The siren song of industrial policy

New York’s deal with Micron Technology is touted as an investment that will generate nearly 50,000 total jobs and a total of $25.6 billion in revenue to state and local government. But these forecasts rely heavily on speculative assumptions.

Raise the gas tax!

Higher prices encourage conservation and a shift to alternative fuels. That’s a good thing.

Making sense of money: Part 2

Arbitrarily tying the money supply to a commodity does not reduce uncertainty. That’s why there is very little support for a return to the gold standard among economists.

Making sense of money: Part 1

Banks’ dominance of financial transactions has perpetuated a system that is relatively slow and expensive. But change is coming.