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Economic PolicyThe EnvironmentTaxes and Spending
Standard neoclassical economics texts claim a Pigouvian tax will lead to the "optimal" price and production of a good. But "optimality" is a myth.
Neither the Ukraine war nor tough weather changes would threaten a global food shortage in a normal market environment. Unfortunately, world markets are riddled with regulations, killing production.
Money and Banking
The Fed is losing a lot of money. The Fed's stated plan is to monetize these losses and still report a positive capital and surplus position through the use of “creative accounting.”
Economic PolicyInflationPrice ControlsProgressivism
Inflation is raging and progressives want action. What kind of action? They want to return to the 1970s regime of price controls.
Central BanksThe FedInflation
The buzz in Washington is that the Fed is "fighting inflation." But this is like an arsonist fighting the fire he started.
Unlike a private-sector service, police do not operate under any contractual obligations to provide services in any particular way. They can choose to do nothing at all, and face no real consequences.
Anti-PoliticsMedia and Culture
One of Google's latest projects has been the development of LaMDA (Language Model for Dialogue Applications), an artificially intelligent chatbot generator. Alas, Google has created another "woke" monster.
Money and Banks
The United States economy may have delivered no growth in the first half of 2022 after the decline in the first quarter, narrowly avoiding a technical recession.