Most economists see GDP as a snapshot of the performance of the economy. However, it is better understood as a misleading statistic which fails to accurately describe what really is happening economically.
As the US political landscape shifts rapidly and college economics departments become increasingly hostile, the way we teach free-market economics will change.
Critics claim the market economy engages in "planned obsolescence" that encourages throwing good products into landfills. In fact, activities that might seem wasteful are the best use of resources.
It's going to take more than a 0 percent policy interest rate and a newly invented name for QE to really address years of monetary inflation.
Rather than contributing to a "soft landing," raising interest rates will continue to destroy wealth.
Politicians, academics, and the media often call for a new Manhattan Project to deal with economic issues. But there is a huge difference between technological problems and economic ones.
The Keynesians running our economic life may be reassured that the Fed cannot fail in a technical sense, but the public should be appalled.
As the US political landscape shifts rapidly and college economics departments become increasingly hostile, the way we teach free-market economics will change.
