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Brian Domitrovic: In History Departments, It’s Up With Capitalism And Down With Enrollments
Posted: November 16, 2019 at 08:54 AM (Saturday)

“In History Departments, It’s Up With Capitalism,” ran a New York Times headline in April 2013. The article discussed the sharp increase in scholarship and teaching about the history of capitalism in colleges and universities since the economic and financial crisis of 2008. Simultaneously, the history major in American institutions of ...


Henry Olsen: Nothing in the impeachment hearings will change anyone’s minds
Posted: November 15, 2019 at 07:32 PM (Friday)

Week one of the House Intelligence Committee’s impeachment hearings is over. The evidence produced so far will do nothing to change Republican support for President Trump. This conclusion will surely outrage many readers. I can hear them already: "Don’t Republicans have any decency, any regard for the office?” Yes, we do. But we also can see ...


Review & Outlook: Bankers Aren’t Climate Scientists
Posted: November 15, 2019 at 06:50 PM (Friday)

Powell says the Fed’s mandate doesn’t include reducing CO2 emissions. Liberals criticize President Trump for politicizing the Federal Reserve, and not without cause, but then they demand that the central bank exercise its vast powers against climate change. Credit to Fed Chairman Jay Powell for telling Congress that climate stability isn’t part ...


Arthur Brooks: 'Transhumanist’ eternal life? No thanks, I’d rather learn not to fear death.
Posted: November 15, 2019 at 04:45 PM (Friday)

Herodotus, in the 5th century B.C., recorded an account of a race of people in northern Africa who, according to local lore, never seemed to age. Their secret, he wrote, was a fountain of youth in which they would bathe, emerging with “their flesh all glossy and sleek.” Legend has it that two millennia later, Spanish explorers searched for ...


Stephen Moore: Trump needs Tax Cut 2.0
Posted: November 15, 2019 at 04:03 PM (Friday)

The fact that Democrats herald higher taxes makes another tax cut smart. Every single plausible Democratic candidate for president has endorsed tax increases as centerpieces of their economic agenda. Think about what we are hearing from Elizabeth Warren, Joe Biden, Bernie Sanders, and the rest of the Punch and Judy Show. New wealth taxes, ...


Grace-Marie Turner: Three Cheers for Transparency
Posted: November 15, 2019 at 02:22 PM (Friday)

Hospitals and insurers will howl, but the Trump administration today took a big step toward consumer empowerment with administrative actions designed to increase price transparency for hospital and other medical charges. Galen Senior Fellow Brian Blase, who was instrumental in developing the executive order on price transparency issued in ...


David Harsanyi: Paul Krugman, Always Wrong, Never in Doubt
Posted: November 15, 2019 at 12:35 PM (Friday)

He’s a stopped clock who has yet to be right about Trump. This Thursday, Federal Reserve chairman Jerome Powell told the House Budget Committee that there was “no reason to think, that I can see, that the probability of a downturn is at all elevated.” Not every economic indicator is perfect, but wages are rising (especially on the lower ...


Ariel Procaccia: Quantum Leap for Computing Is a Small Step for Computers
Posted: November 15, 2019 at 10:00 AM (Friday)

Congratulate Google for an engineering breakthrough, but flashy milestones rarely herald technological revolutions. In a landmark paper published in 1950, the mathematician Alan Turing proposed the eponymous Turing Test to decide whether a computer can demonstrate human-like intelligence. To pass the test, the computer must fool a human judge ...


James Robbins: Hey, Elizabeth Warren: Your wealth tax plan? It's unconstitutional.
Posted: November 15, 2019 at 05:00 AM (Friday)

Not every tax is created equal; Not in effectiveness or legality. Hopefully, the senator from Massachusetts will learn that lesson. Pity the poor billionaires. Democratic presidential hopeful Elizabeth Warren is vigorously promoting her proposed wealth tax aimed at the super rich whom she says don’t pay their fair share. It isn’t really ...


Review & Outlook: China’s Hong Kong Crisis
Posted: November 14, 2019 at 07:22 PM (Thursday)

Beijing issues more threats and may cancel elections this month. American elites not too long ago spoke admiringly of the efficiency of China’s one-party state. Well, how do you like it now? We’re referring to the escalating protests and violence in Hong Kong, which are the result of an historic miscalculation by Chinese President Xi Jinping. ...


John Authers: The Only Chart You Need to Understand 2019's Global Markets
Posted: November 14, 2019 at 04:10 PM (Thursday)

Geopolitics? Trade wars? It’s the liquidity, stupid. It’s still all about the central banks. If you care about allocating money between global assets, everything else remains ancillary, and all 2019’s biggest trends — from negative interest rates in Germany through the inverted U.S. yield curve to the impressive global rebound in share ...


Gregory Mankiw: Why a 'Republican Economist’ Plans to Vote in the Democratic Primary
Posted: November 14, 2019 at 12:25 PM (Thursday)

A few weeks ago, I drove to my local city hall and changed my voter registration from Republican to independent. That was a momentous change for me, a lifelong Republican. My allegiance to the G.O.P. was initially familial. My father had grown up in the 1920s and 1930s in Bayonne, N.J., a city that he said was run by a corrupt Democratic ...


Jed Graham: 5 Reasons To Worry About A China Trade Deal With Stock Market Rally At Record Highs
Posted: November 14, 2019 at 09:20 AM (Thursday)

President Donald Trump said late Wednesday that China trade negotiations are moving "very rapidly." Yet the vague assurance did little to assuage creeping doubts that a phase-one China trade deal will come to fruition. Stock market bulls looking to Trump's big Tuesday speech for hints that he's ready to de-escalate came away a little shaken, ...


Sarah Halzack: Walmart Shows How to Compete Against Amazon
Posted: November 14, 2019 at 09:00 AM (Thursday)

The grocery business is the key to the growth of America’s largest retailer. The uncertainties for Walmart Inc. were piling up in the third quarter, both external (tariff whiplash, recession fears) and internal (a management shuffle in the U.S.). Judging by its Thursday earnings report, though, the big-box giant was unruffled by all the ...


Pedro Nicolaci da Costa: Once Unthinkable Warning From New ECB President Puts Onus On Politicians
Posted: November 14, 2019 at 04:21 AM (Thursday)

Christine Lagarde is nothing if not a skilled political operator, and she's proving it once again as she takes over the helm of the European Central Bank from Mario Draghi even as parts of Europe, notably Germany, face rising fears of recession. Anticipating the eventual blame politicians might try to place on the central banker, Lagarde, a ...


Veronique de Rugy: Congress Readies Another Round of Crony Handouts
Posted: November 14, 2019 at 12:01 AM (Thursday)

Here we go again. We're approaching another deadline to pass a government spending bill or risk a government shutdown. Legislators routinely manufacture this sort of "crisis" to ram through provisions that wouldn't survive scrutiny standing on their own. Congress is reportedly likely to push the budget deadline into December, but whenever the ...


Mark Helprin: Treat China as the Nuclear Superpower It Is
Posted: November 13, 2019 at 06:00 PM (Wednesday)

If Beijing really has only a tiny number of warheads, why are they housed in a 3,000-mile tunnel system? Doubtless the president would not be delighted by the likening of his administration to a giant fat guy who has never skied, pushing off from the top of a double-black-diamond slope and on his way down taking out flags, trees, and people. ...


Karl Smith: Powell’s Warning to Congress About the Next Recession
Posted: November 13, 2019 at 05:45 PM (Wednesday)

The Fed will need help stimulating the economy when the next downturn hits. Federal Reserve Chair Jerome Powell had a message for Congress in his testimony Wednesday before the Joint Economic Committee: The Fed won’t be able to fight the next recession all by itself — it’s going to need help from Congress. Powell is undoubtedly correct that ...


Robert Samuelson: The mythology of Big Tech
Posted: November 13, 2019 at 11:09 AM (Wednesday)

“Everyone seems to agree . . . that these companies are fundamentally different . . . and the old rules of capitalism simply do not apply to them.” — Economist Thomas Philippon, author of “The Great Reversal: How America Gave Up on Free Markets” The public face of American capitalism is Big Tech. Its constituent firms — Apple, Amazon, Google ...


Glenn Harlan Reynolds: The very things that improve our lives could be used against us
Posted: November 13, 2019 at 07:00 AM (Wednesday)

These days, digital devices carry our most personal information. With millions of lines of code ripe for the hacking, who's to say what's safe? Last week, federal prosecutors brought charges against Aventura Technologies and several key employees, charging that Aventura sold cameras to the U.S. military as “made in the USA” when they were, ...


Marco Rubio: The Case for Common-Good Capitalism
Posted: November 13, 2019 at 06:30 AM (Wednesday)

Dignified work, strong families, and strong communities are key to civic — and economic — well-being. In 1891, amid the disruption of the Industrial Revolution and the rise of socialism, Pope Leo XIII wrote that the ultimate goal for any society should be to “make men better” by providing people the opportunity to attain the dignity that ...


Betsy McCaughey: Schiff's lead witnesses have no real evidence — and neither does he
Posted: November 12, 2019 at 08:21 PM (Tuesday)

On Wednesday, the curtain rises on the House’s impeachment show, featuring State Department career diplomats William Taylor Jr. and George Kent as the first witnesses. Mainstream media claim Taylor and Kent have “damning evidence” that President Trump delayed military aid to the Kiev government in a quid pro quo to pressure the Ukrainian ...


Bernard-Henri Lévy: France Can Lead Europe and Save Syria’s Kurds
Posted: November 12, 2019 at 07:22 PM (Tuesday)

Following Chirac’s Bosnia example, Macron should assume the responsibility Trump’s U.S. abdicated. Nothing remains to be said about the American abandonment of Syrian Kurdistan. But what about Europe? Is not Europe also responsible for the fate of our most dependable allies in the war against Islamic State? Is it not at least as affected by ...


Greg Ip: 'It’s Not the Economy Anymore, Stupid’
Posted: November 12, 2019 at 05:09 PM (Tuesday)

A polarized electorate is less swayed by how well the economy performs. President Trump has presided over solid economic growth and much lower unemployment than economists would have expected a few years ago, a record he proudly touted in a speech in New York Tuesday. Mr. Trump is counting on that record carrying him to re-election next ...


Tim Duy: Even the Fed's Own Research Shows Rates Are Too High
Posted: November 12, 2019 at 01:00 PM (Tuesday)

A new model based on global rather than U.S.-centric inputs has the potential to upend large parts of the financial markets. New research from the Federal Reserve’s own economists reveal that estimates of the neutral real rate of interest are well below those of policy makers. The low estimates have important implications for policy makers ...


Sally Pipes: How Big-Box Retailers Can Revitalize Rural Health Care
Posted: November 12, 2019 at 08:00 AM (Tuesday)

There's a surefire, and perhaps unlikely, way to bolster access to health care for underserved Americans—at the shopping mall. Millions of Americans struggle to get affordable, timely medical care. Roughly one-quarter of rural Americans haven't been able to get needed care at some point in recent years, according to a May 2019 poll conducted ...


Raghuram Rajan: Is Economic Winter Coming?
Posted: November 12, 2019 at 05:21 AM (Tuesday)

CHICAGO – Now that the old rules governing macroeconomic cycles no longer seem to apply, it remains to be seen what might cause the next recession in the United States. But if recent history is our guide, the biggest threat stems not from the US Federal Reserve or any one sector of the economy, but rather from the White House. What could trigger ...


Andy Puzder: Warren’s '2 Cents’ Come at Your Expense
Posted: November 11, 2019 at 06:45 PM (Monday)

Her levy on wealth would sink stocks, raise interest rates, and confiscate far more than she admits. Sen. Elizabeth Warren is campaigning for a 2% surtax on anyone’s net worth over $50 million and 6% on more than $1 billion. Most discussion of the wealth tax has focused on whether it could generate sufficient revenue to fund Ms. Warren’s ...


Barry Eichengreen: Will China Confront a Revolution of Rising Expectations?
Posted: November 11, 2019 at 09:25 AM (Monday)

ZURICH – Amid much discussion of the challenges facing the Chinese economy, the line-up of usual suspects typically excludes the most worrying scenario of all: popular unrest. While skeptics would contend that widespread protest against the regime and its policies is unlikely, events elsewhere suggest that China is not immune. For over a ...


Conor Sen: The 2020 Economy Should Feel a Lot Better
Posted: November 11, 2019 at 07:30 AM (Monday)

Expect faster growth amid lower interest rates and trade tensions. The economy has battled a lot of headwinds during the past year. Trade wars. The lagging impact of the Federal Reserve's interest-rate hikes. A government shutdown. The good news is that with those hiccups mostly out of the way, the economy may be poised for better performance ...


Peter Morici: Trump’s tariffs, Brexit could spur healthier global growth
Posted: November 11, 2019 at 06:01 AM (Monday)

Better policies could reduce wasteful investment and spending. The global economy is in a funk and Western policy makers are at sixes and sevens about what to do. Analysts blame President Donald Trump’s tariffs and the U.K.’s Brexit for creating uncertainty among businesses and slowing investment, but other forces are more important. Once ...


Jared Bernstein: Life and death ... and Medicaid
Posted: November 11, 2019 at 06:00 AM (Monday)

One implication of last week’s wins for Democrats in Virginia and Kentucky is that fewer people will perish because they lack access to health care. To put it simply: “Medicaid coverage is literally a matter of life and death, particularly for people with serious health needs.” This is the conclusion of a new report from Matt Broaddus and ...


Kenneth Rogoff: The High Stakes of the Coming Digital Currency War
Posted: November 11, 2019 at 04:56 AM (Monday)

SOUTH BEND – Just as technology has disrupted media, politics, and business, it is on the verge of disrupting America's ability to leverage faith in its currency to pursue its broader national interests. The real challenge for the United States isn't Facebook's proposed Libra; it's government-backed digital currencies like the one planned ...


Robert Samuelson: Has America gone soft on competition?
Posted: November 10, 2019 at 07:00 PM (Sunday)

It’s no secret that we live in an era of “superstar” firms — the Facebooks, Apples and Microsofts of the world. As monopolies and oligopolies, they dominate their industries and generate enormous profits. Initially hailed for their technological achievements, they’re now accused (amazingly) of creating a drag on U.S. economic growth. Could it ...


Mohamed El-Erian: Investors’ Global Turn Depends on Shaky Policy Hopes
Posted: November 10, 2019 at 06:00 PM (Sunday)

Rewards for shifting into emerging-market and European stocks could be short-lived. Long eager to exploit international equity markets that have underperformed the S&P 500 Index for years, some investors are finally being rewarded for shifting into emerging markets and European stocks. Their good fortune is likely to attract others, opening ...


Arthur Herman: The Quantum Computing Threat to American Security
Posted: November 10, 2019 at 01:48 PM (Sunday)

Google claims supremacy, but the risk remains that U.S. complacency lets China crack all its codes. Google announced last month that it had achieved “quantum supremacy,” demonstrating the potential of a new kind of computer that can perform certain tasks many orders of magnitude faster than the most advanced supercomputers. It’s a crucial ...


Brian Blase: Biden’s Plan for Health is Already a Failure
Posted: November 10, 2019 at 01:47 PM (Sunday)

ObamaCare was supposed to improve the individual market. It made it worse. Most Democratic presidential candidates are supporting some version of Medicare for All, a radical proposal to put Washington in complete control of the health-care system. Joe Biden, however, promises to “protect and build on the Affordable Care Act,” the last ...


Justin Fox: What Decades of (Sometimes Dodgy) Dietary Advice Made Us Do
Posted: November 10, 2019 at 08:00 AM (Sunday)

For decades, Americans cut back on beef, butter and eggs, but kept consuming more calories. That’s finally changing. In September, a team of researchers made a well-publicized recommendation that people start eating... about as much red meat as they already eat. This was not based on any new medical findings, and was described by its authors as ...


Stephen Moore: Washington Post and liberal media again get it wrong about Trump economy
Posted: November 9, 2019 at 05:38 PM (Saturday)

It's a problem when all of the Washington Post's 'fact checkers' play for the liberal team. First, a full admission about this article. I originally sent a version of it to The Washington Post for publication, but for reasons that will become obvious as you read on, they rejected it. Here's the back story. Several weeks ago, I reported on the ...


José Cabranes: Higher Education’s Enemy Within
Posted: November 8, 2019 at 05:25 PM (Friday)

An army of nonfaculty staff push for action and social justice at the expense of free inquiry. American higher education seems to be in a permanent state of crisis. Almost monthly, a federal court has occasion to reprimand some college or university for improperly chilling speech, even as some students continue to complain that campuses are ...


Grace-Marie Turner: Medicare For All Would Fail Patients
Posted: November 8, 2019 at 12:57 PM (Friday)

“Before now, Warren’s radical proposal never would have been introduced by someone with a serious shot at becoming president,” Galen Senior Fellow Brian Blase explains in a piece for RealClearPolitics. “But the health care status quo is failing too many Americans. She is right that health care prices are generally too high, that ...


Mark Mills: How To Trigger A Global Recession In One Easy Step: Ban Fracking
Posted: November 8, 2019 at 08:55 AM (Friday)

In a time long ago, seven years this month, President Obama and candidate Mitt Romney sparred in their second debate over the extent to which Obama deserved credit for increasing America's oil and natural gas production. Three years later President Obama would, without fanfare, sign epic legislation reversing a 40-year-old petroleum export ...


Robert Shiller: How Lying and Mistrust Could Hurt the American Economy
Posted: November 8, 2019 at 05:00 AM (Friday)

The political dangers get all the attention, but the business effects could weigh on the United States for years, a Nobel laureate says. News organizations have devoted considerable resources to tallying and correcting thousands of misleading statements — and outright lies — made by President Trump and his supporters. At the same time, ...


Jim Bianco: Lagarde's Political Agenda Is a Risk for the ECB
Posted: November 8, 2019 at 04:30 AM (Friday)

Using a central bank as a blunt instruments to force government spending is not a good idea. The Christine Lagarde-era at the European Central Bank is barely a week old, but these first few days raise concern that her political agenda risks undermining trust in the institution. More specifically, Lagarde is expected to use the might her ...


Gordon Chang: The Great Confrontation With China
Posted: November 7, 2019 at 06:01 PM (Thursday)

Pence and Pompeo are making the case for a new approach that will outlast this administration. The Trump administration is heading for a fundamental break with the People’s Republic of China. The rupture, if it occurs, will upend almost a half-century of Washington’s “engagement” policies. Twin speeches last month by Vice President Mike Pence ...


Peter Morici: Elizabeth Warren's wealth tax will hinder economic growth and innovation
Posted: November 7, 2019 at 11:25 AM (Thursday)

Google, Apple and Microsoft were boosted with the fortunes Warren wants to tax. President Trump’s lower taxes and deregulation have delivered the lowest unemployment in two generations, but Democrats claim his program promotes unfair inequality of income and wealth, which in turn slows growth ...


Dani Rodrik: How to Get Past the US-China Trade War
Posted: November 7, 2019 at 08:21 AM (Thursday)

CAMBRIDGE – China and the United States, like all other countries, should be able to maintain their own economic model. But international trade rules should prohibit national governments from adopting "beggar-thy-neighbor" policies that provide domestic benefits only by imposing costs on trade partners. China's economic rise poses ...


Tim Duy: The Fed's Inflation Promise Leaves Plenty of Wiggle Room
Posted: November 7, 2019 at 06:00 AM (Thursday)

If a recession is avoided, then it’s possible the central bank will make a swift pivot from dovish to hawkish. Federal Reserve Chairman Jerome Powell virtually promised last week to hold off on raising interest rates until faster inflation is not just a forecast, but a reality. With this dovish assurance, the Fed becomes less of a threat to ...


Veronique de Rugy: Plans by Warren and Sanders Neglect Logic, Math, and Honesty
Posted: November 7, 2019 at 12:01 AM (Thursday)

The Democratic candidates are making promises they can’t deliver. The more I follow the Democratic presidential campaign, the more I see how little I understand some people. After all, we can have differences when it comes to ideology, and we can aspire to different things in life. We can even have different understandings of what morality ...


Chris Pope: WarrenCare Will Make You Wait and Wait
Posted: November 6, 2019 at 06:56 PM (Wednesday)

Her plan proposes ‘global budgets’ to control costs. That will inevitably lead to rationing of needed services. Until now, Medicare for All proposals have been pleasantly vague. They plausibly allowed voters to imagine that more medical services would be covered, without premiums, out-of-pocket costs or the inconvenience of networks or ...