Celebrating humanity's flourishing through the spread of capitalism and the rule of law
11 Aug 2024 Leave a comment
in applied price theory, applied welfare economics, economic growth, fiscal policy, labour economics, labour supply, macroeconomics, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
Writing about Mitt Romney’s selection of Paul Ryan in 2012, I opined that, “…it probably means nothing. I don’t think there’s been an election in my lifetime that was impacted by the second person on a presidential ticket.” I feel the same way about Tim Walz, who is Kamala Harris’ pick for Vice President. But […]
Minnesota’s Failed Class-Warfare Tax Policy
05 Aug 2024 Leave a comment
in applied price theory, discrimination, economic growth, economics of bureaucracy, economics of crime, economics of regulation, gender, income redistribution, labour economics, law and economics, macroeconomics, Public Choice, public economics, rentseeking, urban economics Tags: British politics
She’s been one of the rising stars of the British Conservative Party for some time now, and I’ve covered stories about her before (Would be nice if a US Democrat said this about Critical Race Theory and A Tory warning for the National Party of 2032), but I’ve finally decided to add Kemi Badenoch as a tag […]
How Politicians Should Debate: Kemi Badenoch
01 Aug 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, history of economic thought, macroeconomics
See Socialists, Knowledge of History and Agency. These are letters to the editor of The WSJ in response to an article about socialism by Joseph Epstein. The one below reminded me of a 1992 article by Robert Samuelson in Newsweek. “Joseph Epstein’s “Socialists Don’t Know History” (op-ed, May 30, 2019) on the abysmal historical knowledge…
Joseph Schumpeter, Capitalism and Intellectuals
30 Jul 2024 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, history of economic thought, labour economics, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
The Fiscal Theory of the Price Level has been percolating among monetary theorists for over three decades: Eric Leeper being the first to offer a formalization of the idea, with Chris Sims and Michael Woodford soon contributed to its further development. But the underlying idea that the taxation power of the state is essential for […]
Thought and Details on the Fiscal Theory of the Price Level
28 Jul 2024 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
I picked up The Post this morning to find the lead story headlined “Recession hits homes harder than businesses”, reporting a speech given earlier this week by Treasury’s deputy secretary and chief economic adviser Dominick Stephens. There was an account of the same speech, but with some different material, on BusinessDesk a couple of days […]
Treasury says one thing in a speech but quite another in the BEFU
04 Jul 2024 Leave a comment
in applied price theory, development economics, economic growth, macroeconomics Tags: The Great Enrichment
28 Jun 2024 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, income redistribution, labour economics, macroeconomics, monetary economics, Public Choice Tags: France
The RN intends to move ahead with a proposed law that states as its aim “to combat Islamist ideologies”. It includes measures to make it easier to close mosques and deport imams deemed to be radicalised, and a ban on clothing that “constitute in themselves an unequivocal and ostentatious affirmation” of Islamist ideology. Bardella said […]
What does RN stand for in the pending French election?
13 Jun 2024 Leave a comment
in applied price theory, development economics, economic growth, economic history, growth miracles, macroeconomics Tags: China, India
If you are someone from a high-income country, or even just a high-income city, and you travel to other places, you are familiar with finding that, at least sometimes, many items are considerably cheaper in the low-income country: food and meals, entertainment and even health care. As a result, $100 of buying power in the…
International Comparisons with a PPP Metric
11 Jun 2024 Leave a comment
in business cycles, economic growth, economic history, great depression, history of economic thought, macroeconomics, monetarism, monetary economics Tags: monetary policy
By Timothy Cogley. He was then at the Federal Reserve Bank of San Francisco (1999). He is now at New York University. “In recent years, a number of economists have expressed concern that the stock market is overvalued. Some have compared the situation with the 1920s, warning that the market may be headed for a…
Monetary Policy and the Great Crash of 1929: A Bursting Bubble or Collapsing Fundamentals?
10 Jun 2024 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, macroeconomics Tags: constitutional law
Just as trend lines are important for fiscal policy, they are perhaps even more important when looking at economic performance. Even small difference in annual growth rates, for instance, can lead to big changes in prosperity within a couple of decades. And enormous changes over longer periods of time. All of which explains why I’m […]
Leftists Against Growth: Honest, but Wrong
06 Jun 2024 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, macroeconomics, monetary economics, politics - New Zealand Tags: monetary policy
I put a range of charts on Twitter late last week illustrating why, from a macroeconomic perspective, I found the government’s Budget deeply underwhelming. I won’t repeat them but will just show two here. The first is the Treasury’s estimate of how the bit of the operating deficit not explained just by swings in the […]
Comparing Treasury and Reserve Bank forecasts
22 May 2024 Leave a comment
in budget deficits, business cycles, economic growth, financial economics, fiscal policy, inflation targeting, macroeconomics, monetary economics
21 May 2024 Leave a comment
in development economics, economic growth, economic history, growth disasters, growth miracles, health economics, liberalism, macroeconomics Tags: The Great Enrichment
See The Case for Hope by Nicholas Kristof of The NY Times. Excerpts:”whenever I hear that America has never been such a mess or so divided, I think not just of the Civil War but of my own childhood: the assassinations of the 1960s; the riots; the murders of civil rights workers; the curses directed at…
There is still reason to hope despite the fact that more than three-quarters of Americans say the United States is headed in the wrong direction
10 May 2024 Leave a comment
in applied price theory, economic growth, economic history, human capital, labour economics, labour supply, macroeconomics, politics - New Zealand
Late last week The Treasury released a new 40 page report on “The productivity slowdown: implications for the Treasury’s forecasts and projections” (productivity forecasts and projections that is, rather than any possible fiscal implications – the latter will, I guess, be articulated in the Budget documents). In short, if (as it has) productivity growth has slowed down […]
The Treasury and productivity
07 May 2024 Leave a comment
in applied price theory, economic growth, economic history, entrepreneurship, human capital, income redistribution, industrial organisation, labour economics, labour supply, macroeconomics, Marxist economics, politics - USA, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, wealth tax
Everything you need to know about wealth taxation can be summarized in two sentences. The biggest problem with most tax systems is the pervasive tax bias against income that is saved and invested, which discourages the accumulation of capital that helps to finance future growth. Wealth taxes would dramatically increase the tax bias against saving […]
Dishonest Pimping for a Global Wealth-Tax Cartel
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