Tag: Economics

The Worst (Still) Get on Top »

How often when discussing politics, listening to the news, or hearing about the latest government debacle do you hear something like, “If only John Doe was in office” or “If we could just get the right people in there, things would be better?” How often are issues like corruption, waste, and other perverse outcomes...
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Celebrating Human Action—Ludwig von Mises’s Masterpiece »

September 14 marked the 65th anniversary of the publication of Ludwig von Mises’s masterpiece Human Action. I have been studying Mises’s classic text very carefully the past two years, as I’ve completed the manuscript for a forthcoming Independent Institute book, Cooperation and Enterprise: The Economics of Choice, that crystallizes the essence of Human Action...
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Are Students Afraid To Be Free? »

Class is back in session for most colleges and universities across the country. Last year, I had the privilege of teaching college economics courses for the first time. We discussed many issues, from the economics of War on Drugs and the War on Terror, to the minimum wage, to why airlines offer discounts to...
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Long-Term Unemployment Benefits Expire; Long-Term Unemployment Falls »

The unemployment rate has fallen from 6.7% at the end of 2013 to 6.1% in August 2014. That decline is primarily the result of the expiration of long-term unemployment benefits. Unemployment compensation usually expires at the end of 26 weeks of unemployment, but during the last recession Congress extended that period, and many states...
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Politics and Inequality »

The Federal Reserve has just released a survey indicating that income and wealth inequality has been growing in the United States since 2007. Meanwhile, President Obama has called for government action to reduce inequality. So, it is worth a remark that the growth in inequality reported by the Fed pretty much coincides with the...
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Gross Domestic Product: Is Health Spending Figured Out? »

Relying on a government agency to tell us the value of goods and services produced in our nation may not be the best way to estimate Gross Domestic Product. Nevertheless, it is widely accepted. Health spending was a non-issue in the Department of Commerce’s release of the advanced estimate of second-quarter GDP, which came...
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Governmental “Reform” Is an Oxymoron »

Pick your favorite scandal du jour: Four employees of the Export-Import Bank recently were forced out of their jobs following allegations that they had solicited or accepted bribes from beneficiaries of the bank’s subsidies for foreign-based purchasers of U.S. exports or steered loans to politically powerful U.S. exporters. The director of the Internal Revenue...
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Rags to Riches (to Rags Again) »

“Most income statistics present a snapshot picture as of a given moment—and their results are radically different from those statistics which follow the same given individuals over a period of years.” —Thomas Sowell Last week, CNNMoney carried a fascinating report on how rich families end up squandering their wealth: Nearly 60% of the time...
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Ralph Nader’s Unstoppable »

Ralph Nader’s new book, Unstoppable, describes a convergence of ideas on the political left and political right against the corporate state. The book says there is a broad consensus, from socialists to libertarians, who oppose government policies that provide corporate welfare and bailouts for the economic elite and impose the costs on everyone else....
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Political Spam »

I don’t know if you are as popular with the political insiders as I am, but already today I have received emails from Joe Biden, Nancy Pelosi, and Debbie Wasserman Schultz. In fact, I’ve received more than a dozen emails today alone from either the Democratic Party, Democrats involved in election campaigns, or Democratic...
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