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.

Do Not Trust Governments with the Control of Money

– November 16, 2020

“If Judy Shelton is appointed to the Federal Reserve Board of Governors, and if she actually espouses and defends the ideas for which she is being condemned by so many of those ‘mainstream’ economists today, it may be a useful step to the societal transformation to a freer society, a key long run element of which must be the freeing of money from political control.” ~ Richard M. Ebeling


Roads to Sound Money, Edited by Judy Shelton

– November 16, 2020

In 2012, the Sound Money Project, then part of the Atlas Economic Research Foundation, released Roads to Sound Money, a collection of essays edited with a foreword by Judy Shelton. The Sound Money Project is now part of the American Institute for Economic Research. AIER is pleased to post the full contents below.


Debt, Deficits, and the Donald

– November 15, 2020

“Fortunately, divided government will mean no Green New Deal, no federally mandated and funded paid leave, and no Court-packing. But it probably won’t mean less spending. In fact, Senate majority leader Mitch McConnell has already announced that we can expect another COVID-relief bill, one containing many of the Democrats’ favorite provisions, such as bailouts of the states.” ~ Veronique de Rugy


Keeping Covid Perspective

– November 15, 2020

“What I believe is deranged is the failure to put Covid-19 in proper perspective. It is deranged to behave as if the risks that Covid poses to kindergartners, to college students, and to healthy young people are indistinguishable from the risks that Covid posed to your elderly father, or poses even to me, a 62-year-old.” ~ Donald J. Boudreaux


Will Consumer Confidence Return? (Video, BBC)

– November 14, 2020

“With Joe Biden declared President Elect for the 2020 electoral race, the focus now shifts to markets and policy makers in their reaction to America’s next administration. I joined the BBC to discuss the latest developments.” ~ Edward Stringham


Election and Resurging Virus Drag Down Consumer Sentiment

– November 13, 2020

“Consumer sentiment fell in early November following the election and a resurgence in Covid-19 infections. Combined with renewed restrictions, the outlook remains highly uncertain.” – Robert Hughes


Even a Military-Enforced Quarantine Can’t Stop the Virus, Study Reveals

– November 13, 2020

“The lockdowners keep telling us to pay attention to the science. That’s what we are doing. When the results contradict their pro-compulsion narrative, they pretend that the studies do not exist and barrel ahead with their scary plans to disable all social functioning in the presence of a virus. Lockdowns are not science. They never have been. They are an experiment in social/political top-down management that is without precedent in cost to life and liberty.” ~ Jeffrey Tucker


The Orwellian Pandemic

– November 13, 2020

“This strange power of language to change hearts and minds was always dubious at best but has, in our times of coronavirus need, gone completely berserk. If we tell a virus to back off, it will. If we ensure one another with empty religious phrases, we’ll all be protected from God’s wrath. George Orwell and his ‘Politics and the English Language’ has never felt more relevant.” ~ Joakim Book


State and Local Governments Should Not Get a Bailout – either from Congress or the Federal Reserve

– November 13, 2020

“A Biden Administration likely will be able to give states and localities a bailout, even if Congress doesn’t approve a new ‘stimulus,’ and even if the Trump Administration doesn’t extend the Federal Reserve’s authority. But at least the incoming Biden people would have to jump through a few hoops.” ~ Daniel J. Mitchell


A Second National Lockdown is Dangerous and Reckless

– November 13, 2020

“To say that now the entire country should enter a 4-6 week shutdown stricter than all that came before is not only tone deaf but reckless. Such a policy will likely have untold consequences that go beyond economic devastation. Suicides, substance abuse, and social turmoil have been exacerbated as a result of lockdowns, and they will only worsen under this new policy.” ~ Ethan Yang


Joe Biden, the New York Times, ‘Dark’ Winters, and ‘Terrifying Surges’

– November 12, 2020

“The more a country tests, the more infections that country will unearth. Doctors and other experts can decide for themselves whether relentless testing is good, bad, or not terribly relevant, but it presumably explains a lot when it comes to virus spread in the U.S. More than politicians and sub-editors want to admit, their predictions and headers are really just statements of a not so dark or terrifying obvious.” ~ John Tamny


The Fed Has A Commitment Problem

– November 12, 2020

“The whole point of a central bank is competently administering monetary policy. Right now, the Fed is failing at this basic task.” ~ Alexander W. Salter


Food and Gasoline Offset in the Everyday Price Index

– November 12, 2020

“AIER’s Everyday Price Index fell 0.1 percent in October as food and energy price changes largely offset each other.” – Robert Hughes


Tyler Cowen Is Wrong About Great Barrington Declaration on Lockdown Policies

– November 12, 2020

“Lockdowns are being re-imposed across Europe, and we’re in increasing danger of seeing them re-imposed in parts of the United States. Ironically, if policy makers heed the advice in the Great Barrington Declaration, which Tyler disagrees with, then the lockdowns would be behind us.” ~ Benjamin Powell


Who to Believe? What to Believe?

– November 12, 2020

“The real world is complex and most of us do not have the information, or the information processing capabilities, to make sense out of much of it. So instead of jumping on intellectual bandwagons and opining that Y is the best color, or masks work because … they do!, or somebody on TV says so, try just watching, listening, thinking, and asking questions, especially about alternatives.” ~ Robert E. Wright


Elections and Legitimacy

– November 11, 2020

“The election results will likely further erode federal legitimacy at a time when Uncle Sam has no trust to spare. How many more election debacles and brazen abuses of power does Washington believe the American people will tolerate?” ~ James Bovard


David Skarbek on Prison Order

– November 11, 2020

“At best Skarbek has illustrated how governance institutions can be analyzed, providing us with a fascinating case study of prison life in a dozen settings. A bit more charitably, governance theory applied to prisons is not falsified by the examples he uses. Whether he has proven the usefulness of the theory, or its ability to explain the observed world, is much less clear.” ~ Joakim Book


What Drives Progress: The State or the Market?

– November 11, 2020

“The idea of an entrepreneurial state as proposed by Mazzucato is a romantic one. It’s an idea that people can come together and through sheer will can make innovation happen. That some very smart people with fancy degrees and prestigious titles can steer society to an optimal location. The only problem with that is just about everything.” ~ Ethan Yang