Although often unintentional, one of the most fundamental errors that pervades mainstream economics instruction is to present economic categories independent of human action. This error is fundamental because, once committed, it pervades all aspects of the study of economics, making them unrealistic. For failure to treat economics appropriately as a social science, including human actions, interactions, subjective valuations, and choices, all kinds of economic categories lose their significance and become disconnected from the real world.

The increase comes about a week after Federal Reserve policymakers voted to raise their benchmark for short-term interest rates to address the nation’s stubborn inflation problem. 

Uncertainty is on the rise again. At least in terms of social science research, where uncertainty is getting renewed attention. This is about time, since uncertainty is an ever-present problem that we must deal with in everyday life and that has important implications for any economy. So how can we possibly understand the economy without it? Yet, economists have for many decades downplayed its role or entirely overlooked it.

The democratic socialists are back, and, as always, they’re spouting promises to make things better and more affordable by turning them into public utilities! We are all supposed to be happy that more things will be administered with the enthusiasm and efficiency of the post office or the DMV.

Yields on government debt are headed, up, up, and up. The 10-year yield is now at a 30-year high.

“When inveterate war hawk Mike Rogers suddenly declares, ‘The war in Iran needs to end—and end quickly,’ you know he’s losing—and losing badly”...