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.

Consumers’ Views of the Economy Fell in September

– September 28, 2021

“Consumers are becoming less optimistic as Covid cases rise. The declining optimism is likely to have some impact on spending and remains a risk to the economic outlook.” – Robert Hughes

The Costly but Deliberate U.S. Labor Shortage

– September 28, 2021

“Today’s U.S. labor shortage is both uneconomic and unnecessary, yet nonetheless what appears to be a deliberate policy aim. Sadly, the same can be said about a wide range of other anti-capitalist policies being advanced by the Biden administration.” ~ Richard M. Salsman

Since Viking Times, the Nordics Have Been Different

– September 28, 2021

“Work hard; Endure hardship; Do what is right. That is the core of the Viking spirit, which Herman so elegantly traces through its millennia-long history: ‘about daring to reach for more than the universe had gifted you, no matter the odds and the obstacles.'” ~ Joakim Book

Immigration and the Open Society

– September 28, 2021

“Few of us would endorse the idea of marriages mandatorily arranged by parents for their kids. Why would we be happier with state paternalism deciding how society should be formed?” ~ Alberto Mingardi

Fast Payments Enable Lightning Kidnappings in Brazil

– September 28, 2021

“The only way that the Banco Central do Brasil could completely end PIX-based lightning kidnapping would be to slow the entire system down. That would mean cutting regular Brazilians off completely from the benefits of real-time payments.” ~ J.P. Koning

Nutzenschmerz

– September 27, 2021

“Only a society afflicted with severe Nutzenschmerz would choose a system where even the neediest are harmed, to ensure that no one else gets an arbitrary or undeserved benefit.” ~ Michael Munger

Durable-Goods Orders Rose in August as Core Capital-Goods Hit Another Record High

– September 27, 2021

“New orders for core capital goods hit another new high in August, the ninth record in the last ten months. Continued gains are a positive sign for the economic outlook.” – Robert Hughes

Biden’s Tax Plan Is a Middle-Class Death Tax Dressed as a Capital Gains Tax on the Rich

– September 27, 2021

“Say what they will about using the tax code to reduce income inequality, the fact is that multi-trillion dollar deficits have made politicians desperate for new sources of tax revenue. And, having eaten the rich, they’re now turning their eyes to the middle class.” ~ James R. Harrigan & Antony Davies

The Irony of China’s Most Recent Bitcoin Ban

– September 27, 2021

“With the Evergrande crisis looming in the background, the crypto universe being pilloried by Chinese authorities as a ‘growing threat to financial stability’ and ‘disrupt[ive] to economic order’ is more than simply ironic. It is irony at its most mordant.” ~ Peter C. Earle

Review of Sheilagh Ogilvie, The European Guilds: An Economic Analysis

– September 26, 2021

“With The European Guilds, Ogilvie has written the definitive treatment of the subject. It is a book that every economist and historian should know about, and I expect it to be the standard work on the topic for many years to come.” ~ Art Carden

The Property Instinct and the Utter Futility of Socialism

– September 26, 2021

“‘Ideal’ socialism systematizes legalized theft and hence will be resisted in ways large and small, rendering it less productive than systems that recognize the way humans naturally cognize property.”~ Robert E. Wright

Remdesivir and Lessons in Pandemic Drug Approvals

– September 25, 2021

“At best, this can be a lesson to us all about pandemic drug approvals. But as noted we’ve had those lessons and they didn’t stick. Don’t expect this to have any impact, either.” ~ Michael Fumento

The Enduring Relevance of Mises and Hayek’s Critique of Socialism

– September 25, 2021

“The fact that the market, thankfully, is so robust as not to grind to a halt at the slightest provocation ought not be mistaken as evidence that government interventions into the economy are harmless unless and until they begin to resemble full-on socialism.” ~ Donald J. Boudreaux

There’s No Such Thing as “Market Fundamentalism”

– September 24, 2021

“Minds Wide Shut provides a worthwhile introduction, but it calls for much more work. I would suggest to Morson and Schapiro that they revise the book to focus on true fundamentalist thinking and leave out their misleading and ill-conceived attack on ‘market fundamentalism.'” ~ George Leef

Existing-home sales

New Single-Family Home Sales Rose but So Did Inventory and Months’ Supply

– September 24, 2021

“New-home sales rose in August but so did inventory and months’ supply. Rising prices will likely continue to force some buyers out of the market, leading to additional inventory build and slower price increases.” – Robert Hughes

Will We Accept Nuclear Fusion When It Comes?

– September 24, 2021

“By using the most abundant element on earth, hydrogen, Fusion provides a limitless future. The only question is whether our politics allows us to accept this good fortune.” ~ James E. Hanley

The Curse of Resources, Coups, and Business

– September 24, 2021

“Unruly ambitions degrade the institutions and norms that would contribute to successful negotiations with multinational firms and investors essential for the development of the economy.” ~ Todd Myers

Corporate Welfare: Where’s the Outrage? A Review

– September 24, 2021

“The majority of corporate welfare policies appear to remove resources from local populations and via cronyism, politicians try to insulate themselves from the loss of those benefits by removing community members from the decision process.” ~ David Waugh