinnable and tragic entanglement against a foe he did not understand. Sadly, with over fifty years of hindsight, one must judge Johnson’s War on Poverty in much the same way.
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Why Financial Inclusion Matters
If members of some group feel excluded from the financial sector, regulators should allow them to form their own financial institutions and give it a go in the marketplace.
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The Huawei Test
The U.S. has chosen to attack arguably the most creative and powerful and best-led capitalist company in China.
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The Market Is a Vast Network of Benevolence
Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I don’t minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
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Consumer Attitudes Remain Buoyant
Consumer attitudes were generally upbeat in May, supported by a strong labor market, but escalating trade wars and higher tariffs are having a significant negative impact.
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Why Jordan Peterson Teared Up During His Budapest Lecture
This night he became a preacher of goodness, of civility, of moral strength in the face of struggle. The poetry of it all, and the promise that goodness and decency can prevail, was manifest in the crowds and the city right here, this night, in Budapest. It combined to inspire him to find the fullness…
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Initial Claims Remain Very Low; Minor Revisions to First-Quarter GDP
Initial claims remain very low in May, but revised data still show a poor performance for private domestic demand in the first quarter. Though economic data are still somewhat mixed, some recent positive signs are emerging.
-
•
Democracy and the Toxic Metastasizing of a Sound Idea
Because the American government is democratically elected, there’s a widespread presumption that the actions of this government are, as a rule, the best ones possible. Yet this presumption is mistaken.
-
•
What Preferences Do You Want?
What preferences do you want? In traditional neoclassical economics, that’s a nonsense question, because preferences are taken as idiosyncratic, fixed, and exogenous. Of course, that’s only a modeling assumption; no one really claims that’s descriptively accurate.
-
•
U.S. Dollar Supremacy Could Quickly Fade
The greatest risk to the US dollar may, in fact, come from within. The imposition of tariffs and sanctions create an opportunity for other countries to engage in bilateral trade. The decision to withdraw from the free trade initiatives such as the TPP and T-TIP weakens not only the prospects for US trade but also…
-
•
The U.S. Welfare System’s Paternalistic History
History will always remember President Lyndon Johnson for his escalation of the war in Vietnam, which turned into an unwinnable and tragic entanglement against a foe he did not understand. Sadly, with over fifty years of hindsight, one must judge Johnson’s War on Poverty in much the same way.
-
•
Why Financial Inclusion Matters
If members of some group feel excluded from the financial sector, regulators should allow them to form their own financial institutions and give it a go in the marketplace.
-
•
The Huawei Test
The U.S. has chosen to attack arguably the most creative and powerful and best-led capitalist company in China.
-
•
The Market Is a Vast Network of Benevolence
Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I don’t minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
-
•
Consumer Attitudes Remain Buoyant
Consumer attitudes were generally upbeat in May, supported by a strong labor market, but escalating trade wars and higher tariffs are having a significant negative impact.
-
•
Why Jordan Peterson Teared Up During His Budapest Lecture
This night he became a preacher of goodness, of civility, of moral strength in the face of struggle. The poetry of it all, and the promise that goodness and decency can prevail, was manifest in the crowds and the city right here, this night, in Budapest. It combined to inspire him to find the fullness…
-
•
Initial Claims Remain Very Low; Minor Revisions to First-Quarter GDP
Initial claims remain very low in May, but revised data still show a poor performance for private domestic demand in the first quarter. Though economic data are still somewhat mixed, some recent positive signs are emerging.