The ideas that economists accept most widely are the ones the public most resists. I was reminded of this by recent calls from politicians for energy standards on items from autos to home ceiling fans. Such proposals rub economists’ noses…
U.S. needs to learn to trust the markets
If a household — or country — spends more on gasoline because prices rise, then it usually must spend less on something else. That is a hard fact of life. It is better to face the tradeoff squarely, however, than…
What became of “full faith and credit?”
Can we trust the latest arguments regarding the Social Security trust funds? People on all sides of the debate are making statements that simply are false or misleading. Often, one can only assume people are playing fast and loose with…
Numbers, nuance both guide FOMC
The Federal Reserve’s structure is complicated, but that contributes to good policy making. Here’s why. In late March, the Federal Open Market Committee decided to increase short-term interest rates by 0.25 percent to restrict money growth. Later that week, while…