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New technology can both disrupt and entrench existing large and powerful players in a market. In a previous article, I explained the importance of blockchain technology. A blockchain is a type of database that is distributed to all users without a centrally managed hub and that stores unalterable digital records. It is most commonly known today as the technology underlying bitcoin, keeping records of the cryptocurrency’s ownership and allowing ownership to be transferred.
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At the height of the housing bubble in 2005, both existing and new home sales reached all-time highs—7 million for existing home sales for the year and nearly 1.4 million for new home sales. To put the housing bubble in perspective, new home sales increased three-fold from their low in 1991 to their high in 2005. Home prices as measured by the Standard & Poor’s Case-Shiller Home Price Index rose more that 200 percent between the mid-1990s and the height of the housing bubble.
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The socialist Bolivarian Revolution in Venezuela led by its late president, Hugo Chávez, appears to have failed. The Venezuelan economy has collapsed and hyperinflation has destroyed the country’s currency. The economy contracted over 10 percent in 201 …
READ MOREHow does federal money get distributed to the states, and where does it go? This is a question that has been looked at recently by Ryan McMaken on the Mises Wire blog, by Tax Foundation and Pew Charitable Trusts studies, and by an analysis …
READ MOREOver the past year, I’ve had the opportunity to supervise four college students from local colleges who interned at AIER. Under my supervision, each of them identified, analyzed, and reported on a key innovation in a specific industry. Innovation is a …
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In an article published in AIER’s January 1996 Research Report, Thomas Lehman wrote, “The present immigration policy of the United States amounts to nothing less than a tariff or barrier to entry on the commodity of labor, and harms American consumers …
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Col. E.C. Harwood, AIER’s founder, was a staunch defender of the gold standard and a harsh critic of fiat money, or money that the government declares is legal tender. He understood the dangers of allowing monetary authorities unbridled influence over …
READ MOREAIER’s monthly Everyday Price Index rose 1 percent in January led by food, energy, and health-care prices. The EPI measures price changes that people see in everyday purchases such as groceries, gasoline, utilities, and personal-care products. Over the …
READ MOREThe U.S. economy performed solidly in 2016, according to the latest data from the Bureau of Economic Analysis. Our index of Primary Leading Indicators also remained well into expansionary territory in the latest month, suggesting a low risk of recession in the months ahead. With the Federal Reserve’s slow approach to a tightening monetary policy, the greatest risk is that we don’t know what to expect from Trump administration policies.
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Those who dream of a world with greater economic freedom have traditionally relied on the pen, the ballot box, and sometimes the sword to effect change. But a relatively new technology called blockchain may make the computer a potent tool to achieve greater liberty.
READ MORE“When adversely affected minorities are politically powerful, governments often intervene with special-privilege legislation to insulate the “injured” parties from the effects of international cooperation or to give them special advantages in the inter …
READ MOREAmericans’ cost of living fell relative to their earnings on average in 2016. Even though inflation ticked slightly upward, average wages grew faster. The Consumer Price Index, which measures price changes in goods and services, rose 1.7 percent. That was still low in historical terms but the second highest annual increase in the past five years. But the 2.9 percent increase in average wages was the largest wage gain over that five-year period.
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