Then a Miracle Occurs…
“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
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Understanding the Basics of Money Demand
“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
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The Fed Needs a Single Mandate
“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
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Don’t Be a Politician. Focus on Process, not Goals
“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
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Open Letter to a Young Marxist
“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
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On Some Differences Separating Choices in Private Settings from Choices in Political Settings
“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
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Price Stability and Nominal GDP Targeting
“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
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Self-Driving Cars and the Nirvana Fallacy
“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
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What is Market Urbanism?
“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
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Should the Federal Reserve Set its Own Goals?
“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
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Making Sense of the Recession
“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
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Reich Strikes Out
“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
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