Blog
The problem is scarcity, not Disney’s prices
Disney doesn’t just offer admission to a theme park. It promises a magical experience. But when millions of people seek that experience, Disney must…
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GDP and the origins of prosperity
The United States is a wealthy and prosperous country. Historically, Americans have looked to Gross Domestic Product (GDP) to measure their prosperity. GDP…
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Can a country trade its way to independence?
Protectionists often say that tariffs are a way to achieve economic independence. They argue that raising the prices of foreign goods can bring production…
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Why can’t we just print more money?
Last week, I attended an event at a think tank where the conversation centered on the federal budget and national debt. At one…
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Diagnosing unemployment
The unemployment rate is a symptom, not a diagnosis. When it rises or falls, it shows that something is changing in the labor market,…
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Reading the fine print on unemployment
When politicians talk about unemployment, it is worth remembering an old principle: buyer beware. The unemployment rate is a statistic, but politicians can transform…
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Are stablecoins already delivering what CBDCs promise?
Many proposals for a central bank digital currency (CBDC), a digital form of the US dollar issued by the Federal Reserve, have circulated…
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Why the 5 percent Treasury bond interest rate matters
The recent rise of the 10-year Treasury yield to 5 percent has set off alarm bells among economists, policymakers, and investors. While the…