Trump’s Real Trade Problem Is Money
Protectionism won’t cure the import-export imbalance. The solution lies in monetary policy.
Monetary Reform or Trade War
The official reserve-currency system causes the domestic price level to rise in the reserve-currency country, relative to other countries, even when exchange rates remain (temporarily) fixed–a competitive disadvantage that tariffs can only worsen, and only proper monetary reform can fix.
A Brief Structural History of Economics
By abolishing what had previously been a PhD requirement—mastering the history of economics—for more than a generation, economists have missed rediscovering and reintegrating the most important original element in economics: the one that explains our interpersonal relations.
What We Are For — An American Cultural Catechism
A brief cultural catechism of America’s first principles — a presentation not just of what we are against but of what we are for.
Neo-Scholastic Economics, Economic Policy and Catholic Social Doctrine
The original Scholastic Economics differed from Adam Smith’s later Classical economic theory and today’s Neo-Classical Economics. An updated version, “Neo-Scholastic Economics,” is reshaping our understanding of secular economic theory and offering new policy solutions, and provides the analytical “toolkit” necessary to explain the much younger body of Catholic social doctrine.
The ‘Economic Approach to Human Behavior’ vs. the ‘Human Approach to Economic Behavior’
What, according to Mueller, is wrong with economics? In the simplest terms familiar to economists, there is an ‘equation’ missing from the model—the one explaining the primary economic choice – the choices of persons.
The Birth, Death, and Resurrection of Economics
It’s not that economists will draw back in horror at the moral implications of their current theory. Rather, having one more indispensable explanatory element, their new “neo-scholastic” theory will be both more comprehensive and empirically more accurate.
Federal Budget Deficit
The more than tenfold difference between federal and state budget deficits under identical economic conditions suggests that the fact that state governments in the United States do not have the power to issue money is a more powerful curb on budget deficits than constitutional prohibitions.
Recession and Depression
Keynes himself explicitly stated that if prices are fixed in ‘real’ terms, ‘stimulative’ Keynesian policy would not work (a proviso often ignored by Keynesian followers).
“It’s Marriage, Stupid!”
Especially in context of the 2016 presidential election, in which ‘Inequality’ has emerged as perhaps the foremost issue, we must recast James Carville’s 1992 trope, ‘The Economy Stupid.’ Whether at the global, national, state or local community levels, even on the economy, ‘It’s Marriage, Stupid.’