AIER Teaches Tomorrow’s Economists

– May 22, 2017

AIER’s founder Colonel E.C. Harwood emphasized the importance of what he called ‘field work’ in any research project. He embraced John Dewey’s educational philosophy, Dewey being a pioneer of constructivist learning, or learning by doing — what nowadays the education literature calls experiential learning.

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Texas Gold’s Homecoming May Be New Dawn for Alternative Currencies

– May 22, 2017

Texas declared it wants to repatriate its gold, sending beams through the monetary world. Is this the long-awaited new day for alt-currency devotees or another false dawn? The Lone Star State is in the process of creating a gold-bullion depository that …

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Repeal the Corporate Income Tax

– May 19, 2017

An especially controversial feature of President Trump’s proposed tax reform is a cut in the corporate income tax. The current tax is progressive, with rates ranging from 15 to 35 percent on income minus deductions. The Trump tax would have a single rate of 15 percent and would eliminate some deductions.

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Repeal the Obamacare Taxes

– May 17, 2017

The American Health Care Act, the House bill intended to repeal and replace the Affordable Care Act (Obamacare), is frequently opposed on the grounds that it cuts taxes for the rich. This may seem like an odd criticism of a purported health-insurance r …

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Constitutional Amendment Only Tool Powerful Enough for “Too Big to Fail”

– May 16, 2017

An economics scholar, Dan Thornton, sees a constitutional amendment as the only way to stop the U.S. government from engaging in “too big to fail” bailouts, but the idea appears too noble to pass. Big-government types won’t go for it for myriad reasons …

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Bitcoin: Decentralized Governance Put to the Test

– May 16, 2017

Bitcoin’s system of radically decentralized governance is facing perhaps the biggest test in the digital currency’s history. As my colleague Patrick Coate described, the code used to run Bitcoin’s blockchain database needs to be updated to transmit mor …

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Fed’s “Normalizing” in the Spirit of Cato’s Buchanan Brigade

– May 15, 2017

It’s not systemic reform, but the Federal Reserve’s recent indication of climbing down from its $4.5 trillion balance sheet is being met with at least half smiles by free market economists. Release of the March minutes from the Federal Open Market Comm …

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Creative Destruction at Ground Zero in Internet’s Commercialization

– May 11, 2017

Move over, Al Gore. Joseph Schumpeter is the real inventor of the internet. Harvard University Professor Shane Greenstein has put Schumpeter’s “creative destruction” concept at the center of his book “How the Internet Became Commercial: Innovation, Pri …

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A Mugwump Who Battled the Emerging American Empire

– May 11, 2017

The career of Carl Schurz (1829–1906) illustrates the transformation of American liberalism from a philosophy of limited government to one that provided the beginnings of a welfare/warfare state. It was a model that Americans now take for granted. Schu …

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Don’t Bring Back Glass-Steagall

– May 10, 2017

Glass-Steagall’s separation of commercial and investment banking was a solution in search of a problem.

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Obscure Law Greases the Deregulation Skids

– May 3, 2017

Since taking office in January, President Trump has cancelled 13 regulations issued by Obama administration agencies thanks to a hitherto rarely used law Congress passed over 20 years ago. Congress and the president could potentially cancel thousands of other rules the same way.

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Trump’s Plan Reduces the Tax Burden but Increases the Debt Load

– May 2, 2017

Americans spend $400 billion dollars per year to comply with the tax code. Americans also dedicate 9 billion hours of labor to comply with the current tax code. Beyond costly compliance, the current tax code distorts investment and work decisions in the economy. Something needs to be done to simplify the tax code and make it pro-growth. 

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