Latest
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Half of Students Now Get A’s, But Actual Achievement Is Declining
Your child’s report card may be sending the wrong signal. Grades and GPAs increasingly reflect institutional incentives rather than academic achievement.
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The Baseball Tax That Made the Great Depression Worse
Nothing’s more American than baseball and taxes, but combining the two in 1932 cost millions their affordable day out.
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Reality Sends the Bill: How Ignoring Price Signals Ends in Disaster
Sri Lankan fertilizer bans, Argentinian rents, and European power crises all demonstrate that governments can suppress prices, but they cannot escape reality.
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The Myth of the Free-Riding Billionaire: Ray Madoff’s ‘The Second Estate’
In her new book, Ray Madoff argues that America’s wealthiest exploit the tax code at the public’s expense. But her critique understates both what the rich pay and what they produce.
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Trump Uses NATO Summit to Reinforce Mercantilist Policy
NATO members are finally taking more responsibility for their own defense. Using those security commitments to squeeze trading partners threatens markets and undermines diplomacy.
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The Airwaves Are Going on Sale Again. But Does the FCC Have the Right Goal?
Maximizing consumer welfare and enabling the fullest utilization of the airwaves requires that auctions be conducted to enhance efficiency in wireless markets rather than be narrowly focused on generating revenue.
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Welcome to Trillionistan. Don’t Get Comfortable.
Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them.
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California’s Billionaire Tax Is Backfiring Before It Begins
California’s proposed wealth tax promises billions in new revenue. But early evidence suggests it will ultimately cost the state far more in investment, entrepreneurship, and future tax receipts.
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Immigrants Build America’s Most Valuable Companies
Visa holders founded half of today’s Fortune 500 companies and a majority of billion-dollar startups. Current restrictions damage that competitive advantage and choke off future growth.
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Entrepreneurship Requires More Than a Million-Dollar Idea
The entrepreneur’s challenge is creating value others want to buy. They don’t start with a perfect idea, but with a willingness to listen and learn.