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A Policy Wishlist for Summer 2021, Initially Composed While Stuck in Traffic
“These may not be very likely, but a man can dream, can’t he–especially when he’s stuck in stop-and-go traffic? If, by some miracle, some of these actually happen, we can move on to other improvements when Fall rolls around.” ~ Art Carden
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The Decentralization Fetish
“We must not merely assume that decentralization is always good and more-decentralized solutions are always better. Instead, we should recognize that it depends on the unique benefits of decentralization and the costs of realizing those benefits relative to more-centralized alternatives.” ~ William J. Luther
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Does “Expected Inflation” Explain or Predict Inflation?
“There might be higher inflation ahead, but neither year-to-year CPI changes, the 2020 lockdowns, or news-based monthly opinion polls about expected inflation provide reliable advance clues about what lies ahead. Meanwhile, the low break-even rate offers a good reason to be skeptical of high inflation forecasts.” ~ Alan Reynolds
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