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.
Yes, Twelve Dollars Is a Good Price for Two Batteries–Under the Right Conditions
“Economists are wary of the word ‘need;’ whether you need something or not is context-dependent, and I’m always amazed at how much my kids’ ‘needs’ change when they’re paying with their money rather than mine.” ~ Art Carden
The Power to Regulate Is the Power to Control
“The ‘chilling effect’ of government censorship by corporate proxy has Americans on an icy slope that bottoms out in the sort of political slavery feared by the Founders and Framers.” ~ Robert E. Wright
DEI Ruins Excellence in Orchestral Programming
“We should allow a free marketplace of ideas to decide, through the messy process of hearing music over and over again, with different ears and at different times, what should stand the test of time. ” ~ Joshua Nichols
In Retrogress
Bad and disproven economic ideas have an uncanny longevity. While knowledge tends to be cumulative in most intellectual fields, the accumulation of knowledge in economics and finance seems to follow a more cyclical pattern. In this edition of the Harwood Economic Review we examine some recent examples of those, and discuss why ideas akin to spontaneous generation or phlogiston theory are periodically reinvigorated and applied in policy measures.
Individuals, Not Governments, Have a Comparative Advantage at Improving Comparative Advantages
“There is no plausible case to be made that for us Americans to improve our comparative advantages we need government to protect us from foreign competition.” ~ Donald J. Boudreaux
Who is “Accountable” to Whom?
“When people talk about ‘holding corporations accountable,’ they usually mean ‘accountable to observers with no serious stake in what they are doing and who bear no meaningful personal cost if their calls for accountability are misplaced.'” ~ Art Carden
After the Speakership Fight: What Now in the House?
“Even if spending cuts don’t go beyond the House, the Republicans will at least be linking themselves to something more than the lurid distortions of Trumpism that spook centrist voters.” ~ David B. Frisk
Evidence that Economic Freedom Improves Outcomes
“The four most recent decades of evidence support the claim that Thomas Jefferson made twenty-two decades ago: societies achieve the best outcomes when their governments prevent people from harming each other, but otherwise leave them alone.” ~ Antony Davies
An Omni-Wreck Waiting to Happen
“It’s time for us to acknowledge the society they are creating and to hold them accountable. If our current legislators won’t apply the brakes on this train, we need to do so in the next election.” ~ Caroline Breashears
The Supreme Court’s Complicity in Our Loss of Freedom
“Too many of the former and present members of the Court think of themselves as the nation’s conscience, but they have a great number of sins, both of commission and omission, to atone for” ~ George Leef
Consumer Sentiment Rose and Inflation Expectations Fell Sharply in January
“Consumer sentiment improved in January, sustaining the recent uptrend, though the overall level remains weak. Short-term inflation expectations fell sharply, and long-run expectations remain well anchored.” ~ Robert Hughes
Welcome the Disinflation, Beware the Narrative
“Let us all hope that disinflation proceeds expeditiously and, if it does, we remain mindful that the outcome is in spite of, rather than owing to, central bankers and their narrow assortment of lagging and unpredictable policy instruments.” ~ Peter C. Earle
How Individuals Enable Tyranny
“Mill, Havel, and Kundera all point us to a terrible truth: our moral weakness, desire to evade responsibility, and illusion that the majority makes right have led us down the slippery slope of forfeiting our freedom.” ~ Barry Brownstein
AIER’s Everyday Price Index Falls for the Fifth Time in Six Months
“AIER’s Everyday Price Index fell 1.3 in December, the fifth decline in the last six months. Emerging signs of slowing economic activity, an aggressive Fed tightening cycle, and fallout from the Russian invasion of Ukraine remain threats to the economic outlook.” ~ Robert Hughes
Weekly Initial Unemployment Claims Fell Slightly
“Initial claims fell slightly, but job cut announcements are trending higher. Elevated consumer price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes
Chatbots Killed the Academic Star
“The standard career strategy (‘write and publish a whole bunch of papers even if no one ever reads them’) will no longer be viable. It’s not clear this is bad, in most disciplines.” ~ Michael C. Munger
The Economics of Mending Wall
“Robert Frost’s masterful poem gives economists and students many opportunities to learn about property rights, self-governance, and peaceful cooperation.” ~ Byron B. Carson
Myth America: Our Facts are the Real Facts. Trust Us.
“If history is not a debate about the facts, then it is not history. When you see your opponents’ views as all lies, myths, and legends, it might say more about the way you engage your opposition than the content of their arguments.” ~ Michael J. Douma
Yes, Twelve Dollars Is a Good Price for Two Batteries–Under the Right Conditions
“Economists are wary of the word ‘need;’ whether you need something or not is context-dependent, and I’m always amazed at how much my kids’ ‘needs’ change when they’re paying with their money rather than mine.” ~ Art Carden
The Power to Regulate Is the Power to Control
“The ‘chilling effect’ of government censorship by corporate proxy has Americans on an icy slope that bottoms out in the sort of political slavery feared by the Founders and Framers.” ~ Robert E. Wright
DEI Ruins Excellence in Orchestral Programming
“We should allow a free marketplace of ideas to decide, through the messy process of hearing music over and over again, with different ears and at different times, what should stand the test of time. ” ~ Joshua Nichols
In Retrogress
Bad and disproven economic ideas have an uncanny longevity. While knowledge tends to be cumulative in most intellectual fields, the accumulation of knowledge in economics and finance seems to follow a more cyclical pattern. In this edition of the Harwood Economic Review we examine some recent examples of those, and discuss why ideas akin to spontaneous generation or phlogiston theory are periodically reinvigorated and applied in policy measures.
Individuals, Not Governments, Have a Comparative Advantage at Improving Comparative Advantages
“There is no plausible case to be made that for us Americans to improve our comparative advantages we need government to protect us from foreign competition.” ~ Donald J. Boudreaux
Who is “Accountable” to Whom?
“When people talk about ‘holding corporations accountable,’ they usually mean ‘accountable to observers with no serious stake in what they are doing and who bear no meaningful personal cost if their calls for accountability are misplaced.'” ~ Art Carden
After the Speakership Fight: What Now in the House?
“Even if spending cuts don’t go beyond the House, the Republicans will at least be linking themselves to something more than the lurid distortions of Trumpism that spook centrist voters.” ~ David B. Frisk
Evidence that Economic Freedom Improves Outcomes
“The four most recent decades of evidence support the claim that Thomas Jefferson made twenty-two decades ago: societies achieve the best outcomes when their governments prevent people from harming each other, but otherwise leave them alone.” ~ Antony Davies
An Omni-Wreck Waiting to Happen
“It’s time for us to acknowledge the society they are creating and to hold them accountable. If our current legislators won’t apply the brakes on this train, we need to do so in the next election.” ~ Caroline Breashears
The Supreme Court’s Complicity in Our Loss of Freedom
“Too many of the former and present members of the Court think of themselves as the nation’s conscience, but they have a great number of sins, both of commission and omission, to atone for” ~ George Leef
Consumer Sentiment Rose and Inflation Expectations Fell Sharply in January
“Consumer sentiment improved in January, sustaining the recent uptrend, though the overall level remains weak. Short-term inflation expectations fell sharply, and long-run expectations remain well anchored.” ~ Robert Hughes
Welcome the Disinflation, Beware the Narrative
“Let us all hope that disinflation proceeds expeditiously and, if it does, we remain mindful that the outcome is in spite of, rather than owing to, central bankers and their narrow assortment of lagging and unpredictable policy instruments.” ~ Peter C. Earle
How Individuals Enable Tyranny
“Mill, Havel, and Kundera all point us to a terrible truth: our moral weakness, desire to evade responsibility, and illusion that the majority makes right have led us down the slippery slope of forfeiting our freedom.” ~ Barry Brownstein
AIER’s Everyday Price Index Falls for the Fifth Time in Six Months
“AIER’s Everyday Price Index fell 1.3 in December, the fifth decline in the last six months. Emerging signs of slowing economic activity, an aggressive Fed tightening cycle, and fallout from the Russian invasion of Ukraine remain threats to the economic outlook.” ~ Robert Hughes
Weekly Initial Unemployment Claims Fell Slightly
“Initial claims fell slightly, but job cut announcements are trending higher. Elevated consumer price increases and aggressive Fed tightening remain major risks for the economic outlook.” ~ Robert Hughes
Chatbots Killed the Academic Star
“The standard career strategy (‘write and publish a whole bunch of papers even if no one ever reads them’) will no longer be viable. It’s not clear this is bad, in most disciplines.” ~ Michael C. Munger
The Economics of Mending Wall
“Robert Frost’s masterful poem gives economists and students many opportunities to learn about property rights, self-governance, and peaceful cooperation.” ~ Byron B. Carson
Myth America: Our Facts are the Real Facts. Trust Us.
“If history is not a debate about the facts, then it is not history. When you see your opponents’ views as all lies, myths, and legends, it might say more about the way you engage your opposition than the content of their arguments.” ~ Michael J. Douma
