The Fed Pours Water on the Job-Growth Hype
There is no doubt that there is a boom going on out there. Unfortunately, it’s just a boom in asset prices, and not in job growth. That means real incomes are going down for people who don’t make a sizable amount of income off assets they own.
In other words, for most people, the cost of living is going up while the job situation is stagnating.
Review of Choice Cooperation Enterprise and Human Action by Robert P. Murphy
Concerned About Job Growth, the Fed Backs Off Raising Rates
The Federal Open Market Committee (FOMC) decided yesterday to leave the target federal funds rate at between 0.25 and 0.50 percent. This was widely expected, given the dismal jobs report that was published two weeks ago and the uncertainty in the banking sector surrounding the UK’s upcoming Brexit vote.
Review Essay: Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof and Robert J. Shiller
Tax Breaks Don’t Hurt Video Games, Intellectual Property Does
This year’s Electronic Entertainment Expo is in full swing, allowing gamers to feast their eyes on the best the industry has to offer in the foreseeable (yet inevitably delayed) future. E3 usually features the biggest publishers hyping their flagship titles, but there’s always more on offer at the event than the usual annual updates to shooters and sports franchises.
Higher Education’s Academic Monoculture
... the [commencement] message is that it is morally superior to be in organizations consuming output produced by others than to be in organizations which produce that output. — Thomas Sowell
