Economics

Obama’s Uninformed Optimism

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President Obama is optimistic that “We will rebuild, we will recover, and the United States of America will emerge stronger than before.” That and $5 will get you coffee at Starbucks — until inflation kicks in. In his appearance before Congress, Obama demonstrated he can give a speech. Big deal. We ... [click for more]

Hope for Economic Wisdom

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Should people who disagree with Barack Obama hope he succeeds in his presidency? Conservatives are caught in this question because their leading radio star, Rush Limbaugh, said he hopes Obama fails. Radio stars need regular public controversy to keep their listeners tuned in, so there’s no point in analyzing what ... [click for more]

Stimulating Consumption Won’t Help Economy

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Many politicians, economists, and pundits — under the influence of Keynesian “economics” — worry that Barack Obama’s stimulus package won’t be stimulative enough because too much of the money might go to people who won’t spend it. Typical is this recent editorial paragraph from the New York Times about the tax-cut component ... [click for more]

Government Can’t Really Stimulate the Economy

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The money sluices are about to open wide on Capitol Hill. With a new Congress convened and a new president about to take office, we are likely to see record-shattering government expenditures. All inhibitions about deficit spending, as weak as they have been in recent years, are now dissolved. The ... [click for more]

What Greenspan Missed

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Former Federal Reserve Chairman Alan Greenspan made headlines around the world with this admission: “hose of us who have looked to the self-interest of lending institutions to protect shareholders’ equity (myself especially) are in a state of shocked disbelief. Such counterparty surveillance is a central pillar of our financial ... [click for more]

Paper Money and the Constitution

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Why do we have a Constitution? How and why did it come into existence? Just what, exactly, prompted the calling of the Constitutional Convention, which gave birth to it? Most Americans believe, logically enough, that with the passing of the British from the scene it was simply time to create a new government to take the place of the ... [click for more]

Economic Stimulus Amounts to Central Planning

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That there will be a huge “stimulus” package in the early days of the Obama administration is a certainty. Nearly everyone thinks the government must do something drastic to, using President-elect Obama’s word, “jolt” the economy into recovery. That something is deficit spending on “infrastructure.” But it’s not as ... [click for more]

No, the Government Can’t

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Barack Obama will assume the presidency on a wave of hope among millions of Americans that he will deliver on promises that countless politicians have made before him. Rising above partisanship and committed to solving long-festering problems, Obama will inspire and unify the American people and, as a result, ... [click for more]

The Corporate State Wins

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The Senate’s passage of the $700 billion bailout of Wall Street, and its presumed acceptance by the House, exposes once and for all the true nature of the American political-economic system. It is free-enterprise in name only. In fact, and especially for large well-connected companies, it is nothing of the ... [click for more]

The Corporate State Fails

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According to popular myth, the current financial turmoil is the result of Bush administration deregulation. One problem with that theory: there was no deregulation. The last banking deregulation, the Gramm-Leach-Bliley bill, was signed by President Bill Clinton in 1999. Oops. Gramm-Leach-Bliley undid the New Deal-era Glass-Steagall ... [click for more]

The Scope of Public Choice Theory

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Prague, Czech Republic. In October 1985 (I think it was) Professor James Buchanan, now at George Mason University's Department of Economics, received the Nobel Prize in his discipline for his pioneering work — in collaboration with Professor Gordon Tullock — in what came to be called public choice theory. The ... [click for more]
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