Protectionism Is Immoral, Unjust, and Corrupt
Protectionism is reviving in Washington on both sides of the political aisle. Democrats are cheering proposals to restrict trade to benefit labor unions and save the environment while some Republicans are reviving Smoot-Hawley style salvation schemes. Protectionist advocates routinely seize
Why the Fed’s 2 Percent Inflation Standard Is So Bad
Fed chairman Jerome Powell is increasingly under fire for his apparently inability to take inflation seriously or admit it may be more than “transitory.” There’s been much talk of tapering the Fed’s enormous asset purchases, yet—as is typical for the
The Military’s Social Policy Suggests a Lack of Real-World Threats
Over the course of this year, conservatives have expressed a number of grievances they have with the US military. Tucker Carlson delivered a monologue questioning Joe Biden’s emphasis on the issuance of flight suits designed for pregnant women. (Noteworthy is
A Three-Pronged Blunder, or, What Money is, and What it Isn’t
"The fateful errors of popular monetary doctrines which have led astray the monetary policies of almost all governments would hardly have come into existence if many economists had not themselves committed blunders in dealing with monetary issues and did not
Three Ways Government Spending Is Ripping Us Off
For many decades the United States and almost every other country in the world have been haunted by fiscal deficits; however, normal people do not seem to realize how it can affect their lives and their well-being. Many people around the
Monetary Policy and the Present Trend toward Central Planning
Monetary Policy and the Present Trend toward All-around Planning The people of all countries agree that the present state of monetary affairs is unsatisfactory and that a change is highly desirable. However, ideas about the kind of reform needed and about
Thanks to Central Banks, the Old Investment Rules Don’t Apply Anymore
Sixty percent equities, 40 percent bonds. What has been considered the golden rule of portfolio theory for decades is of less and less value to investors today. Because central banks have backstopped almost every market, essentially mimicking the market maker
Bharat Kanodia: How Subjective Value Generates Valuation In Business
All value is subjective. But often, when an exchange is to be made, a numerical value is required. It’s a special kind of economic calculation, what Bharat Kanodia terms “a subjective opinion based on objective facts”. Bharat has built a career
The Battle over the Free Market
Samuelson Friedman: The Battle over the Free MarketBy Nicholas WapshottNorton, 2021367 pages Nicholas Wapshott is a British journalist and biographer with a strong interest in economic theory. He says that the Nobel laureate Edmund Phelps is his mentor. One theme in
Why Business Owners Can’t Just “Pass on” Tax Costs to Consumers
White House press secretary Jen Psaki claimed in a recent press briefing in response to Biden’s intent to raise taxes on large companies that “[t]here are some who argue that, in the past, companies have passed on these costs to