Economic Trends
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Nuclear Power: A Free Market Approach
Nuclear energy is a source of clean, dependable power. It is the only carbon-free energy source that can reliably deliver power day and night on a large scale. But its potential will remain strangled by political constraints until we recognize that the path to a sustainable, competitive, and safe nuclear future runs straight through the…
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Rethinking the Fed’s Framework: Lessons from the Post-Pandemic Inflation
The paper evaluates alternative frameworks and argues that the Fed should adopt either a nominal spending target or a symmetrical average inflation target.
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The Incoherence of ESG: Why We Should Disaggregate the Environmental, Social, and Governance Label
“Conceptually, no reason exists for why the fundamental ideas within the ESG label should correlate with one another.” ~Paul Mueller
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Foot Voting Reconsidered: How Should I Think About Leaving?
“Compared to ballot voting, moving has larger individual impacts, which mean greater incentives to acquire knowledge; it provides a better signal to both the country you’re leaving and the one you’re joining.” ~Joakim Book
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Prices Continue to Rise, Exceeding Fed Projections
“The Fed seems resolved to see inflation climb further. I expect FOMC members will revise up their projections of inflation again in June. They should revise their course of action, to bring inflation down as planned, instead.” ~ William J. Luther
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How High Will Inflation Be in 2021?
“Inflation will be noticeably higher in 2021 than it has been in some time. An important question is whether it will be followed by the widely predicted lower inflation or by higher inflation in subsequent years.” ~ Gerald P. Dwyer
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The Recovery Has Begun, Ahead of Schedule
“Taken together, the most recent jobs report suggests we could see output recover to 90% or more by the end of August. That’s great news. But a complete recovery might take much longer than that.” ~ William J. Luther
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The Fed is Failing, Again
The Fed has refused to do the sensible thing. Rather than focusing on monetary stability, it has embarked on a host of misguided experiments that threaten the long-run integrity of markets.
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Stay-at-Home Orders and the Willingness to Stay Home
It has become common, in times of crisis, to ask: what will the government do to fix this? And there is certainly a lot that state and federal governments can do. The lesson I hope we will learn from this pandemic, however, is that there is much that can be accomplished locally as well.
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