Measuring aggregate prices through a consumer price index is inherently arbitrary because someone decides what to measure and how. There are better ways to do it, but "fixing" the measure will do nothing to fix the ills of the Fed's monetary policy.
We’re often told that some prices should be high, and some others should be low. But the real goal should not be high prices or low prices, but a price system that communicates what is valued in society.
As the money supply fluctuates, so does the demand for money and for goods and services. We see this in the stock market, but the effect is not instantaneous, and we must be mindful of the time delay.
If all work and all workers were homogenous, we might be able to say that the gender wage gap is caused by sexism, but the gap is better explained by big differences in the life goals and chosen industries of men and women.
In recent years, some economists, contrary to long-established and widely-accepted economic theory, have been claiming that increases in the minimu
In recent years, some economists, contrary to long-established and widely-accepted economic theory, have been claiming that increases in the minimum wage do not increase unemployment. But both logic and the data say otherwise.
What makes a good economist? Robert Higgs explains.
True welfare and value can only be achieved through exchange when it is fully voluntary.
True welfare and value can only be achieved through exchange when it is fully voluntary. When the state intervenes to "improve" trade, it destroys value, all the government stats notwithstanding.
