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The FedFinancial MarketsMonetary Policy
According to Keynesians, wealth effects result from money creation, and they have a beneficial impact. The Keynesians are right that wealth effects exist. But they're wrong about who benefits.
CapitalismMedia and CultureU.S. History
Henry David Thoreau left behind many great admonitions. Alas, philosophical gems are not legal tender when rent is due.
Philosophy and Methodology
Bureaucracy and RegulationFree MarketsEntrepreneurshipValue and Exchange
Calls for finding efficiencies in government by electing or appointing people to “run it like a business” are futile.
Bureaucracy and RegulationValue and Exchange
Noah Smith has written yet another "popular" column challenging established economics assumptions. But he's really only appealing to his reader's established biases.