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.

Facebook Should Stage Regular Outages to Awaken Its Clueless Critics

– October 17, 2021

“Yes, it’s no fun when access is cut off to what routinely pleases you. In that case, maybe Facebook should stage occasional outages as a way of waking up its hapless critics to how much the company’s alleged victims enjoy its free offering.” ~ John Tamny

The Distorted Market for Woke Capitalism

– October 17, 2021

“The process of awakening corporate America from wokeness will need to be as much a cultural enterprise as it is an exercise in returning business to its proper function in the economy and society more generally.” ~ Samuel Gregg

In Defense of Bank Deposits: An Open Letter to Professor Omarova

– October 16, 2021

“I can’t help thinking that someone placed in charge of a quarter of the nation’s banks ought to recognize the valuable services they perform, and recognize them well enough to be willing to oppose any plan that would prevent them from continuing to perform those services.” ~ George Selgin

Liberty in Peril

– October 16, 2021

“Liberty is certainly in peril — what’s left of it. Can anything rekindle the love that Americans once had for liberty and reverse the upward ratchet of government control?” ~ George Leef

Inflation and Consumer Welfare: Don’t Forget the Supply Side!

– October 15, 2021

“Let’s keep our eye on the supply side. We should be making every effort, policy-wise, to ease restrictions on production and exchange. That will help both in the short run and the long run.” ~ Alexander W. Salter

Marijuana Legalization: Corporate America Now Leading the Way

– October 15, 2021

“Although government plays a role in confronting abuse, civil institutions have an even more important role in creating informal rules for drug use. We increasingly see this process at work, illustrating an important expansion of liberty in Americans’ lives.” ~ Doug Bandow

Money and the Constitution

– October 15, 2021

“The dubious constitutionality of the Federal Reserve System set up in 1912 might have been overlooked if it had provided price stability, lower unemployment, or enhanced economic growth.” ~ Robert F. Mulligan

Time for Washington to Stop Sanctioning the World: US Arrogance Leaves Trail of Innocent Victims Behind

– October 14, 2021

“America’s sanctions policy is both costly and cruel, with the gains rarely worth the resulting human harm. The Biden administration should review current policy and sharply limit the use of economic sanctions.” ~ Doug Bandow

Five College Campus Myths

– October 14, 2021

“Many college students and young people are remarkably receptive to economic theory, but lack the experience with mainline economic education and research to come to sound economic conclusions on their own.” ~ David Gillette & Lauren Frazier

Pennsylvania’s Road to Serfdom (and Freedom’s to Perdition)

– October 14, 2021

“Pennsylvania’s updated ‘climate action plan,’ as were all previous plans, is a recipe for economic disaster and society’s mutual demise. Never has such ‘forward thinking’ been so utterly backward and ignorant.” ~ Colin McNickle

Groceries Feed Gains in the Everyday Price Index in September

– October 13, 2021

“AIER’s Everyday Price Index posted its tenth consecutive increase in September led by groceries. Prices of many goods and services continue to be distorted by the lingering effects of the pandemic including shortages, logistical and supply chain issues, and labor problems. As these distortions fade, price pressures are likely to ease.” – Robert Hughes

Assessing Market Expectations of Inflation

– October 13, 2021

“Those denying any risk that inflation will remain above target or confidently predicting that 4 percent inflation will be the new normal, are not within the range of reasonable. They are rightly ridiculed.” ~ William J. Luther

Capital Accumulation and the Reconciliation Package

– October 13, 2021

“Misguided tax hikes on businesses and individuals that discourage saving and diminish funds for private investment must be avoided. Neglecting this legislation’s adverse impact on capital accumulation means robbing future prosperity for the sake of the present social ends.” ~ Theodore A. Gebhard

Is Larry Summers Channeling Benjamin Anderson?

– October 13, 2021

“The post-2008 framework has incentivized the destabilization of monetary policy. The sooner we recognize this fact, the sooner we can seriously discuss a solution to the problem.” ~ James L. Caton

Job Openings Fell in August but Remain Extremely High

– October 12, 2021

“Job openings fell back slightly from a record high but quits remain elevated as workers take advantage of favorable labor conditions. Overall, the outlook is for continued recovery but the threats and headwinds to growth remain significant.” – Robert Hughes

Eyes on the Politicized Prize

– October 12, 2021

“We may conclusively establish that the monopsony scenario of the minimum wage was directly anticipated and discussed by economists for decades before Card and Krueger’s paper.” ~ Phillip W. Magness

What Are the Nobel Journalists Doing?

– October 12, 2021

“I’m always surprised at the unbelievably poor quality of questions journalists pose to the newly minted laureates. The profession of the Fourth Estate is indeed in hopeless decline; nowhere is this as clear as in watching the econ Nobel be announced.” ~ Joakim Book

All Three AIER Business Cycle Indicators Weaken in October

– October 12, 2021

“The AIER Leading Indicators index posted a sixth consecutive drop in September but remains slightly above the neutral 50 threshold, suggesting continued economic expansion. However, the string of declines since the March high also suggest that sources of growth may narrow, and the pace of growth could slow as well.” – Robert Hughes