Daily Economy

Thursday, October 25, 2018
New orders for durable goods increased 0.8 percent in September while new orders for core capital goods fell 0.1 percent. Today’s data are generally positive, but core capital-goods orders have been essentially flat over the past two months.
Thursday, October 25, 2018
To understand the awesome power of heterogeneity is to adopt a different outlook on society itself. It is to embrace the core liberal claim: society doesn’t need top-down management, because it contains within itself the capacity for its own management.
Thursday, October 25, 2018
Bagehot’s rules are ultimately geared toward assisting illiquid financial organizations but allowing insolvent ones to fail. The Fed went out of its way to support insolvent organizations.
Wednesday, October 24, 2018
Sales of new single-family homes fell 5.5 percent in September, the fourth decline in a row, while inventory rose for the sixth straight month putting the months’ supply at the highest since 2011. Rising home prices and higher interest rates are likely to weigh on housing activity over coming...
Wednesday, October 24, 2018
Money did not originate in the laws or decrees of kings and princes. Money, as the generally accepted medium of exchange, emerged out of the market transactions of a growing number of buyers and sellers in an expanding arena of trade.
Wednesday, October 24, 2018
Voting may be many things, but the least of them is self-expression. Conceding the sufficiency of multi-billion dollar political contests among highly vetted, meticulously-coached candidates is a guaranteed road to self-negation.
Wednesday, October 24, 2018
As users have started losing confidence in Facebook after the firm’s decision to purge hundreds of popular pages from the platform, it will be only a matter of time until a strong competitor enters the picture.
Tuesday, October 23, 2018
Sears played an important role in circumventing the institutionalized racial discrimination of the Jim Crow South.
Tuesday, October 23, 2018
Most human knowledge is tacit, the product of experience and not capable of being captured in words or numbers, and local, concerned with and relevant to specific local conditions and circumstances.
Tuesday, October 23, 2018
Unfortunately, both sides are pursuing the wrong goals. The pursuit of one form or another of third-party payment for health care services has removed most incentives for consumers to be careful about how they spend money.
Monday, October 22, 2018
Light, as we know it today, is a commodity. That would not have been possible without the institutional prerequisites — freedom to create, own, and exchange — that built the modernity we too often take for granted.
Monday, October 22, 2018
Two hundred years later, Mary Shelley’s horrifying tale of the unconstrained vision continues to speak to us. It should also serve as a permanent warning.
Monday, October 22, 2018
Buying a car in America has long been a difficult process rife with bureaucracy and mistrust. But in many ways, digital technology is helping to make the process more pain-free.
Monday, October 22, 2018
We have been liberated from the foulest and most lethal environmental hazards that cursed our pre-industrial ancestors.
Monday, October 22, 2018
George Gilder's recent book might be his biggest seller yet, and this is after a career of rocking both the intellectual and political worlds with visionary works that have anticipated and then defined the technological and policy trends of the times. His book is Life After Google, and its focus is...
Saturday, October 20, 2018
No authority can substitute for the activity, creativity, and adaptability of the human mind.
Friday, October 19, 2018
Sales of existing homes fell again in September. The combination of rising home prices and higher interest rates is likely weighing on housing activity, and is likely to restrain activity in the coming months and quarters.
Friday, October 19, 2018
Modern central banking claims to make the money supply more elastic to stabilize the economy. The rationale says that left to itself, the market economy is unstable. Yet the evidence suggests the opposite: that modern central banking is the main culprit for boom and bust.
Thursday, October 18, 2018
A federal job guarantee would be monumentally expensive, return only limited value from the participants’ work, entail administrative challenges nearly impossible to solve, and be potentially disastrous for economic growth and the private labor market.
Wednesday, October 17, 2018
The housing market appears to be struggling with a combination of elevated home prices and rising interest rates. With interest rates likely to drift even higher over coming months and quarters, the outlook for housing is cautious. 

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