Tag: Economics

Florida’s Fiscal Policy: Responsible State Budgeting »

I’ve written a study for the Mercatus Center at George Mason University on Florida’s state government fiscal policy, which can be accessed here. The bottom line is that in an era of growing government and fiscal irresponsibility, Florida’s state government has a record of fiscal responsibility dating back two decades. Both state government expenditures…
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Are the Ruling Elites in China Now More Pro-market than the Ruling Elites in the USA? »

The current issue of the Cato Policy Report (January/February 2015) contains a short article about a book by Zhang Weiying called The Logic of the Market: An Insider’s View of Chinese Economic Reform, which was originally published in Chinese (and said to be a best-seller in China in that form) and was recently translated into English….
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It’s Called Recovery, but Where’s the Beef? »

Many economists and other analysts have recognized that the recovery from the U.S. economy’s most recent contraction has been unusually weak—weaker, for example, than any other since World War II. But analysts have disagreed in characterizing the current recovery, which according to the National Bureau of Economic Research, the semi-official arbiter of business-cycle chronology,…
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Apocalypse Not: The Legacy of Julian Simon »

“The ultimate resource is people—especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefit and inevitably benefit the rest of us as well.” —Julian Simon February 12 marks the birthday of the late economist Julian Simon (1932–1998). On this special occasion, I wish to…
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Sorry, Your Minimum Wage Law Is a Nightmare »

The minimum wage is an economic nightmare. Let’s say it one more time, with feeling. The minimum wage is an economic nightmare. In the recent elections, voters throughout the U.S. took to the polls to elect their political leaders. Winners and losers were decided, the Republicans took control of the Senate, and pundits eagerly…
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How Much Longer Can the U.S. Economy Bear the Burdens? »

Ordinary people, and sometimes experts as well, tend to overreact to short-term economic changes. The current economic malaise in the United States and Europe has brought forth a bevy of commentators convinced that this time the economy has taken a permanent turn for the worse. Never again, they declare, will we enjoy growing prosperity…
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Peter Thiel’s Contrarian Manifesto »

[Editor’s Note: The Independent Institute is hosting a sold-out event, “Developing the Developed World: Entrepreneurship, Liberty, and the Future,” with Peter Thiel on Tuesday, January 27, 2015.] “Every moment in business happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a…
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Are Falling Prices a Bad Thing? »

Popular opinion seems to be that falling prices — or even stable prices — are bad for the economy, but I’ve never seen any good arguments about why. I’ve just read another article about this, that gives six clearly numbered reasons, so let’s look at what the article says to see if they hold…
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Agonizing over Sports Teams’ Mascot Names »

I have written several columns on current controversies involving the apparent offensiveness of the Washington Redskins’ nickname, the most recent of which was published by the Washington Times. A later contribution to the same debate, by Hayley Manugia at FiveThirtyEight, finds 2,128 such American monikers, all of which should be equally offensive to people…
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I, Nutella »

“The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society’s legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand….
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