Uncertainty Index on the Rise
The Trump administration has imposed a rule that two existing regulations must be removed for every new regulation imposed on the economy. Unfortunately, the two-for-one rule does not apply to the trade policies consuming much of the administration’s attention.
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In Defense of the Teaching Mission
Don’t become cynical; embrace the challenge; and as teachers of a subtle scientific discipline it is vital to remember that the students will remember what is emphasized in the class, so emphasize throughout the lectures the enduring principles that are embodied in the economic way of thinking.
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Martin Feldstein Is Dead, Long Live His Critique of Social Security
Feldstein taught his students and readers to think about economic policy decisions in rigorous ways, backed by hard numbers.
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The Hidden Costs of a $15 Per Hour Minimum Wage
There are a lot of ways firms and workers can adjust to higher minimum wages without anyone actually losing his or her job.
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Beware the Candidate with a Plan
Without realizing it, and as brilliant as they may be, the candidates—like all of us—are still profoundly ignorant.
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Democracy and the Toxic Metastasizing of a Sound Idea
Because the American government is democratically elected, there’s a widespread presumption that the actions of this government are, as a rule, the best ones possible. Yet this presumption is mistaken.
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What Preferences Do You Want?
What preferences do you want? In traditional neoclassical economics, that’s a nonsense question, because preferences are taken as idiosyncratic, fixed, and exogenous. Of course, that’s only a modeling assumption; no one really claims that’s descriptively accurate.
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Should Hikers Pay for Their Own Rescue?
The danger that individuals often put themselves in comes at a public cost.
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Graduates, Be Skeptical of Those in Power
The truth is that even the best-intentioned government officials do not — indeed, cannot possibly — have the knowledge necessary to deliver on any grand promises.
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Spring Cleaning for the Regulatory State
Statutes and regulations continue to accumulate, layer by layer, until they suffocate not only economic opportunity, but also the effective administration of government itself.
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Is Big Oil Really Manipulating Market Prices?
Market manipulation would be so much easier if you didn’t declare what your price is relative to the station down the street. And yet, of all the things we buy on a regular basis, the price at the pump is the most visible.
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The Love the Market Gives
Every unforced decision to trade represents a spark of insight, a hope for a better future, and the instantiation of a human relationship that affirms the dignity of everyone involved. Sometimes that relationship is personal; it is even more awesome to consider the enormously complex impersonal relationships that make up the vast global networks of exchange that make our lives wonderful.
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