Latest
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Manufacturing Surged When Tariffs Were Lifted
Tariffs raised costs and manufacturing jobs disappeared. Now, the administration is declaring victory for partially filling the hole it dug.
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Why Didn’t 2008 Bank Bailouts Produce COVID-Level Inflation?
Washington responded to two crises with extraordinary monetary and fiscal interventions. Why did COVID-era stimulus produce soaring inflation when the response to the 2008 financial crisis did not?
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Afghanistan, Again? Unlearned Lessons of America’s Longest War
Congress rejected constitutional alternatives in favor of remaking a nation. Abroad, as at home, lawmakers cannot manufacture preferred social outcomes simply by spending more money.
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Economic Blockades: Protectionism As Punishment
The Trump administration calls economic isolation a weapon against Iran and a recipe for prosperity at home. Protectionism is a paradox.
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Rubble to Riches: Reckoning with West Germany’s Postwar Economic Miracle
Tobias Straumann’s new book explains how economic freedoms and currency reform helped West Germany outstrip not just the Soviet Socialist East, but many other nations, on its way to economic recovery.
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AI Consciousness Could Become a Regulatory Moat
Incumbent AI firms may benefit from a regulatory regime in which machine consciousness is considered plausible but remains impossible to prove or disprove.
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Catholic Integralism Is a Brutal Dead End. Will Gen Z Repeat It?
A growing subculture is determined to subordinate America to the authority of Catholic theology. But this project has been tried before: it ends in predictable horrors.
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Can Other States Learn From California’s Property Tax Experiment?
Capping property taxes isn’t all upside, but California’s Proposition 13 shows how tax limits can protect property owners from sudden increases and provide greater predictability.
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The Anti-Federalist Warning About America’s Debt Crisis
Brutus feared that unlimited borrowing power would eventually overwhelm political restraint. Congress has accumulated 40 trillion reasons to reconsider that warning.
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Revised Inflation Data Don’t Change the Fed’s Job
The BEA’s annual revisions shaved a few tenths off the rate of inflation. But spending levels suggest the Fed’s fight is far from over.