economic

White House economic adviser Larry Kudlow on Thursday said he expects the US unemployment rate to return to single-digit levels as early as this month and growth in the third quarter at 20 percent or more as the economy recovers from the recession triggered by the coronavirus pandemic. “The key point that I would make …

The credit cycle drives the business, or trade, cycle. It should be obvious that changes in the quantity of money, mostly in the form of bank credit, have an effect on business conditions. Indeed, that is why central banks implement a monetary policy. By increasing the quantity of money in circulation and by encouraging the banks …

In your foray through the culture wars, you’ve likely come across the term “woke capitalism.” Or the associated adage “get woke, go broke.” A term popularised by New York Times columnist Ross Douthat, woke capitalism refers to a clever ploy where corporations pay homage to the cultural Left in return for leniency when fulfilling their …

According to the International Monetary Fund (IMF), global fiscal support in response to the crisis will be more than $9 trillion, approximately 12 percent of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way which we have not seen since World War …

This month, under the guidance of Jerome Powell, the Federal Reserve announced it is cutting rates for the first time since the 2008 financial crisis. This rate cut of 25 basis points is a decline from 2.5 percent to 2.25 percent. Powell’s reasoning for the rate cut was to provide a “mid-cycle adjustment” in an …

“If you put the federal government in charge of the Sahara Desert,” the economist Milton Friedman once quipped, “in five years there’d be a shortage of sand.” The U.S. Mint, to its credit, had a much longer run. The Federal Reserve, which purchases coins from the Mint and distributes them to depository institutions, announced it would begin …

The intense pressure to politicize every aspect of academia will not spare economics, and why would it? A society willing to topple statues is hardly one to worry about pulling down a body of knowledge, especially one skillfully characterized by the Left as a political program rather than an actual social science.  Keep in mind …

[Editor’s note: this essay was found among Bettina Bien Greaves’s files. A note in her handwriting indicates that it was written in 1944 and that Mises used it in his 1959 seminar. In this short essay, Mises in his characteristically lucid and forceful manner goes over the basics of monetary theory and shows why the …

Anyone who has ever been to Japan knows: Japan is special. The country has many strange habits. The Japanese culture is simply different and many peculiarities are hardly understood in the West. But it’s not only the old established traditions that are foreign to us Westerners. Just as disturbing are social developments such as the …

Jean-Baptiste Say was a principled defender of the constitutionally limited state, even more consistently so than many of his classically liberal contemporaries. Having studied quite a lot of political economy over the past four decades, and critically, I must say that I consider A Treatise on Political Economy (1803)1 by Jean-Baptiste Say (1767-1832)2 to be …