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rule of law
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September 9, 2013 | Economics One

My Take on the Middle-Out View

Here is my Wall Street Journal column.  If you're interested in the of path of incomes year by year, the chart below shows real income growth for the 90% and 10% income groups. The data come from E...
September 8, 2013 | Economics One

MacroMania on Nominal GDP Targeting and the Taylor Rule

David Andolfatto has a interesting technical piece on MacroMania called "Nominal GDP Targeting and the Taylor Rule" in which he derives a relationship between the two, following up on a point by Ch...
September 5, 2013 | Economics One

Toward Free Exchange Rather Than Capital Controls

In Capital Controls: Against the Tide, the Economist’s Free Exchange (R.A.) described this week how macroeconomists are getting more and more comfortable with the idea of capital controls. Unfortun...
September 4, 2013 | Cafe Hayek

Capitalism, Government, and the Good Society

Last April, Liberty Fund and Butler University sponsored a symposium on capitalism, government, and the good society. I was the host. Mike Munger, Robert Skidelsky, and Richard Epstein each spoke on the topic. (Jamie Galbraith was invited but weather forced
September 3, 2013 | Economics One

Detecting the Source of Our Recent Poor Economic Performance

I have been arguing that highly discretionary (versus rules-based) macro policy provides the best explanation for generally poor macroeconomic performance, such as recent years, in comparison with ...
September 2, 2013 | Becker-Posner Blog

Dynamic Competition and Anti Trust Policy

August 29, 2013 | Economics One

A Crisis May Be Worst Time to Deviate from Rules

In the Money interview with me which Melissa Francis posted yesterday she delved into two of my First Principles—the importance of the rule of law and rules-based policy—pointing out that many peop...
August 22, 2013 | Economics One

Who and What is to Blame for the Global Turbulence

The recent large impact of U.S. monetary policy on the rest of the world--especially emerging markets--has understandably been attracting a lot of attention in financial markets with headlines like...
August 12, 2013 | Economics One

What to Call This Very Slow Recovery?

Economists love the word “Great” for significant economic events—such as The Great Depression—probably using it too much.  I’m as guilty as anyone. I used the terms Great Inflation and Great Disinf...
August 1, 2013 | Economics One

Don Kohn on Rules-Based Monetary Policy

President Obama just widened the race for Fed chair. Up on Capitol Hill he mentioned Don Kohn along with Larry Summers and Janet Yellen. So we should widen the hunt for things that Don has said tha...