Daily Economy Articles

Thursday, April 4, 2019
Why wouldn’t we want safe and stable banks? Like almost everything else in economics, benefits in one area comes with real costs in others.
Thursday, April 4, 2019
The bitter truth about most public policies being sold by the political class is that they give them more power to control our lives. If you favor some of these policies, be honest with the rest of us about what you mean, so that we can make more clear-headed judgments about the kind of society we...
Thursday, April 4, 2019
Government expenditures can be funded by increasing reserves at the Federal Reserve. But limits on the demand for reserves mean inflation will follow.
Wednesday, April 3, 2019
Hayek still speaks to us today about the nature of democratic ways of relating to the rule of law, the structure of government, the role of public policy, and the promise of an international order of cosmopolitan liberalism.
Wednesday, April 3, 2019
Nonmanufacturing activity expanded at a slower pace in March. The results are consistent with a range of economic data that point to uneven growth, but they do not suggest a recession is imminent.
Wednesday, April 3, 2019
There are some clear advantages to the gig economy, for both workers who have specialized skills and for companies trying to remain small and nimble.
Tuesday, April 2, 2019
Regardless of the intentions or naïve beliefs, a system of democratic socialism cannot escape imposing commands and controls over economic life any noticeably different than those that were in existence in the old Soviet Union.
Tuesday, April 2, 2019
MMT in the colonial period often led to periods of ruinous inflation and, less well-understood, revolution-inducing deflation.
Tuesday, April 2, 2019
Some scholars argue that ordinary citizens should be allowed to open bank accounts at the Fed. Is this the best way to reduce financial exclusion?
Monday, April 1, 2019
The Manufacturing Purchasing Managers’ Index paints a modestly positive picture of the manufacturing sector in March, offsetting the weak report on February retail sales. The outlook is for ongoing economic expansion, but heightened caution is warranted.
Monday, April 1, 2019
Retail sales fell again in February, the second decline in the last three months. A string of mixed economic reports suggests caution is warranted.
Monday, April 1, 2019
The sharing economy, fueled by the internet’s capacity to match small buyers and sellers, looks like a revolutionary business model. But for this model to be sustained, there must be a reliable source of long-term profits.
Monday, April 1, 2019
The fact that the market does not supply as much paid leave as people would want if they did not have to pay full price for it is not a market failure; it’s a market success.
Monday, April 1, 2019
In terms of information access and the opportunity to learn and share knowledge, we’ve never been more rich and equal.
Monday, April 1, 2019
If you're a store owner in Philadelphia or the state of New Jersey, and you don't accept cash from your customers, pretty soon you'll be breaking the law.
Friday, March 29, 2019
Consumer sentiment and new-home sales are showing gains, but the broad economic picture remains mixed. Continued expansion remains the most likely path, but caution is warranted.
Friday, March 29, 2019
The problem with Moore is not that he doesn’t have a Ph.D. The problem is that he is less like Alan Greenspan, and more like Arthur Burns.
Friday, March 29, 2019
From a political point of view, with Boeing so much in then news following two recent crashes and with many taking a hard look at all the ways the company may have benefited from government favoritism, it doesn’t seem like a good idea for any legislators to call for the revival the Bank of Boeing.
Friday, March 29, 2019
By conflating the macroeconomics of Keynes with macroeconomics, we run the danger of discarding the contributions that Keynes himself inherited.
Thursday, March 28, 2019
Whether governments are going after scooters, targeting Google for selling advertising space, or limiting consumers’ data access, it seems that not even Europeans’ eroding trust in government is enough to get them to rally against stifling innovation. Still, tech fights on.
Thursday, March 28, 2019
Real gross domestic product grew at a 2.2 percent annualized rate in the fourth quarter, with real private domestic demand rising 2.6 percent. High levels of uncertainty surrounding economic policy and global economic conditions combined with mixed economic data raise doubts about the current...
Thursday, March 28, 2019
Social media companies like Facebook obviously want to comply with the law, but they would also like to stay in business. That business depends fundamentally on targeting based on some demographic grounds. If a consistent application of non-discrimination law means that advertising has to become...
Thursday, March 28, 2019
Can governments run large fiscal deficits financed with new money without generating significant inflation? The experience of Argentina calls this view into doubt.
Wednesday, March 27, 2019
Inverted yield curves may or may not predict recession. Will the Fed again cut rates to zero, piling new economic misallocations atop those which remain distorted by the previous decade of zero interest rates?
Wednesday, March 27, 2019
The very existence of wealth creation should fill us with awe, respect, and endless curiosity, as well as inspire within us a desire to celebrate and protect the institutions that make markets thrive.
Wednesday, March 27, 2019
The market economy is vastly superior to anything the government does because it gives customers the freedom to choose.
Wednesday, March 27, 2019
What does the Austrian theory of the trade cycle have to do with Gordon Ramsay? Plenty.
Tuesday, March 26, 2019
Consumer confidence fell in March but remains at a level consistent with economic expansion. Housing activity continues to weaken with no evidence to suggest significant gains in the near future.
Tuesday, March 26, 2019
We need some protection from the evil eye that modern politics is working daily to unleash.
Tuesday, March 26, 2019
Facebook and Google’s ability to watch their customers has made many uncomfortable, but after 2018 both know that their customers are watching back.
Tuesday, March 26, 2019
Successful banks move resources from lower-value to higher-value uses while unsuccessful banks move resources from higher-value to lower-value uses.
Monday, March 25, 2019
The Fed could be much better than it is. But it could also be much worse. Adding Stephen Moore to the Board of Governors would be a step in the wrong direction.
Monday, March 25, 2019
The Chicago Fed’s National Activity Index posted its third negative result in a row, but the index remains above levels historically associated with either recession or significant price increases.
Monday, March 25, 2019
Advocates of new government programs often promise that their programs are budget neutral — meaning that adoption of these programs will not increase net government spending. It's never true. 
Monday, March 25, 2019
A free press and an open intellectual environment is one that should not only challenge the words and deeds of governments in the name of liberty, but should unearth, investigate, and inform the professional and lay public about the realities and truths of the world in which we all live, in both...
Sunday, March 24, 2019
Behind every great innovation, there is an innovator or maybe many.
Sunday, March 24, 2019
What we are seeing in our time are the results of a mandate that all personal problems must and should be channeled to political solutions demanded by a collective activist army, with the goal of constructing an apparatus of coercion and compulsion that knows no limits to its power.
Friday, March 22, 2019
For progressive policymakers, it's often a Catch-22 between more complex rules and more draconian ones.
Friday, March 22, 2019
France was once a role model for what big government can do for its people, the very model of socialism sought by the American left. Now the place is in shambles.
Thursday, March 21, 2019
Financial privacy and autonomy are important. But cash and cryptocurrencies are not the only means to those ends.

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