The Obama administration’s proposal to cut the top corporate income tax rate to 28 percent may be a good idea. It purportedly also will eliminate many special provisions and thus broaden the “base” of income that is taxed. Economic theory…
Capitalist? Socialist? Pure examples of either are hard to find
A recent opinion piece about the morality of capitalism touched off an argument between two students in one of my econ classes. In this political season, people are quick to throw terms like “capitalism” and “socialism” around, and assert that…
Who needs a license? Questions to consider
On the whole, Adam Smith would approve of a bill recently introduced by Republicans in the Minnesota Legislature that would limit governments’ ability to require licensing of people in various professions. Indeed, the Scottish father of modern economics devoted a…
How much should the Fed have to say to Congress, and vice-versa?
If you like street theater, Federal Reserve Chairman Ben Bernanke’s most recent appearances before Congress furnished plenty of it. Senators and representatives took their turns at lecturing Bernanke on the dangers of excessive expansion of the money supply. Bernanke warned…