Lower Income Households Pull Down Consumer Sentiment in February
“Consumer sentiment fell in February, driven by a weaker economic outlook, especially among lower-income consumers.” – Robert Hughes
Government Transfer Payments Distort Personal Income in January
“Personal income jumped in January as government payments surged but excluding government distortions, incomes fell.” – Robert Hughes
Should We Rethink Macroeconomics?
“Critiques of mainstream macroeconomics are common among Austrian economists. In a new book, titled Macroeconomics as Systems Theory, Richard Wagner goes further. He starts with Erik Lindahl’s distinction between microeconomics as individual action and macroeconomics as interaction. He then offers a new approach to macroeconomics based on theories of complex systems.” ~ William J. Luther
Are the Conditions Right for Another Commodity Super-Cycle?
“With unemployment rates still elevated and much of the global economy in some form of lockdown, it is hard to imagine the conditions for an economic boom, especially one that will see wage increases, but the size and scale of the global monetary and fiscal response to the pandemic is unprecedented. It creates the conditions for a continued appreciation of a wide range of essential commodity prices as the pandemic ends and demand rebounds.” ~ Colin Lloyd
The Utter Futility of a Bitcoin Ban
“Throughout history, governments have identified emerging threats and sought to eliminate them through heavy-handed bans, or regulations so stringent that they are effectively bans themselves. But the only thing that is guaranteed through these actions is certainly not the eradication of the ‘undesirable’ product or behavior––it’s the human tendency to find new and innovative workarounds in the face of obstacles.” ~ Peter C. Earle
The Foundations of American Political Thought
“The three major schools of thought we outline all try to put forward a vision for society that prioritizes liberty and well-being. They have their own unique histories and doctrines that understanding not only enlightens one to their finer workings but also to the forces that shape human civilization. Understanding the intellectual foundations of these ideologies will not only elevate political discussion but lend greater clarity to the political forces and narratives driving change in society.” ~ Ethan Yang & Jack Nicastro
How to Beat the Permanent Covidocracy
“Despite the declines in alleged infections and deaths, vaccine rollouts, and continued progress in finding possible treatments for Covid-19, the pandemic panic remains at high pitch. Until there’s some restoration of reason, we’re shooting BBs at a bull elephant. As Charles MacKay observed in his 1852 classic Extraordinary Popular Delusions and the Madness of Crowds, people ‘go mad in herds, while they only recover their senses slowly, one by one.'” ~ Michael Fumento
Core Capital-Goods Orders Hit Another Record High in January
“Manufacturers’ new orders for durable goods rose in January, with core capital goods hitting another record high. The strong showing is a positive sign for the overall outlook.” – Robert Hughes
Initial Claims Fall to the Lowest Level Since November
“Initial claims fell to the lowest level since November, but overall, data suggest the labor market remains fragile.” – Robert Hughes
Yes, This Time We’ll Have Inflation, and Here’s Why
“The political forces supportive of anti-growth policies such as trade restrictions, higher minimum wages, perverse energy regulations, and cronyism appear to be on the rise, and they will dampen future growth. But inflation is going to be the big story of the post-pandemic economy. Get ready for an inflationary ride.” ~ James D. Gwartney
Daycare Costs are Driven by Over-Regulation
“Adding the direct and indirect effects of government policies on daycare costs forces one to accept that the crisis is created by government interventions. If one really cares about making it easier for households to have both parents working thanks to accessible childcare, one should really look at policies that increase the supply before considering ways to subsidize demand.” ~ Vincent Geloso
Unfreezing the Economy After Lockdowns
“In order to emerge with an economy that can produce prosperity for all and not just those who benefited from lockdowns, we need to embrace the ideas of sound economics, innovation-friendly rules, and individual agency. It was the principles of a free society that brought the wonders of modernity into existence, and it’s the same principles that will lead us back.” ~ Ethan Yang
Housing Surge Continues as New Single-Family Home Sales Rise Again in January
“The single-family housing market remains a bright spot for the economy, supported by low interest rates and strong demand, but headwinds may be forming.” – Robert Hughes
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