Today is Earth day, and a week ago we "celebrated" tax day. It is fitting, in a sense, that Earth Day and Tax Day are only one week apart. Those who blame global warming on human activity see taxation as an effective and desirable means of preventing environmental global catastrophe. In a recent...
The idea that experts can do a better job of directing the use of resources, including gasoline, than can markets and market prices derives from the faulty assumption that experts know more than the whole of society.
The Federal Reserve should not make a credible commitment to future inflation as a means of stimulating aggregate demand. The Federal Reserve should instead reverse its low-interest-rate policy before it increases the level of discoordination in the economy.