News

Recent posts and articles from IGEG fellows, advisers, experts and scholars.

Capital Gains Must Be Protected from Inflation

If your employer gives you a 2 percent wage increase, and inflation is 3 percent, has your real income increased or decreased? Assume you bought a horse barn and 40 acres of land for $200,000 in 1988 for a riding school you operated. You have just retired from your...

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Most Everything Is Better Than You Think

In 1914, just over a century ago, the average worker had to work about three hours to buy a bushel of wheat. Today it takes five minutes for the average American worker to buy that same bushel of wheat. The real (inflation-adjusted) price of aluminum is now about...

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Destructive Information

There is some information that the government should never publish because it is so little understood by the political class and the media. A prime example is the trade deficit number. The trade deficit is of little importance, but as we now see, a focus on that...

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Who is Corrupt?

Is the just-fired Andrew McCabe (former number two and, at one point, acting director of the FBI) corrupt? I would argue yes, even though we do not know the full extent of his alleged transgressions. Corruption, according to the Merriam-Webster dictionary, is...

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Fact-Free Zones in the Public Square

Fuzzy and fact-free thinking are too kind as definitions for much of what has passed as public policy analysis this past week. The discussions regarding the Parkland school shooting, the Russian political investigation and the immigration debate illustrate the...

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Accountability and Willful Blindness

Those who serve in the military know they will be held accountable when they are irresponsible or reckless because the lives of their fellow warriors are at stake. In contrast, there is often little accountability in much of non-military government civil service,...

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Measuring Human Freedom

Do you think you live in a free country? How do you define “free”? To help answer these questions, the new “Human Freedom Index” (HFI) has just been released. The report is published by the Cato Institute, the Fraser Institute and the Liberales Institut at the...

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The Wealth Effect and the U.S. Economy

How rapidly will the U.S. economy grow in 2018? How about the world economy? There is a growing consensus that the world economy might grow a little more than 3.5 percent and the U.S. economy a little less than that, which would be a great improvement over recent...

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Immigration and ‘Rathole’ Countries

Many people in poor places try to migrate to richer places — and so it has always been. But some poor places become rich places and immigration flows change as a result. There are many examples of “rathole” countries changing policies and becoming rich, and relatively...

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The End of Government Monopoly Money

After two centuries of government monopoly money, private monies are re-emerging and will likely come to dominate ultimately. Back in 1976, Nobel Laureate F.A. Hayek published his little classic, “Denationalization of Money.” In essence, Hayek argued that money is no...

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