For years, Democrats have told us that inequality is the most pressing problem facing our nation. National media outlets have regularly echoed this point, often blaming Republican policies as major contributing factors. But you might have noticed that it has been a while since anyone mentioned any actual, recent facts about inequality. That is because we have learned when inequality statistics are not worth mentioning: when those statistics show Republican policies reducing inequality.

Stigler treats industry groups as the heavyweights in regulatory contests. But surprisingly often groups of farmers and workers knock them for a loop in political combat.

I wrote a piece for Project Syndicate, here, on climate financial risk. (This resulted from a presentation on a panel at the NBER summer institute risks of financial institutions meeting, program here. There should be a video version on YouTube but I can't find it. The panel discussion was excellent. You will recognize ideas from my earlier climate finance testimony. I recycle and refine.)

The idea that climate change poses a threat to the financial system is absurd, not least because everyone already knows that global warming is happening and that fossil fuels are being phased out. The new push for climate-related financial regulation is not really about risk; it is about a political agenda.