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.

Failed Proof that Every Vote Counts

“Many candidates who have vociferously insisted that ‘every vote counts’ push policies that deny vast numbers of Americans the right to get what they would vote for if given the choice.” ~Gary Galles

Take National Security Off Auto-Pilot

“We have squandered our own scarce resources, bred animosity overseas, and frequently made existing conditions worse.” ~Andrew Byers

They Can Afford It!

“Even companies with unusually high net worth cannot, in fact, afford to pay workers more than those workers contribute to the companies’ bottom lines.” ~Donald J. Boudreaux

Taxpayer Rights Revival in California

“With inflation shrinking the purchasing power of their dollar and faced with higher tax bills because of ‘bracket creep,’ taxpayers are starting to push back against wasteful government spending again.” ~Thomas Savidge

Economists’ Advocacy for a Carbon Tax Is Misguided

“The reality is that bureaucrats and politicians would likely choose a metric aligned with their self-interest or with the interests of those who currently hold power.” ~Kenneth W. Costello

Weaving Stable Neighborhoods

“It’s simply unconscionable that so many of us continue to invest our charitable time and treasure into projects that undermine social cohesion rather than building it.” ~Rachel Ferguson

Sanders’s 4-Day Week Will Kill Flexible Jobs

“Many Americans juggle multiple or part-time jobs to make ends meet. This policy would add another layer of complexity and constraint in a market that requires more flexibility, not less.” ~Vance Ginn

The Wasteful Cruelty of “Stakeholder Capital”

“When institutional investors vote to destroy the wealth of Chevron, they vote to destroy the dreams of single mothers in Wisconsin, pensioners in California, and small business owners in Nebraska.” ~Jeremy Kidd

Is Argentine Disinflation Sustainable?

“Milei’s lack of political support in Congress adds to the uncertainty surrounding his ability to successfully pass deregulatory reforms… it is premature to declare victory on the fiscal and inflationary fronts in Argentina.” ~Nicolás Cachanosky

Take the Government Out of GDP 

“Tax revenues are harvested from private citizens by means of coercion and extractive measures… Paying taxes to remain free of incarceration or not face withering financial penalties is hardly indicative of cooperative exchange. ” ~Tom Savidge and Peter C. Earle

Bitcoin Mining and Icelandic Bananas

“Stranded energy and unused electricity are magnets for bitcoin miners, as they take electricity that can’t readily be used for other purposes and turn it into one of the world’s most liquid and globally transferable assets.” ~Joakim Book

The New Zimbabwean ZiG: Sixth Time a Charm?

“Even the most faithfully implemented commodity-backed money standard is fundamentally predicated on the integrity and competence of its overseers.” ~Peter C. Earle

Parity in Labor Transparency

“If workers are going to grant a labor union the extensive powers over them that federal law has authorized, workers should be able to know whether the ‘coworkers’ advocating the union are paid representatives of Big Labor. ” ~Michael Watson

Will Caitlin Clark Be Grossly Underpaid?

“There simply isn’t enough demand for seats at, merchandise related to, and streaming of women’s sports to support WNBA players at NBA salaries.” ~Art Carden

A Better Model Won’t Fix The Fed

“The whole point of expectations-responsive monetary policy is to remove the discretionary and technocratic elements from central banking. Disappointingly but unsurprisingly, the Fed is doing the opposite: doubling down on discretion and technocracy.” ~Alexander W. Salter

‘Tyranny’ by Any Other Name

“The liberal version of true democracy is everyone getting to decide, peaceably, how to manage their own lives — not everyone being perpetually subjected to the whims of 50-percent-plus-one of their fellow men.” ~Richard Morrison

Business Conditions Monthly March 2024

“We remain cautious, as economic statistics have been both volatile and reflective of highly unusual underlying conditions since pandemic policies were lifted three years ago.” ~Peter C. Earle

The Demise of the Dual Banking System 

“The issue comes down to whether a state-chartered bank that fulfills the legal requirements for a master account can be denied one by the Federal Reserve.” ~Gerald P. Dwyer

Creating So Many Jobs that Destroy Wealth 

“Many of the jobs created directly or indirectly by government policies impose net costs on society rather than producing benefits, which worsens rather than improves Americans’ wellbeing.” ~Gary M. Galles

FISA Destroys the Rule of Law

“Evidence…cannot be challenged by opposing counsel and are highly classified. This has resulted in the drone-like ‘rubber stamping’ of warrantless surveillance conducted without oversight or challenge.” ~Spence Purnell

Protectionists’ Cheap Tricks

“Gains from trade are mutual, a reality that isn’t changed one iota by imposing a political boundary between the traders. Protectionism therefore strips both foreigners and Americans of these gains.” ~Donald J. Boudreaux

Bootlegger in a Baptist’s Mask

“Bob Lighthizer wants you to join him in what he claims is a moral crusade to save a few American jobs. He fails to mention that ultimately, we will all pay much higher costs to do this.” ~G. Patrick Lynch

Are You a Servant of Tyranny or Liberty? 

“What happens to a country with no constitution or deep-seated commitment to curbing the use of power? Absent those limits, virtue wanes, and it is easy for people to become servants of tyranny.” ~Barry Brownstein

When Ideological Bubbles Trump Economic Thinking

“That a Nobel Prize-winning economist can hold these naïve views and fail to use simple economic reasoning should give us pause about how ideology and echo chambers can dull our reasoning.” ~Paul Mueller

‘Consumer Reports’ Jettisons Objectivity on Climate Change

“Scaring the public into action simply does not work — indeed, Chicken Little can proclaim only for a short time that the sky is falling until people begin to see through the ruse that Chicken Little is really Chicken Liar.” ~David Legates and E. Calvin Beisner

April’s Disinflation Delivery

“In the first quarter of 2024, the US economy expanded at a rate of 1.6 percent per year. That’s hardly an impressive growth rate, but it’s significantly faster than money supply growth. Money looks somewhat tight.” ~Alexander W. Salter

Private Governance Will Make You Free

“Enforcement of these emergent rules can be accomplished largely by what Adam Smith called ‘propriety,’ rather than by armed employees of the state.” ~Michael Munger

Sloppy Utopia

“The book is irrelevant in the exact meaning of that word: It does not answer the question it sets for itself, does not rise to the task of chronicling the big economic changes of the extended twentieth century, does not adequately and accurately capture a believable grand narrative.” ~Joakim Book

AIER Everyday Price Index Rises for Fifth Consecutive Month

“April’s core CPI data represents the lowest of 2024 and may signal the resumption of disinflation, particularly where shelter costs are concerned. Despite some favorable signs, though, there remains a persistent inflationary pressure in certain categories.” ~Peter C. Earle

Japanese Immigrant Exclusion: 100 Years Later

“Scientists and academics nationwide embraced these outward intentions to divide the ‘desirable’ immigrants from those more susceptible to crime, disease, and incompetence.” ~Will Sellers

Is The Fed Manipulating the Market?

“We cannot just look at the Fed’s target rate to determine whether it is manipulating the market. We must consider its target rate relative to the natural rate.” ~Bryan Cutsinger