While it is true that the new drilling techniques have revolutionized energy production in the U.S. and Canada, the increase in production has been mostly negligible on the global stage.
The battle over minimum wage is raging. Emotions are running hot. Some cities are setting the bar very high. For example, Seattle is mandating a $15/hour wage. Economically, the issue is very simple. Minimum wage laws do not raise anyone’s wage. This is because it’s not sustainable to overpay. Suppose you run a small tailor […]
The sharp rebuke to the Obama administration delivered by the mid-term elections should not be construed as an endorsement of the GOP, which remains as unpopular as ever.
Central planners constantly run into the problem that people are not willing cogs.
There are economists, most notably Nobel Prize-winning economist Paul Krugman, who suggest that the law of demand applies to everything except labor prices (wages) of low-skilled workers.
Inflation is not needed to grow economies but to grow governments.
Editorial demagoguery against “predatory” lending might well be called predatory journalism — taking advantage of other people’s ignorance of economics to score ideological points, and promote still more expansion of government powers that limit the options of poor people especially.
After President Nixon’s gold default in 1971, many people advocated a return to the gold standard. One argument has been repeated: consumer prices are rising. While this is true, it wasn’t compelling in the 1970’s and it certainly doesn’t fire people up today. Rising prices—what most people think of as inflation—is a dead-end, politically. People […]
I write often about inflation, and often emphasize that it is not about rising prices. It is important that we define our concepts correctly. Inflation is monetary counterfeiting. Here is a quick graph I made to underscore the point that although the quantity of dollars may be rising, crude oil is falling. I was making two points. […]
Business, the activity of producing and trading goods and services, demands a great deal of moral virtue, and businesspeople are not lowly materialists but moral creators.
History shows that, whenever financial institutions, whether domestic or global, have been allowed to develop freely, the results have been far more satisfactory than those from government-designed schemes.
Credibility at the Fed is about subtleties and about perceptions, as opposed to reality.