As many have noted, Donald Trump’s presidency is an insurgency. Mr. Trump himself is the quintessential insurgent, doing battle with a disingenuous and entrenched establishment. This was his appeal over a field of more conventional Republican candidates in 2016. But last year’s midterm elections were disappointing, and Mr. Trump has gone wanting for political clout in the immigration fight.
After more than fifty years of educational policies aimed at closing student achievement gaps, a large divide continues to exist between those at the top and lower rungs of the socioeconomic ladder, according to new research by Hoover scholars.
The Fed sets interests rates. But how does the Fed set interest rates? The Fed is undergoing a big review of this question. We had a little workshop at Hoover, in preparation for the larger May 3 Strategies for Monetary Policy conference, which provokes the following thoughts.
The well-documented inability of American colleges and universities to reverse the several-decades-long curtailment of free speech on campus is a matter of considerable public interest. Whether the federal government is capable of producing effective reform is another question. President Trump seems to believe Washington is up to the task.
The United States and its allies won the Cold War, a prolonged struggle across the globe, but news accounts nowadays give the impression that the West has lost the post-Cold War “peace” amid a resurgence of authoritarianism. Exhibit A: Russia.
The irony of the entire Russian collusion hoax is that accusers who cried the loudest about leaking, collusion, lying, and obstruction are themselves soon very likely to be accused of just those crimes.
If China’s explosive economic growth since the beginning of reform in 1979 is a unique success story, no less impressive has been the concomitant growth of its military and political power, as well as its global influence. Few could have predicted that within one generation of Richard Nixon’s visit to Beijing in 1972, China would vie with the United States for the banner of global leadership. By any measure, China’s efforts to surpass American predominance in the world must be taken seriously, and in some cases, may even seem to have succeeded.
New York City has a serious problem with its schools. It’s not the high failure rates, low test scores, or deteriorating buildings. Instead, mayor Bill de Blasio and chancellor of education Richard Carranza believe, it’s that the best city schools—the specialized or magnet high schools—have too many students of the wrong race and too few of the right ones. Stuyvesant High School, widely considered the city’s most selective public high school, this month offered just seven seats out of 895 to black students.
On Sunday, Ukrainian voters will cast their ballots for president. Despite non-stop Russian propaganda and fake news, a disaffected electorate, dirty tricks and slander among the candidates and a dueling oligarch-controlled media, Ukraine is poised to pull off a miracle that few will appreciate.
Philosopher and author Jacob Stegenga of the University of Cambridge talks about his book Medical Nihilism with EconTalk host Russ Roberts. Stegenga argues that many medical treatments either fail to achieve their intended goals or achieve those goals with many negative side effects. Stegenga argues that the approval process for pharmaceuticals, for example, exaggerates benefits and underestimates costs.
In a new book, Love Your Enemies, Arthur Brooks describes the rise of a “culture of contempt”—a habit of seeing people who disagree with us not as merely incorrect or misguided, but as worthless--and considers what we can do to bridge divides and mend relationships.
We find that increases in the minimum wage significantly reduced the employment of low-skilled workers. By the second year following the $7.25 minimum wage’s implementation, we estimate that targeted individuals’ employment rates had fallen by 6.6 percentage points (9%) more in bound states than in unbound states. The implied elasticity of our target group’s employment with respect to the minimum wage is −1, which is large within the context of the existing literature.
The Tanis site, in short, did not span the first day of the impact: it probably recorded the first hour or so. This fact, if true, renders the site even more fabulous than previously thought. It is almost beyond credibility that a precise geological transcript of the most important sixty minutes of Earth’s history could still exist millions of years later—a sort of high-speed, high-resolution video of the event recorded in fine layers of stone.
If we focus solely on MMT’s [Modern Monetary Theory’s] essential claims about money, distinct from any associated policy proposals, it is neither new nor modern. It simply justifies funding government expenditures by issuing fiat money, which, of course, all economists have long been aware is possible. MMT then attempts to downplay the potential inflationary impact of such financing with manipulations of the government and central-bank balance sheets. But it merely puts the standard analysis into different boxes.
[Subscription Required] Hoover Institution fellow Niall Ferguson outlines why he looks at history for its predictive ability. Ferguson also explains how populism will change Europe, and gives his view of what to make of the economic changes and trade talks with China.
Hoover Institution fellow John Yoo talks about possible scenarios and examines how the president and Congress might respond—focusing on potential executive privilege claims by President Trump. Yoo also considers how President Trump might claim executive privilege in other contexts—like the House obstruction inquiry, a possible impeachment probe, attempts to prevent release of notes from his Helsinki meeting with Vladimir Putin, or in pending civil lawsuits against him.
Michael Auslin, an Asia expert at the Hoover Institution, examines what I consider the most important foreign policy issue of our time — U.S. relations with China. Auslin believes this may be “crunch time” for these relations.
Democrats demanding the release of special counsel Robert S. Mueller III’s complete and unredacted report on his investigation into Russian interference in the 2016 presidential election should pipe down, at least if they want to preserve a reputation for consistency. They spent over two years reminding us how important the rule of law is. They, more than anyone, should know that the law does not permit Attorney General William P. Barr to give them what they desire.
Earlier today, John wrote about the accusation that Joe Biden touched Lucy Flores inappropriately when he campaigned for her back in 2014. I want to focus on the statement Biden’s team put out in response.
I’ve written a number of times on CD about the possible limitations of official GDP accounting methods (developed in the 1930s during the Machine Age) for measuring economic activity, output and well-being in the Digital Age when so many services are now free or nearly free (Wikipedia, Facebook, Craigslist, email, Internet, cameras, videos, music, GPS/maps, etc.).
The grand total of US debt has reached $222 trillion dollar, 300% of the GDP which is rising at the rate f $1 trillion every year. But nobody seems to care with ‘printing’ available as a solution. But with this money creation out of thin air has already turned the currencies into dust with hyperinflation, will Bitcoin emerge as the salvation.
[Subscription Required] The United States has enjoyed an unprecedented period of prosperity and peace in the past seven decades. A principal reason for this, scholars Hal Brands and Charles Edel argue in their brilliant new book, is that following World War II and the beginning of the Cold War, American leaders and the public shared a tragic sensibility that shaped the postwar foreign-policy consensus.