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.

Fading Covid Boosts Consumer Confidence in October

– October 27, 2021

“Consumer attitudes recovered slightly as new Covid cases decline, supporting a more positive economic outlook. However, the psychology of rising inflation expectations remains a threat.” – Robert Hughes

Crowding Out Under Quantitative Easing

– October 27, 2021

“The data speaks loudly. An accommodative monetary policy has failed to facilitate a robust economic recovery. And an artificially low federal funds rate is pumping up the federal debt and weighing on private investment.” ~ James L. Caton

Core Capital-Goods Orders Suggest Business Investment Remains Robust

– October 27, 2021

“New orders for core capital goods rose again, hitting another new high. Continued strength for business investment is a positive sign for the economic outlook.” – Robert Hughes

We at 100: The Case for Liberty

– October 27, 2021

“Yet Zamyatin leaves readers with hope, as valuable now as it was in 1921. As I-330 says, there is no final number, so ‘how can there be a final revolution? There is no final one. The number of revolutions is infinite.’ Even when liberty seems most at risk, it is never truly lost.” ~ Caroline Breashears

Why Bother?

– October 27, 2021

“Apparently, when it comes to maintaining peaceful relations with all, as Adam Smith, Alexander Hamilton, and scads of other political economists have advised, Uncle Sam has only one thing to say: Why bother?” ~ Robert E. Wright

New Single-Family Home Sales Rose in September as Prices Continue to Surge

– October 26, 2021

“New-home sales rose in September while inventory held steady. Rising prices will likely continue to force some buyers out of the market, leading to additional inventory build and slower price increases.” – Robert Hughes

What Progressives Miss in the Bitcoin Energy Debate

– October 26, 2021

“If progressives such as Elizabeth Warren extended their publicly held values of ‘fearless consumer advocacy’ to also apply to those outside the western world, they would see the value of Bitcoin.” ~ David Waugh

Limited Government and Money: A Review of Money and the Rule of Law

– October 26, 2021

“Truly limited government involves limiting the discretion of the Federal Reserve. A solution involves imposing binding rules on both the Fed and Congress. The rules must specifically restrict the creation of ‘liquidity and credit except in specific ways that are general, predictable, and robust.'” ~ Daniel Sutter

All Value Is Subjective, and That’s a Good Thing

– October 26, 2021

“If anything had intrinsic value, we could only either exchange it for a price precisely matching that value, with neither of us becoming better off, or exchange it for a price different from its ‘true’ value, with one person ending up worse off because of the exchange.” ~ James E. Hanley

The Semantic Revolution

– October 25, 2021

“Our decisions on semantics express broader moral and political sensibilities. On my semantics, the revolutions of 1848 were not liberal. Nor, overall, was the revolution of 1789. As Edmund Burke put it in 1790: ‘Their liberty is not liberal.'” ~ Daniel B. Klein

Why Government Cover-Ups Succeed

– October 25, 2021

“The mere fact that Biden is not Donald Trump will likely continue to give him a free pass from the media for at least another six months. Or maybe cold, hard reality will never catch up with the most media-beloved president since Barack Obama.” ~ James Bovard

To Fix the Shipping Crisis, Start by Repealing the Jones Act

– October 25, 2021

“The Biden Administration should immediately suspend the Jones Act, at least until the shipping backlog is remedied. That, instead of coddling special interests wielding ludicrous (and arguably long out-of-date) arguments, would be a true ‘gamechanger.'” ~ Peter C. Earle

An Open Letter to Phil Magness, by Don Boudreaux

– October 24, 2021

“The future of economic analysis would be brighter if economists today were more knowledgeable about its past – and thought as deeply as did earlier scholars such as Buchanan, Stigler, and Dewey about the nature of competition and the complexities of real-world markets.” ~ Donald J. Boudreaux

Socialist Darwinism

– October 24, 2021

“The next time somebody accuses you of Social Darwinism, tell ‘em you want to help the poor to thrive by supporting policies that increase productivity and that allow people to help the unfortunate through charity, insurance, and other voluntary mechanisms.” ~ Robert E. Wright

Principles, Not Coercion, Are the Source of Unity

– October 23, 2021

“True unity, our shared humanity, must rest on the principle of natural rights. Rights-based unity leads to cooperation and harmony based on respect for voluntary choices made by individuals, especially when their choices differ from our own.” ~ Barry Brownstein

A Tale of Two Pizzas: Are Property Values Really Yours to Keep?

– October 23, 2021

“You may own a monetary asset, but you’re not entitled to determine its exchange rate against other goods and services. Just because you own something, that doesn’t mean you own the prerogative of setting its price. That goes for homes too.” ~ Joakim Book

Recovering a Lost Tradition: Review of The Lost Tradition of Economic Equality in America, 1600-1870

– October 22, 2021

“Knowledge will advance when this literature merges historical craftsmanship like Mandell’s with economists’ methodological individualism and the notion that the hyper-liberals might have been right.” ~ Art Carden

What If a Great Crypto Crash Is Coming?

– October 22, 2021

“Were the world to experience a new economic downturn, there is a great possibility that this lack of consumer use will show the current valuation of Bitcoin to have been a bubble. If this happens, a lot of retail investors will suffer.” ~ Benjamin Juhlin