Does AI lead to Socialism?
The standing myth about AI is that it will put everyone out of work and leave the Marxian Reserve Army of Labor. The other fear is that it will bring about socialism. Neither is true.
Unemployment
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Yes, Heather Cox Richardson Is Economically Illiterate – And Proud of It
History Professor Heather Cox Richardson has grown very wealthy using her writings to attack the creation of wealth itself. While her columns are popular, they also are filled with economic illiteracy.
Neo-Luddite Hokum from Conservatives Strikes Again
AI doomerism and neo-Luddite sentiments have become increasingly prevalent in recent discourse.
Does a Fall in Unemployment Lead to Stronger Economic Growth?
Ever since the Great Depression, most economists have claimed that the key to increasing economic growth is to lower unemployment. However, increasing the savings rate and building a capital structure are the keys to growth—and lower unemployment.
Book Review: 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19
Greg Kaza reviews Ben Bernanke's 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19. The book is a candid yet self-justifying defense of the Federal Reserve's monetary policy that refuses to acknowledge how stimulus has driven inflation.
Tariffs Mean Lost Jobs
The goalposts are continually changing (more like fallacy-hopping), but one would-be goal of tariffs needs to be confronted—tariffs for domestic job protection.
Congress Should Abolish the Fed for Failing to Achieve Its Mandates
Following World War II, Congress imposed mandates on the Federal Reserve in the areas of employment, inflation, and interest rates. Not surprisingly, the Fed has failed in all three areas. It is time to recognize failure and abolish the Fed altogether.
All Jobs Are Not Created Equal
When politicians claim they are “creating jobs,” they usually mean hiring people for tax-funded government employment. Jobs in private enterprise, however, help to create real wealth and contribute to economic growth and higher living standards.
Tariffs Mean Lost Jobs
The goalposts are continually changing (more like fallacy-hopping), but one would-be goal of tariffs needs to be confronted—tariffs for domestic job protection.
Tariffs, Capital Heterogeneity, and the Real Costs of Intervention: The Aluminum Example
Tariff supporters claim that implementing tariffs will result in new jobs at home. What they fail to point out is that many people depend upon imports for work. The tariffs on Canadian aluminum imports are a case in point.
