As you celebrate Independence Day, be thankful for Alexander Hamilton. The economic strength of our nation is largely due to actions he took two centuries ago. While many know him only as the face on a $10 bill, he was…
Fed “balance” too subjective
Imagine the scene at the Federal Reserve some months hence: A group of nerdish Ph.D.s pores over the latest economic data and output from the Fed’s own sophisticated computer models. One, peering intently at a computer screen, suddenly calls out…
In rare cases, crime pays for society
Occasionally, theft is economically efficient, leaving society better off than if it had not occurred. That was not the case when someone broke into our car last Monday. The cost to us — and to society, through the intermediary of…
High prices good news to some
Economic reality is that high prices benefit some people even when they hurt many others. Moreover, high prices motivate actions that benefit society in the long run. It is human nature to dislike paying more for goods and services. For…