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Written by Nathan Lewis
- Forbes |
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Monday, April 15, 2013 |
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For some reason, it is conventional wisdom today that the years 1870-1914, the era of the Most Perfect Monetary System Ever Created, was a time of chronic recession and disaster.
But how could that be? The United States was the world’s greatest economic success story of the last two centuries. When did that happen? It didn’t happen during the Civil War and the Great Depression. It must have happened — logically — during times of peace and prosperity.
That’s why Professor Brian Domitrovic says the usual story you hear ab Read more |
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Written by Brian Domitrovic
- Forbes |
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Wednesday, April 10, 2013 |
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In 2008, Ben Bernanke’s and Paul Krugman’s star former doctoral student at Princeton, the economist Gauti B. Eggertsson, published an article in the American Economic Review, the field’s top journal, on the manifest excellence of the New Deal of the 1930s. One of the claims: “1933-1937 registered the strongest output growth (39 percent) of any four-year period in US history outside of wartime.”
The cited source for this statement was the Office of Management and Budget, which does not maintain statistics on “output gr Read more |
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Written by John Tamny
- Forbes |
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Monday, April 08, 2013 |
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A popular story promoted by Monetarist School thinkers is the one about Milton Friedman discrediting the Phillips Curve. For those not familiar with the latter, it’s the incorrect theory embraced by Keynesians that says economic growth is the cause of inflation.
Keynesians presume that speedy growth leads to labor and capacity shortages that result in higher prices. Of course if we ignore that labor and capacity are dynamic as opposed to static, and similarly ignore technological enhancements that allow companies Read more |
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Written by John Tamny
- Forbes |
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Monday, April 01, 2013 |
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To far too many economists, commentators and politicians today, trade is sadly viewed as war. In the presidential elections of 2012 Mitt Romney talked about “getting tough” on China, while President Obama has been known to say that we can “beat” China in the battle for economic supremacy.
Happily, and with world peace in mind, economic thinking wasn’t always this juvenile.
Indeed, economic thinkers of the World War II era understood that free trade was a growth-enhancing gift for promoting economic individual specialization Read more |
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Written by Ralph J. Benko
- Forbes |
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Tuesday, March 26, 2013 |
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The breakout headliner issue in 1978 was “Tax Revolt.” A Time Magazine cover showed Howard Jarvis shaking his fist under that headline. Proposition 13 time. Then? The Tax Revolt went, as we would now say, viral. Citizen discontent — and political activism — against high tax rates turned into a national, and then international, phenomenon. The revolt was a major factor in toppling President Carter. It led the U.S. top income tax rate to collapse from 70% to 28%. Then, rates worl Read more |
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