MARKETS

Tariff Advocates Rarely Talk About How Tariffs Punish Consumers

Politicians who support tariffs and other forms of government intervention in the economy frequently emphasize reshoring, trade deficits, cheap imports, and national security, but they rarely talk about consumers.

Fake Banks and Real Banks

Fake Banks and Real Banks

We observe a run on deposits in a commercial bank, then observe that the same thing can happen to other financial institutions, then mistakenly assume these institutions are essentially the same.

Supply-Side Economics in One Lesson

Supply-Side Economics in One Lesson

Supply-siders insisted that while there may be policy effects on the demand side, one cannot ignore the consequences of the changes such policies make to the incentives of suppliers and entrepreneurs. 

Wage and Price Controls Are Not the Answer to Inflation

Wage and Price Controls Are Not the Answer to Inflation

Reinforcing what economic theory tells us, evidence of the harm of price controls abounds in history, from the infamous 303 A.D. Edict of Emperor Diocletian in Ancient Rome to America’s 1970s gasoline price controls and, perhaps most infamously, New York City’s disastrous eight-decade-long experiment with rent control.

State Investing, Not ESG, Is the Political Problem

State Investing, Not ESG, Is the Political Problem

The problem isn’t so much that a company takes ideological considerations into account in its business practices so much as that governments — such as state-run pension funds — are imposing ideological agendas on businesses via this financial control.

Wage Rates Under Capitalism

Wage Rates Under Capitalism

In a free market, within the limit of his abilities, each person chooses that job which he believes offers him the best combination of money and nonmonetary considerations. In so doing, he simultaneously acts for his own maximum well-being and for that of the consumers who buy the ultimate products his labor helps to produce.

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