Then a Miracle Occurs…

– August 31, 2022

“It is inexcusably unscientific for economists (or any one, for that matter) to merely assume that government will perform miracles. But this is exactly what they assume.” ~ Donald J. Boudreaux


Understanding the Basics of Money Demand

– August 23, 2022

“If nothing else, a cash-balances interpretation of the equation of exchange can help us better understand the relationship between the money supply and nominal income.” ~ Alexander William Salter


The Fed Needs a Single Mandate

– August 22, 2022

“A purchasing target would direct the Fed towards an achievable goal that would improve American households’ material wellbeing. Legislators from both parties should make a single Fed mandate a key part of their agendas.” ~ Thomas L. Hogan & Alexander William Salter


Don’t Be a Politician. Focus on Process, not Goals

– August 21, 2022

“The higher our time preference, the more likely we are to believe a politician’s false promises. The more we believe their goal-oriented lies and fail to question their processes, the more freedom, and prosperity we lose.” ~ Barry Brownstein


Open Letter to a Young Marxist

– August 20, 2022

“If any social experiment depends on scorching the earth before building a Utopia, it is probably not the way. But if an ideal system starts small and grows, pulling more human souls into its influence, it’s probably got legs.” ~ Max Borders


On Some Differences Separating Choices in Private Settings from Choices in Political Settings

– August 19, 2022

“The institutional implications of individuals choosing within markets and other private spheres differ categorically from the institutional implications of individuals voting to make major changes to the economy or society.” ~ Donald J. Boudreaux


Price Stability and Nominal GDP Targeting

– August 18, 2022

“While we should not stubbornly insist on first-best policy if the second-best is all we can get, neither should we ignore the question of which policy is first-best. As long as we are reconsidering the Fed’s mandate, nominal GDP targeting should be on the table.” ~ Alexander William Salter


Self-Driving Cars and the Nirvana Fallacy

– August 17, 2022

“While these cars may not be perfect, that would only mean they are well-suited for planet earth, where perfection only exists among the Platonic forms—and in the minds of D.C. regulators.” ~ Caleb S. Fuller


What is Market Urbanism?

– August 15, 2022

“Scott Beyer’s Market Urbanism offers welcome analysis and policy solutions, clearly explaining how free market alternatives can make our cities better for all their citizens.” ~ Robert F. Mulligan


Should the Federal Reserve Set its Own Goals?

– August 12, 2022

“A target that is not determined solely by the Federal Reserve is less subject to changes solely due to deliberations at the Federal Reserve. It will enhance monetary policy’s effectiveness.” ~ Gerald P. Dwyer


Making Sense of the Recession

– August 10, 2022

“Unemployment, for good reason, lags the onset of recessions. And assuming that a widespread burst in employment categorically signifies optimism or portends a quick resumption of economic growth is simply unwarranted.” ~ Peter C. Earle


Reich Strikes Out

– August 10, 2022

“According to Reich, higher prices are due to the pandemic, which suppressed demand and created global supply chain problems, together with Russia’s invasion of Ukraine, China’s overzealous lockdown policies, and of course, capitalist greed.” ~ Robert F. Mulligan