Regime Uncertainty and Market Uncertainty
The Great Depression formally began in August 1929, two months before Black Tuesday. Initially, the…
‘Twin Deficits’: A Tale of Fiscal Folly,…
No notion in economics is responsible for more misunderstanding and misguided government policies…
Are Americans Worse Off Since NAFTA? The Data Say No
What do the following three dates have in common with each other? 1975. January 1, 1994. December…
America’s Trade ‘Deficit’ Is a Ringing Endorsement
As noted in my previous column, foreign holdings of US dollars are classified as foreign holdings of…
Rethinking Trade Deficits: Foreign Dollar Holdings Are…
Donald Trump believes that US trade deficits are evidence that Americans are being “ripped off” by…
What, Exactly, Are Negative Externalities?
Introduction Economics textbooks feature a coherent theory of how markets can allocate scarce…
Dynamia, Not Stagnatia
Consider the fictional little country of Dynamia. Although, strictly speaking, this place is a…
The Problem With Retaliatory Protectionism
A familiar excuse for protective tariffs and other trade restrictions goes like this: It would be…
Protectionism and the Fallacy of Composition
Early on in my introductory economics course I warn my students always to beware of various logical…
‘You Can Trust Me’: Catfishers, Nigerian Princes, and…
"Individuals who we don’t know and who don’t know us seek to gain our trust so that they can…
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