Topic: Crisis

Why Aren’t Americans Suing Their Way Out of Lockdown?

– April 13, 2020

Whatever the causes of this uncharacteristic bit of non-litigiousness, Americans should know that ample legal precedents suggest that most shelter in place orders are unlawful and unconstitutional.

Crisis

Liberation From Lockdown Now

– April 13, 2020

The only way to stimulate the economy is to liberate it. The people, all of us, need emancipation from the lockdown. And we need it now.

Crisis, Regulation

The Monumental Failure of the CDC

– April 11, 2020

This time, these government failures have resulted in millions of Americans being all stuck in their homes, schools being closed, the economy in a recession, and 18,000 people having died so far.

Crisis

How do we know what we know, when the coronavirus crisis has shown that even “hard” science does not easily discern Truth from Error? Data can be “massaged” by removing “outliers,” putting in “lags,” smoothing in different ways, and on and on. The distortions do not have to be deliberate to be a major problem.

Crisis

Why Is This Texas Hospital Furloughing Nurses?

– April 10, 2020

Just as the political class decided what is an essential vs nonessential business, so too have it decided what are essential and nonessential medical treatments. As a result, people who could be undergoing needed treatment are sitting at home under house arrest, while nurses who normally have busy jobs are also at home.

Crisis, Economic Trends, Fiscal Policy, Government

The Virtues of Fiscal Discipline

– April 10, 2020

Deficits used to be temporary affairs racked up in exceptional periods as the result of shocks, and paid down with surpluses. Despite years of decent economic growth, public debts in most western countries remain at high levels relative to GDP. Consequently, capacity to respond to crisis – such as natural disasters, wars and the one we are facing now – through borrowing is considerably reduced.

Capitalism, Crisis

Capitalism Is Still Working, Thank Goodness

– April 10, 2020

Economists rarely get to run field experiments for the whole economy. And thank goodness for that, because field experiments can be very damaging. But the coronavirus that every American has been dealing with for the last month has given us as close to a field experiment as we’re ever likely to get.

Crisis, Economic History, History, Regulation

The 100-Day Disaster that Befell America

– April 10, 2020

It took only 100 days to asphyxiate the world economy and the suggestion of possible sickness to render a nation once characterized by rugged individualism, personal liberty, bravery and industry into house-bound milksops.

Crisis, 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.

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.

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.

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.