Celebrating humanity's flourishing through the spread of capitalism and the rule of law
12 Dec 2023 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, fiscal policy, growth disasters, history of economic thought, inflation targeting, macroeconomics, monetarism, monetary economics, unemployment Tags: monetary policy
Inflation rates have come down since their peak in mid-2022. Does the Federal Reserve need to continue its inflation-fighting ways, keeping interest rates high? Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, and WeiZhao of the IMF look to historical and international experience in “One Hundred Inflation Shocks: Seven Stylized Facts” (September 2023, WP/23/190). As…
Lessons from Fighting 100 Inflations Since the 1970s
11 Dec 2023 Leave a comment
in applied price theory, comparative institutional analysis, economic growth, entrepreneurship, income redistribution, industrial organisation, labour economics, minimum wage, Public Choice, public economics Tags: California, Florida
08 Dec 2023 Leave a comment
in development economics, economic growth, economics of regulation, entrepreneurship, financial economics, growth disasters, macroeconomics, monetary economics Tags: Argentina
Milei’s November election win — on a pledge to rapidly overhaul Argentina’s dysfunctional economy — has triggered a burst of market exuberance. The local Merval stock index is up 28 per cent, while prices for Argentina’s closely watched sovereign bonds maturing in 2030 — some of the most liquid — have risen 22 per cent…
Argentina projection of the day
06 Dec 2023 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
It doesn’t seem to have been the best week for the Reserve Bank since the release of the latest Monetary Policy Statement last Wednesday. Of course, one could make a pretty compelling case that in the Orr years few weeks have been, and especially not any weeks when Bank figures actually say or do anything. […]
Really?
01 Dec 2023 Leave a comment
in econometerics, economic growth, economic history, labour economics, labour supply, macroeconomics, occupational choice
The per capita GDP for the combined 27 countries of the European Union (EU-27) is about 72% of the US level. On the other side, the average worker in EU countries puts in far fewer hours on the job than do American workers. For example, OECD data says that the average US worker put in…
Comparing EU-to-US Output Per Hour
29 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics
Milton Friedman: The Last Conservative by Jennifer Burns 592 pages Farrar, Straus and Giroux Published: Nov 2023 Released two weeks ago, Jennifer Burns’s “Milton Friedman: The Last Conservative” is the most significant biography of Friedman ever published. Burns is an associate professor of history at Stanford and a research fellow at the Hoover Institution. She […]
Review of “Milton Friedman: The Last Conservative” by Jennifer Burns
22 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics Tags: monetary policy
18 Nov 2023 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, labour economics, labour supply, macroeconomics, monetary economics, unemployment
TweetWant to get a few hours’ worth of solid learning in less than 35 enjoyable minutes? Listen to my Mercatus Center colleague David Beckworth’s podcast (from October 2022) with George Selgin on the New Deal. Seriously. It will be 34-plus minutes very well spent. George’s book – False Dawn – is forthcoming from the University…
George Selgin on the New Deal and Recovery (and Relief and Reform)
15 Nov 2023 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
11 Nov 2023 Leave a comment
in business cycles, currency unions, economic growth, macroeconomics
In economics, convergence theory is the common-sense observation that poor countries – in general – should grow faster than rich countries. But a general principle sometimes has exceptions, and that’s why I put together my anti-convergence club. If you look at members of that club, you’ll notice that when rich countries grow faster than poor […]
Why Is There Divergence Between the United States and Europe?
09 Nov 2023 Leave a comment
in budget deficits, business cycles, econometerics, economic growth, economic history, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, macroeconomics, Milton Friedman, monetarism, monetary economics, public economics Tags: monetary policy
08 Nov 2023 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, economics of bureaucracy, growth disasters, growth miracles, income redistribution, industrial organisation, labour economics, law and economics, liberalism, libertarianism, Marxist economics, poverty and inequality, privatisation, property rights, Public Choice, public economics Tags: economics of socialism, Sweden
Two days ago at Texas Christian University, I debated Scott Sehon, chair of Bowdoin College’s Philosophy Department, on Capitalism versus Socialism. (Video forthcoming eventually). My opening statement was a slight variation on the one I wrote for an earlier debate on the same topic with Elizabeth Bruenig. Sehon’s opening statement was adapted from his Socialism:…
Reflections on the TCU Capitalism versus Socialism Debate
05 Nov 2023 Leave a comment
in economic growth, economics of education, entrepreneurship, history of economic thought, human capital, income redistribution, labour economics, labour supply, macroeconomics, occupational choice, poverty and inequality, Public Choice, public economics Tags: taxation and entrepreneurship, taxation and investment, taxation and labour supply
A year ago, Jonah Franks, who runs Public Intellectuals for Charity, organized a debate between me and Peter Singer on “Do the rich pay their fair share?” I already posted my opening statement, my reflections on the debate, along with two follow-ups on Singer’s “Noble Lie.” The debate video itself, however, was gated for paying…
Caplan-Singer Debate Video
03 Nov 2023 Leave a comment
in applied price theory, econometerics, economic growth, entrepreneurship, fiscal policy, macroeconomics, public economics Tags: taxation and investment
I’m very critical of bad policies we got during the Trump years, most notably profligacy and protectionism. But I shower praise on the good policies, such as the 2017 tax legislation (especially the lower corporate tax rate and the curtailing of the state and local tax deduction). Today, we’re going to focus on the positive. […]
More Evidence for Trump’s Corporate Tax Reform, Part I
26 Oct 2023 Leave a comment
in business cycles, economic growth, fiscal policy, international economics, macroeconomics, monetary economics
That was the title of a ten page piece published last week by the ANZ economics team (chief economist Sharon Zollner and one of her offsiders, who appears to be a temporary secondee from the Reserve Bank). You can find a link to the paper here. The gist is captured in the paper’s summary I […]
Finding external balance
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