Daily economy news from the American Institute for Economic Research: data, stories, research, and articles touching on economics, politics, culture, education, policy, opinion, technology, markets, healthcare, regulation, trends, and much more.

AIER’s Editorial Policy.

Fake Meat: More Entrée or Agenda?  

“The plant-based alternatives industry appears to be facing its first true market test and doing poorly. It is a much smaller market than producers perceived, due to the noisy signals and political distortions of Conspicuous Production.” ~Phillip W. Magness and Peter C. Earle

Argentina’s Rampant Inflation, Explained (in One Chart)

“Whichever definition one prefers to use — an expansion of the money supply which leads to price increases, or a broad and sustained increase in consumer prices — inflation is caused by the governments and central banks who control the money supply.” ~Jon Miltimore

A Short Guide to ESG: Goals

“ESG goals are not primarily about shareholder value and enterprise value. The goals are often counter to the interests of shareholders and large segments of society.” ~Paul Mueller

Business Conditions Monthly October 2023

“While we continue to impartially and vigilantly assess incoming data, our current analysis still points to a recession occurring before September 2024 as the most probable scenario.” ~Peter C. Earle

Let the Market, Not Government, Decide the Fate of EVs

“Both for equity and economic efficiency, government inducements to hasten the number of EVs or charging stations are a bad idea. Governments can better spend taxpayers’ monies. EVs have a promising future.” ~Kenneth W. Costello

What Might Have Been

“Wasteful uses of resources necessarily result in some economic opportunities that are possible being rendered impossible. What were these foregone opportunities?” ~Donald J. Boudreaux

Even More Ways to Cook The Benefit-Cost Analysis Books

“In disciplining our thinking to make better decisions, benefit-cost analysis also teaches those determined to mislead others how to do that better. Knowing how to do it ‘right’ also provides a template for how to be wrong in the desired direction.” ~Gary M. Galles

Frank Capra’s Timeless Vision of American Exceptionalism

“Each film contains a large dose of middle-American values magnified time and again against the traps and situations of a complicated impregnable bureaucratic world. And in each case, the little guy wins.” ~Will Sellers

Disinflation Dream Come True

“The Fed will probably keep the fed funds target range unchanged in December. Officials previously signaled additional tightening, but things have changed.” ~Alexander W. Salter

School Choice Can Promote Evasive Entrepreneurs

“Evasive entrepreneurs are having their moment. Education entrepreneurs and parents are working to find educational options for children outside of the highly regulated traditional public schools.” ~Angela Dills

Politicians Talk; Entrepreneurs and Scientists Do

“The worse the inability to get universal political agreement becomes, the better and more cost-efficient become the small-scale, positive-externality, science-based attempts at just doing the work.” ~Joakim Book

Where Have You Gone, Alex P. Keaton?

“Respect for individual freedom, in particular the freedom of thought, is much lower than at any time in my life. It is easy to imagine a latter-day Alex showing up at Leland’s freshman orientation only to be canceled and chased from campus by an angry mob.” ~Paul McDonnold

A Short Guide to ESG: Advocates

“I have categorized organizations by their function and highlighted a few organizations worth knowing in each category, from high-level, broad advocacy to nitty-gritty implementation.” ~Paul Mueller

Argentina Agonistes: The Separation of Money and State

“The Argentine peso has lost 93 percent of its value in just the past 4 years. Anyone who could carry out transactions using dollars always did so; holding pesos was little different from simply setting your wealth on fire.” ~Michael Munger

It’s Time to Discard Piketty’s Inequality Statistics

“As the study and measurement of inequality progresses, Piketty’s (and his team’s) main estimates have become obsolete and might be properly consigned to the field of the history of economic thought.” ~Phil Magness & Vincent Geloso

The Red Pill for Pill Ad Headaches

“Suppose all Americans and Kiwis look to their own self-interest by avoiding advertised drugs whenever possible. In that case, drug manufacturers would have an incentive to stop DTCA of their own accord.” ~Robert E. Wright

The Miracles of Human Cooperation Are Hidden in Plain Sight

“Humans cooperate and communicate in miraculous ways through the mechanism of the price system. If you believe someone must be in charge of coordinating human action, you will never notice the marvels all around you.” ~Barry Brownstein

Fake Meat: More Entrée or Agenda?  

“The plant-based alternatives industry appears to be facing its first true market test and doing poorly. It is a much smaller market than producers perceived, due to the noisy signals and political distortions of Conspicuous Production.” ~Phillip W. Magness and Peter C. Earle

Argentina’s Rampant Inflation, Explained (in One Chart)

“Whichever definition one prefers to use — an expansion of the money supply which leads to price increases, or a broad and sustained increase in consumer prices — inflation is caused by the governments and central banks who control the money supply.” ~Jon Miltimore

A Short Guide to ESG: Goals

“ESG goals are not primarily about shareholder value and enterprise value. The goals are often counter to the interests of shareholders and large segments of society.” ~Paul Mueller

Business Conditions Monthly October 2023

“While we continue to impartially and vigilantly assess incoming data, our current analysis still points to a recession occurring before September 2024 as the most probable scenario.” ~Peter C. Earle

Let the Market, Not Government, Decide the Fate of EVs

“Both for equity and economic efficiency, government inducements to hasten the number of EVs or charging stations are a bad idea. Governments can better spend taxpayers’ monies. EVs have a promising future.” ~Kenneth W. Costello

What Might Have Been

“Wasteful uses of resources necessarily result in some economic opportunities that are possible being rendered impossible. What were these foregone opportunities?” ~Donald J. Boudreaux

Even More Ways to Cook The Benefit-Cost Analysis Books

“In disciplining our thinking to make better decisions, benefit-cost analysis also teaches those determined to mislead others how to do that better. Knowing how to do it ‘right’ also provides a template for how to be wrong in the desired direction.” ~Gary M. Galles

Frank Capra’s Timeless Vision of American Exceptionalism

“Each film contains a large dose of middle-American values magnified time and again against the traps and situations of a complicated impregnable bureaucratic world. And in each case, the little guy wins.” ~Will Sellers

Disinflation Dream Come True

“The Fed will probably keep the fed funds target range unchanged in December. Officials previously signaled additional tightening, but things have changed.” ~Alexander W. Salter

School Choice Can Promote Evasive Entrepreneurs

“Evasive entrepreneurs are having their moment. Education entrepreneurs and parents are working to find educational options for children outside of the highly regulated traditional public schools.” ~Angela Dills

Politicians Talk; Entrepreneurs and Scientists Do

“The worse the inability to get universal political agreement becomes, the better and more cost-efficient become the small-scale, positive-externality, science-based attempts at just doing the work.” ~Joakim Book

Where Have You Gone, Alex P. Keaton?

“Respect for individual freedom, in particular the freedom of thought, is much lower than at any time in my life. It is easy to imagine a latter-day Alex showing up at Leland’s freshman orientation only to be canceled and chased from campus by an angry mob.” ~Paul McDonnold

A Short Guide to ESG: Advocates

“I have categorized organizations by their function and highlighted a few organizations worth knowing in each category, from high-level, broad advocacy to nitty-gritty implementation.” ~Paul Mueller

Argentina Agonistes: The Separation of Money and State

“The Argentine peso has lost 93 percent of its value in just the past 4 years. Anyone who could carry out transactions using dollars always did so; holding pesos was little different from simply setting your wealth on fire.” ~Michael Munger

It’s Time to Discard Piketty’s Inequality Statistics

“As the study and measurement of inequality progresses, Piketty’s (and his team’s) main estimates have become obsolete and might be properly consigned to the field of the history of economic thought.” ~Phil Magness & Vincent Geloso

The Red Pill for Pill Ad Headaches

“Suppose all Americans and Kiwis look to their own self-interest by avoiding advertised drugs whenever possible. In that case, drug manufacturers would have an incentive to stop DTCA of their own accord.” ~Robert E. Wright

The Miracles of Human Cooperation Are Hidden in Plain Sight

“Humans cooperate and communicate in miraculous ways through the mechanism of the price system. If you believe someone must be in charge of coordinating human action, you will never notice the marvels all around you.” ~Barry Brownstein