Using transaction-level data on US congressional stock trades, we find that lawmakers who later ascend to leadership positions perform similarly to matched peers beforehand but outperform them by 47 percentage points annually after ascension. Leaders’ superior performance arises through two mechanisms. The political influence channel is reflected in higher returns when their party controls the…
Congressional leadership is corrupt
Congressional leadership is corrupt
11 Dec 2025 Leave a comment
in applied price theory, econometerics, economic history, financial economics, politics - USA, Public Choice
Humphrey’s Estate and Jackson’s Experts: Supreme Court Justice Offers Surprising View of the Separation of Powers
10 Dec 2025 Leave a comment
in economics of bureaucracy, law and economics, politics - USA, Public Choice Tags: constitutional law
As I discussed in yesterday’s coverage of the oral arguments in Trump v. Slaughter, the argument went poorly for those…
Humphrey’s Estate and Jackson’s Experts: Supreme Court Justice Offers Surprising View of the Separation of Powers
Antitrust at the Agencies: Meta Analysis Edition
09 Dec 2025 Leave a comment
in applied price theory, economics of regulation, industrial organisation, law and economics, politics - USA Tags: competition law
The memorandum and order in FTC v. Meta Platforms Inc. that U.S. District Court Judge James E. Boasberg filed Nov. 18, ruling in favor of Meta, has now been followed by a Dec. 2 revised order that contained fewer redactions. The memorandum doesn’t exactly provide the law & economics analysis I would have produced, had…
Antitrust at the Agencies: Meta Analysis Edition
Three Royal Societies abandon their mission to promote global and universalist science
09 Dec 2025 Leave a comment
in economics of education, liberalism, Marxist economics, politics - New Zealand, politics - USA Tags: conjecture and refutation, philosophy of science
A Kiwi who wishes to remain anonymous (of course) sent me this link to an announcement of a meeting of three Royal (Scientific) Societies: those of New Zealand, Australia, and Canada. The screenshot below also links to two other short documents, a communiqué and a statement by the Presidents of all three Societies. The object…
Three Royal Societies abandon their mission to promote global and universalist science
Supreme Court should not let climate lawfare set US energy policy
08 Dec 2025 Leave a comment
in economics of climate change, energy economics, environmental economics, environmentalism, global warming, law and economics, politics - USA Tags: nuisance suits
Let’s hope the Supreme Court agrees that Boulder’s lawsuit is an excellent opportunity to terminate frivolous climate lawfare, expand on the guidance it provided in these two previous cases – and end attempts by climate activists to impose destructive national policies through local and state courts.
Supreme Court should not let climate lawfare set US energy policy
Climate Doomsday Prophecy Peddled By Academia Retracted In Disgrace
07 Dec 2025 Leave a comment
in applied price theory, applied welfare economics, climate change, econometerics, economics of climate change, economics of education, energy economics, environmental economics, environmentalism, global warming, politics - USA Tags: academic bias, climate activists
A widely-referenced 2024 study that predicted massive global economic damages due to climate change has now been retracted, The New York Times (NYT) reported on Wednesday.
Climate Doomsday Prophecy Peddled By Academia Retracted In Disgrace
Metrics, Markets, and Merger Scrutiny: A Netflix-WBD Combination
06 Dec 2025 Leave a comment
in applied price theory, economics of regulation, entrepreneurship, industrial organisation, politics - USA Tags: competition law, creative destruction
This morning’s announced merger between Netflix and Warner Bros. Discovery (WBD) would create a global media company of unprecedented scale. The transaction will also almost certainly attract scrutiny from antitrust regulators—most likely the U.S. Justice Department (DOJ) Antitrust Division, rather than the Federal Trade Commission (FTC). The deal would offer a direct test of the…
Metrics, Markets, and Merger Scrutiny: A Netflix-WBD Combination
Medicaid: What It Has Become
06 Dec 2025 Leave a comment
in health economics, politics - USA Tags: health insurance
As Craig Garthwaite and Timothy Layton point out: “Originally a small, inexpensive safety-net program, Medicaid has grown into a major national health-insurance provider, covering nearly one in four Americans and more people than the public health insurance programs of the United Kingdom, Germany, or France.” They review the program and offer some recommendations in “Coverage Isn’t…
Medicaid: What It Has Become
Political pressure on the Fed
05 Dec 2025 Leave a comment
in business cycles, econometerics, economic history, economics of bureaucracy, macroeconomics, monetary economics, politics - USA, Public Choice Tags: monetary policy
From a forthcoming paper by Thomas Drechsel: This paper combines new data and a narrative approach to identify variation in political pressure on the Federal Reserve. From archival records, I build a data set of personal interactions between U.S. Presidents and Fed officials between 1933 and 2016. Since personal interactions do not necessarily reflect political…
Political pressure on the Fed
My Econoboi Poverty Debate vs. Matt Bruenig
04 Dec 2025 Leave a comment
in applied price theory, human capital, labour economics, labour supply, occupational choice, politics - USA, poverty and inequality, welfare reform Tags: child poverty, family poverty, social insurance
Tomorrow at 2 PM ET, I’ll be debating “What is the best policy response to poverty?” versus Matt Bruenig. Venue: Econoboi channel P.S. You might recall that… 9 more words
My Econoboi Poverty Debate vs. Matt Bruenig
It is Time to End Our Sedition Addiction
03 Dec 2025 Leave a comment
in politics - USA Tags: free speech
Below is my column in USA Today on the revival of sedition as a speech crime in the United States.…
It is Time to End Our Sedition Addiction
Why didn’t the border states join the confederacy? (Short Animated Docum…
02 Dec 2025 Leave a comment
in defence economics, economic history, politics - USA, war and peace Tags: American Civil War
US Poverty and Policy
01 Dec 2025 Leave a comment
in applied price theory, labour economics, politics - USA, poverty and inequality, welfare reform Tags: child poverty, family poverty
The US economy is the largest in the world, and at least among the large-population countries of the world (setting aside smaller economies strongly influenced by international capital flows like Monaco, Cayman Islands, and Ireland or by oil resources), it also has the highest per capita GDP. But at the same time, according to the…
US Poverty and Policy
*FDR: A New Political Life*
30 Nov 2025 Leave a comment
in politics - USA Tags: free speech
From historian David T. Beito, here is one excerpt: FDR gave unquestioning support to President Wilson’s crackdown on free speech during World War I, including his enforcement of the Sedition and Espionage Acts. According to Kenneth S. Davis, Roosevelt “went along with prevailing trends in the realm of the national spirit, uninhibited by any strong…
*FDR: A New Political Life*
“Fight Fiercely Harvard”: Harvard Club of New York Cancels Dershowitz Book Event
28 Nov 2025 Leave a comment
in economics of education, liberalism, Marxist economics, politics - USA Tags: free speech, political correctness, regressive left
The Harvard Club of New York is being accused of censorship after abruptly cancelling a book event featuring famed Harvard…
“Fight Fiercely Harvard”: Harvard Club of New York Cancels Dershowitz Book Event
Utopia, you are standing in it! 
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