BS Bots and Blue Checks

There has been a lot to talk about in tech lately. In this episode, host Russ Roberts welcomes back one of our favorite tech-watchers, Arnold Kling, to talk about these latest developments- including Elon Musk’s acquisition of twitter, the implosion of FTX and the scandal-plagued Sam Bankman-Fried, and the release of Chat GPT. We know you’ve […]

Black women gain ground in labor market but still face unique barriers

An employee works at the BMW manufacturing plant in Greer, South Carolina, October 19, 2022. Bob Strong | Reuters A decrease in the unemployment rate of Black women is heartening, but labor experts warn that the trend shouldn’t create any false notions about equity in the workforce. The unemployment rate for the entire Black population […]

Saying No (Again) to Wage and Price Controls

The vast majority of economists understand that economy-wide price controls are a bad idea. The reason is that they prevent prices from adjusting in individual markets. Supplies and demands for various goods change a lot, and avoiding price controls allows prices to adjust to those changes in supplies and demands. We saw a huge problem […]

How Corporations Hope to Eviscerate Workers’ Right to Strike

Yves here. This post highlights a Supreme Court case that could substantially weaken laborers’ ability to strike to force management concessions by making them liable for strike costs, or more accurately in case of the plaintiff Glacier Northwest, failure to prepare for a strike. Oddly this pending ruling has gone under the radar. By Tom […]

(Almost) nobody gets macro

Finding mistakes in the media is like shooting ducks in a barrel. But I hope today’s post will do more than take a few potshots, I am going to try to illustrate some fundamental problems with macroeconomics. The Economist has an interesting article discussing the inflation that hit Europe in the period around 1500-165o.  They […]

Should the Fed Stop Tightening?

The Federal Open Market Committee raised its federal funds rate target by 25 basis points on Wednesday. It has raised its target by 450 basis points over the last year. In December, the median FOMC member projected the target would exceed 5 percent in 2023, but some think the Fed has already done enough to […]

Super-tight policy is still struggling to control inflation

In october we examined the fortunes of Hikelandia. In this group of eight countries—Brazil, Chile, Hungary, New Zealand, Norway, Peru, Poland and South Korea—central banks have thrown the kitchen sink at inflation. They started raising interest rates well before America’s Federal Reserve and on average have done so more forcefully, too. Yet we found little […]

FirstFT: Fed slows rate rises while ECB to stick to half-point increase

Good morning. This article is an on-site version of our FirstFT newsletter. Sign up to our Asia, Europe/Africa or Americas edition to get it sent straight to your inbox every weekday morning The US Federal Reserve increased its benchmark interest rates by a quarter of a percentage point yesterday, marking a return to a slower, […]

An Apostate Indicts Our Educational System

Michel Gibson was on the road to a career in the academic world. He was about to begin a Ph.D. program in philosophy at Oxford, when he realized that a professorship wouldn’t give him the freedom for deep, independent thinking and writing he longed for.  He began to think deeply and independently about what has […]