Economist Milton Friedman’s assertion that “inflation is always and everywhere a monetary phenomenon” is good to remember as the United States faces increasing prices for some goods and much debate about how sharply the Federal Reserve should restrict money-supply growth.…
Media muddle U.S. balance of payments accounts
It is enough to drive economists nuts. They strive to teach students simple definitions. Then the media use the terms erroneously and undo everything. This happens frequently, especially whenever the U.S. Commerce Department releases quarterly tabulations of the nation’s balance…
Economists would likely scoff at deficit
Sadly, David Ricardo, the greatest economist of all time, died nearly two centuries ago. It would be fascinating to get his take on U.S. fiscal policy and debate in the 2004 presidential campaign. In particular, I’d relish his comments on…
Can “social capital” improve the community?
Does “social capital” mean anything, and why do economists shun the idea? The degree to which citizens are engaged in their communities affects social indicators such as crime rates and student performance. It also is important in determining a society’s…