Government policies mandating elevated wage rates during the Great Depression priced millions of poor people out of work for the duration of the 1930s. Now the Biden administration, having learned nothing, is determined to repeat FDR’s disaster, even down to the “New Deal” name and its “100 Days.” by Richard Schulman Biden’s New Deal and […]
A protectionist thinks technology trumps the division of labor
by Richard Schulman Spencer P. Morrison, a frequent contributor to American Greatness, is against free markets, free trade, and the idea that the division of labor has anything to do with improvements in standards of living. Contrary to Adam Smith, Morrison writes, it’s not the division of labor that makes things cheaper. Rather “technology drives […]
Modern monetary theory (MMT) and its Japan paradigm
John Greenwood and Steve H. Hanke have written (Wall Street Journal, June 5, 2019) what may be the definitive refutation of Modern Monetary Theory . MMT, the two authors explain, holds that “fiscal deficits don’t matter as long as countries borrow in their own currencies and inflation stays in check.” MMT is currently being promoted […]
