Crisis, Daily Economy, Economic Trends

Anatomy of the Great Suppression

– April 9, 2020

The Great Suppression, a severe contraction in business activity caused by a government crackdown on capitalist acts between consenting adults, is an awful calamity. Government’s grip will be loosened once the crisis passes, but it will likely be tighter post-crisis versus pre-crisis.

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Crisis, Economic Theory

Why the Political Class Freaked Out

– April 9, 2020

Politicians, including the President, try to adjust expectations about what a “good” or “bad” outcome would look like. If the outcome is bad and lots of people die they can always come out with the “good thing we did something or this would have been much worse” excuse.

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Crisis, History

Our Ten Days that Shook the World

– April 8, 2020

After that day in New York, our worlds began to shut down. The following day, a national emergency was declared. Then the CDC recommended against 50 or more people. France locked down. Borders closed. Then the unthinkable scenario unfolded.

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Crisis, Unemployment

Peter Navarro Has Got to Go

– April 8, 2020

To Navarro, the answer to every question is always and everywhere erecting barriers to the production of others. To say he amazingly believes something is to pretend a lot of thinking informs what he says. Probably not.

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Crisis, Economic Theory

Do Economists Believe in “Magic”? No, We Believe in Markets

– April 8, 2020

The entire dismal science rests on this very, very simple insight: specialization makes our labor more productive. We could complicate this in all sorts of different ways, and that’s exactly what we do when we move from specialization to supply and demand.

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Capitalism, Crisis

No, Capitalism Did Not Fail

– April 7, 2020

Riding out storms and sharing risks across billions of people is a feature, not a bug, and the affluent capitalist nature of our institutions puts us in a better position to deal with them.

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Crisis

The Press Conference Trump Should Hold Now

– April 6, 2020

“I have a new campaign slogan more in keeping with my new political view of things. It is, “Make Americans Free Again.” This is an idea and an ideal truly worth fighting for and reestablishing here in the United States.”

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Crisis

With Knowledge Comes Calm, Rationality, and, Possibly, Openness

– April 5, 2020

To the extent we can replace fear-based mythology, predictions, and state power with knowledge rooted in empirical realities, that is to say, actual facts, we get closer to comprehending the possibility of calm and focus on what matters.

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Crisis

Unwealthy is Unhealthy, So Why Mandate It?

– April 5, 2020

Standard claims about the supposed net benefits of mandatory lockdowns, shutdowns, and shut-ins are dubious on both economic and moral grounds; as such, they’re woefully improper, even dangerous, when used to justify destructive public policymaking.

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Crisis, Economic Education

The Coronavirus Pandemic Is Not Exponential

– April 5, 2020

It is farcical that people who until a few weeks ago couldn’t even spell the word “exponential” – let alone explain what it meant – ran straight across this intellectually hysterical spectrum and made the opposite mistake: drawing exponential curves until they ran out of paper or whiteboards.

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