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.

Groping in the Dark

This year, Ludwig von Mises’ Socialism turns 100 years old. Pandemic policies went beyond ordinary collectivism in utterly suppressing rather than seizing industries. We now face costly delays, shortages, and rising prices; this is what Mises’ “groping in the dark” looks like.

Consumer Confidence Softened in January

– January 25, 2022

“Consumer expectations weakened in January, pulling down overall consumer confidence. Continued expansion remains the likely course, but weaker consumer attitudes could become a headwind.” ~ Robert Hughes

Jabbing the Administrative State

– January 25, 2022

“Congress will need to be pellucid about what major powers it chooses to delegate. And the administration will have to offer up the real reasons for administrative actions or risk being second-guessed by the judiciary.” ~ John O. McGinnis

Freedom and Whisky Go Together Like Tyranny and Oppression

– January 25, 2022

“Burns hails whisky as the drink of the ‘freeborn, martial boys’ of Scotland, and he readily sees the ‘foe’ as government: ‘royal George’s will.’ His final lines are well founded. If tyranny is linked to the oppression of distilling, then it follows that ‘Freedom and whisky go together'” ~ Jon Sanders

What the Hell is Inflation Anyway?

– January 25, 2022

“Words mean different things to different people, and their meanings change over time. How we define inflation is a matter of choice, but we must also recognize that choice reflects more fundamental beliefs about how the economy functions.” ~ Michael J. Douma

Simple

– January 24, 2022

“Compared to the lives of our pre-industrial ancestors – and, in fact, compared even to the lives of our literal grandparents – each of our lives today is simple beyond the imagination of those who lived a few generations or more ago.” ~ Donald J. Boudreaux

Political Preferences and Public Policy

– January 24, 2022

“Citizens and voters have less influence over public policy than a romantic notion of democracy would suggest. The political elite tells voters what to think, and they fall in line behind their leaders.” ~ Randall G. Holcombe

Don’t Look Up: The Allegory We’ve Been Waiting For

– January 24, 2022

“McKay’s dark satire about the inability to warn most people of impending danger before it’s too late should resonate with all who strive for sound money, fiscal sobriety, personal responsibility, and limited government.” ~ Peter C. Earle

Africa Needs Carbon Fuels

– January 23, 2022

“It’s time to end environmental colonialism. Let Africa develop – quickly – and they, like people elsewhere, will choose more environmental protection as they grow wealthier.” ~ James E. Hanley

From Darkness to Light

– January 23, 2022

“As long as people believe the current anointed, such as Dr. Fauci, are trusted societal screenwriters the lessons of history, economics, and the laws of power will not be learned. We will continue to deny our responsibility to oppose anyone claiming to be anointed.” ~ Barry Brownstein

Walter E. Williams, One of a Kind

– January 22, 2022

“A dedicated teacher and tireless defender of classical-liberal values, Walter’s vast body of work will not only continue to inspire those of us already in the liberal camp, but also to challenge those who as yet aren’t.” ~ Donald J. Boudreaux

What Killed the Red Cars Is Still Killing Transit

– January 22, 2022

“Cars are superior to transit alternatives for the vast majority of individuals and circumstances. Policies which will punish the majority for whom driving remains far superior cannot effectively serve all residents’ interests.” ~ Gary M. Galles

“Zero Risk” Is Too Risky for Me

– January 21, 2022

“Patrick Henry declared under a much greater risk environment, ‘Give me liberty, or give me death!’ My request is not so audacious. I seek the liberty we had even if it comes with a slight uptick in risk.” ~ Jon Sanders

The Money Illusion: A Review

– January 21, 2022

“‘Nothing is as it seems in the world of money,’ Sumner concludes, and worse so as of late. In his grand attempt at rectifying the many blunders in understanding the Great Recession, there’s something for everyone to learn.” ~ Joakim Book

The Value of Work

– January 21, 2022

“If the Great Resignation has taught us anything, it is this. No one fully understands what is happening in American labor markets. Our economy is still changing rapidly, but that’s not the only variable. Workers are changing too.” ~ Rachel Lu

Existing Home Sales Fell in December and Supply Remains Extremely Tight

– January 20, 2022

“Existing-home sales fell sharply in December, but supply remains very tight. Shifting housing preferences and rising mortgage rates are likely to continue to impact demand over the coming months and quarters.” ~ Robert Hughes

Liberties Are Only Kept Safe by the Limitation of Government Power

– January 20, 2022

“Richard Henry Lee’s generation had learned of the need to keep government within narrow limits, as there are very few areas in which it can advance our general welfare, as opposed to some Americans’ welfare at other Americans’ expense.” ~ Gary M. Galles

Can DAOs Revive Civil Society?

– January 20, 2022

“New technology could help to revive America’s flagging civil society. DAOs significantly lower the costs of association, empowering individuals to create solutions to social problems free from governmental burdens.” ~ David Waugh & Robert E. Wright