Editor’s note: This is the first of two columns on the importance of good information in economics. The second column is External pressure holds grip on fiscal honesty. There was a lot of irony in the news this week. Deceptive…
Politics fuels proposal for ethanol reserves
Sen. Norm Coleman’s proposal this week to establish a strategic renewable fuels reserve is unfortunate, and clearly puts special interests ahead of the public good. To put it simply, the United States doesn’t need a strategic reserve of ethanol or…
Economic knowledge helpful, but no guarantee
Do nations follow sounder economic policies if their citizens understand basic economic principles? Minneapolis Federal Reserve Bank President Gary Stern raised that question in a brief radio interview a few days ago. The occasion was the release of a new…
Be skeptical of long-term forecasts
Imagine a time machine has just moved you back 75 years, to the spring of 1928. If you are a little hazy about history, here are a few reminders: The armistice that ended World War I will have its 10th…