In a world in which there are men and women who do not know to which sex they belong, it should not be surprising that there are corporate CEOs who do not know for whom they work.
Last month, the CEOs of 181 major corporations agreed that they no longer work simply for their stockholders but also for their “stakeholders,” (i.e., for everyone affected by their companies).
Trade tensions between the US and China continue to increase. In the penultimate drama in the conflict, Donald Trump has accused China of manipulating its currency to illegitimately increase its competitiveness, and the US government has officially designated China a “currency manipulator.” Accusations that the Chinese government engages in currency manipulation are not new.
This past week Trump’s Energy Department announced a relaxation of a set of light-bulb energy efficiency standards ( EISA ) first implemented under George W. Bush and finalized under Obama. The standards were set to go into full effect in January 2020 (eliminating incandescent versions of three-way bulbs, candle-shaped, globe-shaped and reflector bulbs).
I’m happy to announce that the 2018 collection The Economic Theory of Costs: Foundations and New Directions, is now available in paperback at a substantially reduced price (see the post announcing its original publication here). This collection includes contributions from both leading and up-and-coming scholars working in the Austrian tradition. The contributors include many of the senior faculty members of the Mises Institute, as well as many of the younger fellows.
Politicians from Alexandria Ocasio-Cortez to Dick Cheney are united in their agreement that deficits don’t matter. Of course, that’s exactly what a politician would say. Politicians score points by spending other people’s money, so naturally, they don’t want to hear anything about how prudence suggests it might be a good idea to not spend that extra 800 billion dollars they don’t have.
This summer’s budget deal, negotiated by Nancy Pelosi and Donald Trump made few headlines. And that’s exactly how these power brokers wanted it.
The new law suspends the debt ceiling through July 2021, removing the threat of a default during the 2020 elections, and raises domestic and military spending by more than $320 billion compared to existing law over the next two fiscal years.
