If U.S. history is a painting on a giant canvas, President Barack Obama’s speech this week in Osawatomie, Kansas, is a thick coat of whitewash layered all over it, and the failure of the last three years lies underneath. The President’s pretense is that, no, it’s not Obamanomics that has caused persistent unemployment, stunted growth and record deficits–it’s supply side economics! Talk about audacity. The President’s speech was a naked portrayal of his vision of America–one where inequality runs rampant, where the American dream is nearly dead, where the rich …
Protests that began on Wall Street and spread to cities across America have now reached the pristine halls of Harvard. That’s right, the country’s oldest university is experiencing walkouts by students sympathizing with the “Occupy” movement. The source of their frustration: Students don’t like the content presented in an introductory course in economics. The professor, Greg Mankiw, is one of the world’s best-known economists and served as chairman of the Council of Economic Advisers under President Bush. Never mind those credentials, however. According to some students, Mankiw is indoctrinating America’s …
There simply is no way to avoid thinking and, perhaps, even starting the analysis of economic policy except from a set of principles. Whether it be labor, investment, trade, or a host of other pieces of our national economic policy; analysts only will be able to understand policy change if they have a foundation of guiding principles. No one would see a physician who was untrained in the mechanics and chemistry of the human body. It would be somewhat disconcerting if physicians were surprised by the presence of body temperature …
After the panel, Professor Zywicki, a Senior Scholar of the Mercatus Center and contributor to the popular legal blog The Volokh Conspiracy, sat down with us for an “In the Green Room” segment. We talked about the problems we face if Congress enacts the CFPA, the real causes behind our current financial crisis, and what principles should undergird real financial regulatory reform.
For most of a century, macroeconomists have debated the pros and cons of government “stimulus” policies. Because there is no way to determine how the economy would have performed without a stimulus, the debate comes down to dueling economic models, assumptions, and theories. With Nobel Prize-winning economists lining up on both sides of the issue, the debate has seemed destined to continue. Apparently, that is, until now. PolitiFact – a group of reporters affiliated with the St. Petersburg Times in Florida – has declared the debate over. In a “fact …
In an interview last year, Dr. Elinor Ostrom the recent recipient of the Nobel Prize in Economics, and the first woman to receive prize in economics, offers some tremendous insight. She stresses adaptation over a one-size-fits-all approach and says she doesn’t “think it’s possible just to have a nice little neat optimal plan.” With the climate change conference in Copenhagen coming in December, Elinor Ostrom’s point about international agreements is especially relevant: Recognizing that this is something that must be done at multiple levels, so what I am concerned about …
Today, another burden is being placed on America’s small businesses. Effective on this date is the third installment of the increase of the minimum wage that was passed in 2007. Once again, our federal government has provided not a help, but a hindrance to our economic recovery. When the three-phase minimum wage increase was initially signed into law in May 2007, the unemployment rate was 4.5%, and when the first phase went into place, the unemployment rate was 4.6%. Today it stands at 9.5%. At a time of record deficits, …
