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.
Private-Sector Job Openings Remain High Despite a Second Consecutive Decline
“Private-sector job openings fell in November but remain high, suggesting an ongoing labor shortage. However, the outlook remains highly uncertain.” ~ Robert Hughes
Economic Reality Is Far Too Complex to Be Improved By Trade Restrictions
“Unlike market participants guided by prices, politicians and administrators literally have no reliable information to guide them. They will therefore be guided exclusively by their own biases and hunches.” ~ Donald J. Boudreaux
What Deeper Lessons Can We Learn From Southwest Airlines’ Meltdown?
“The lesson of Southwest Airlines’ debacle is not that it was ‘dumb’ or ‘shortsighted.’ Rather, it should make all of us think more deeply about the opportunity costs and benefits of small, or marginal changes in this efficiency-resiliency tradeoff.” ~ Craig J. Richardson
A Key Lesson in Education Policy: You Don’t Make Peace with Termites
“As important as issues like taxes and regulations are, their most important (and most difficult) task is to restore control of education to people who actually want to educate.” ~ George Leef
Conquistadors and Indian Rights
“Though this counters today’s understanding of colonialism generally, and the conquest in particular, the fact is that Spanish treatment of Indians in the Americas was not the monolithically brutal affair it is so often portrayed to be.” ~ Paul Schwennesen
FOMC Ratchets Up Inflation Projection
“FOMC member projections suggest that inflation will come down only gradually over the next two to three years and that the price level will remain permanently elevated.” ~ William J. Luther
A Secret War in the Making: Americans Should Not Die to Defend Taiwan
“The better strategy would be aid short of war. Today the US and democratic states should be making conflict less likely by arming Taiwan, insisting that it take its own defense seriously.” ~ Doug Bandow
Pilot Shortage: A Story of Stalled Supply and Rising Demand
“Overzealous regulation of pilot credentialing (by Congress, rather than carriers, insurers, or other stakeholders) have ensured the budget-conscious and the small-town traveler will both be getting a lot less service from airlines.” ~ Laura Williams
Happy 2023: Adam and God
“What is the place of God in our ethics? What is our nature? What is our civilization? Which way is up? The Smith tercentenary is a special opportunity to come together in Adam Smith.” ~ Daniel B. Klein
Free-Market Capitalism is the Next American Economy
“Only by learning our unique history, and grasping the principles of free-market economics free from burdensome interference, can Americans embark on the next American economy.” ~ Vance Ginn
Putting Aggregate Demand and Aggregate Supply to Work
“Economists use aggregate demand and aggregate supply (AS-AD model) to understand how inflation and real income growth are jointly determined.” ~ Bryan Cutsinger & Alexander William Salter
Spare a Thought for Bubble Wrap
“Only a very wealthy society can afford to devote so much human ingenuity and effort to the careful production of packaging materials that are promptly discarded, in most cases, without a thought after a single use.” ~ Donald J. Boudreaux
Freedom’s Future Requires Understanding the Past
“When confronted with issues regarding the necessary extent of the state, liberty-lovers need not rely solely on economic theory, nor hypotheticals, because the historical record often can light the proper path towards smaller, more-efficient government.” ~ Robert E. Wright
Where Do The Savings Go?
“As Henry Hazlitt reminds us, the art of economics consists not merely in looking at the effects on the most visible groups, but in tracing the effects on everyone.” ~ Art Carden
The New-Normaling of Blackouts
“Before, rolling blackouts were a California problem, then they also became a Texas problem. Blackouts are spreading faster than even Imperial College London modelers would find believable.” ~ Jon Sanders
Every Flaw in Consumers is Worse in Voters, Part Deux
“A ‘good’ industrial policy is impossible in a democracy. Progressives who want industrial policies don’t have that position only because they mistrust markets. Progressives mistrust democracy, and always have.” ~ Michael C. Munger
Does Government Spending Lead to Inflation?
“The key point is that it is the central bank’s willingness to help finance government spending, not the spending itself, that drives inflation. In short: inflation remains a monetary phenomenon.” ~ Bryan Cutsinger
Stanford Fails to Master Clear Thinking
“Ironically, it should be Stanford itself that helps less-enlightened organizations master the techniques of clear thinking that were at least partly developed at that great university.” ~ David R. Henderson & Charles L. Hooper
Private-Sector Job Openings Remain High Despite a Second Consecutive Decline
“Private-sector job openings fell in November but remain high, suggesting an ongoing labor shortage. However, the outlook remains highly uncertain.” ~ Robert Hughes
Economic Reality Is Far Too Complex to Be Improved By Trade Restrictions
“Unlike market participants guided by prices, politicians and administrators literally have no reliable information to guide them. They will therefore be guided exclusively by their own biases and hunches.” ~ Donald J. Boudreaux
What Deeper Lessons Can We Learn From Southwest Airlines’ Meltdown?
“The lesson of Southwest Airlines’ debacle is not that it was ‘dumb’ or ‘shortsighted.’ Rather, it should make all of us think more deeply about the opportunity costs and benefits of small, or marginal changes in this efficiency-resiliency tradeoff.” ~ Craig J. Richardson
A Key Lesson in Education Policy: You Don’t Make Peace with Termites
“As important as issues like taxes and regulations are, their most important (and most difficult) task is to restore control of education to people who actually want to educate.” ~ George Leef
Conquistadors and Indian Rights
“Though this counters today’s understanding of colonialism generally, and the conquest in particular, the fact is that Spanish treatment of Indians in the Americas was not the monolithically brutal affair it is so often portrayed to be.” ~ Paul Schwennesen
FOMC Ratchets Up Inflation Projection
“FOMC member projections suggest that inflation will come down only gradually over the next two to three years and that the price level will remain permanently elevated.” ~ William J. Luther
A Secret War in the Making: Americans Should Not Die to Defend Taiwan
“The better strategy would be aid short of war. Today the US and democratic states should be making conflict less likely by arming Taiwan, insisting that it take its own defense seriously.” ~ Doug Bandow
Pilot Shortage: A Story of Stalled Supply and Rising Demand
“Overzealous regulation of pilot credentialing (by Congress, rather than carriers, insurers, or other stakeholders) have ensured the budget-conscious and the small-town traveler will both be getting a lot less service from airlines.” ~ Laura Williams
Happy 2023: Adam and God
“What is the place of God in our ethics? What is our nature? What is our civilization? Which way is up? The Smith tercentenary is a special opportunity to come together in Adam Smith.” ~ Daniel B. Klein
Free-Market Capitalism is the Next American Economy
“Only by learning our unique history, and grasping the principles of free-market economics free from burdensome interference, can Americans embark on the next American economy.” ~ Vance Ginn
Putting Aggregate Demand and Aggregate Supply to Work
“Economists use aggregate demand and aggregate supply (AS-AD model) to understand how inflation and real income growth are jointly determined.” ~ Bryan Cutsinger & Alexander William Salter
Spare a Thought for Bubble Wrap
“Only a very wealthy society can afford to devote so much human ingenuity and effort to the careful production of packaging materials that are promptly discarded, in most cases, without a thought after a single use.” ~ Donald J. Boudreaux
Freedom’s Future Requires Understanding the Past
“When confronted with issues regarding the necessary extent of the state, liberty-lovers need not rely solely on economic theory, nor hypotheticals, because the historical record often can light the proper path towards smaller, more-efficient government.” ~ Robert E. Wright
Where Do The Savings Go?
“As Henry Hazlitt reminds us, the art of economics consists not merely in looking at the effects on the most visible groups, but in tracing the effects on everyone.” ~ Art Carden
The New-Normaling of Blackouts
“Before, rolling blackouts were a California problem, then they also became a Texas problem. Blackouts are spreading faster than even Imperial College London modelers would find believable.” ~ Jon Sanders
Every Flaw in Consumers is Worse in Voters, Part Deux
“A ‘good’ industrial policy is impossible in a democracy. Progressives who want industrial policies don’t have that position only because they mistrust markets. Progressives mistrust democracy, and always have.” ~ Michael C. Munger
Does Government Spending Lead to Inflation?
“The key point is that it is the central bank’s willingness to help finance government spending, not the spending itself, that drives inflation. In short: inflation remains a monetary phenomenon.” ~ Bryan Cutsinger
Stanford Fails to Master Clear Thinking
“Ironically, it should be Stanford itself that helps less-enlightened organizations master the techniques of clear thinking that were at least partly developed at that great university.” ~ David R. Henderson & Charles L. Hooper
