Nobel laureate and Hoover fellow Milton Friedman evaluates Alan Greenspan’s job performance, analyzes the role of the International Monetary Fund in the Asian financial meltdown, and explains how to fix Social Security—all in less than three thousand words.
A reflection on the life of former Hoover fellow Karl Popper, one of the past century’s greatest thinkers. By Piers Norris Turner.
The Western media tell us that China’s leaders haven’t changed much in the past twenty years, and they may well be right. What has changed is the China around them. By Hoover media fellow William McGurn.
If economists are so smart, why are developing countries so poor? By Hoover fellows Stephen Haber, Douglass C. North, and Barry R. Weingast.
The Hoover Institution hosted the Board of Overseers’ Summer Meeting on July 12–14, 2011.
On Tuesday evening, Hoover fellows discussed topics relating to defense, global issues, entitlements, and the state of the economy. Victor Davis Hanson and Bruce Thornton’s speech was titled “America Abroad: Appeasement or Deterrence?” David Brady and John Cogan’s presentation was titled “Entitlements, Debt and Electoral Politics: How Did We Get Where We Are–and Where Do We Go from Here?” In their speech titled “The Road Ahead for the Fed: Two Years Later,” John Taylor and Kevin Warsh discussed the state of the economy today.
The level of economic commentary during the presidential campaign has not been high. Democrats have accused Mitt Romney of the crime of shipping jobs abroad while at Bain Capital, and Mr. Romney has responded by denying the charge.
They support Bernie Sanders in droves even though capitalism, not socialism, will increase their standard of living.
Doomsayers are never popular, but sometimes they're right. The original jeremiads uttered by the biblical prophet Jeremiah were on the money. His fellow Judeans were vanquished and enslaved by the Babylonians, just as he had warned. Moral: Don't take jeremiads lightly.
Aaron Director, founder of the field of Law and Economics,Hoover Institution fellow and distinguished University of Chicago economist
Why shouldn’t American universities give conservative ideas their due? By Peter Berkowitz.
The root of most arguments against the market is a lack of belief in freedom—at least for other people—as a worthy end.
A review of episodes in economic and intellectual history indicates the superiority of a limited government market economy over the alternative models of economic organization. The siren calls of pundits, politicians, and even some economists in favor of communist central planning during the Great Depression; market socialism after World War II; and, more recently, massive welfare states and/or extensive government micromanagement of markets each ran afoul of their own problems and comparisons to the limited government (based on sound criteria) capitalist model. The limited government capitalist model, once again under attack from those who would greatly expand the role of government, needs its defenders, as the alternative models have proven historically, intellectually, and practically bankrupt.
Behind the headlines lies an old and basic question: in the clash between Islamism and the nation-state, who will win? By Charles Hill.
This essay discusses the inflation of the 1970s and the disinflations of the 1980s and 1990s. It provides historical and intellectual history perspectives on these events. It argues that the consensus view of economists on inflation and its costs has changed more than on any other subject in the past thirty years. As late as 1980, many economists argued that the cost of inflation was low and that the cost of disinflation so great that it was better to live with 10 or 12 percent inflation than bear the temporarily higher unemployment and lost output that would accompany a disinflation.
Fortunately, Federal Reserve Board chairmen Paul Volcker and Alan Greenspan engineered two rounds of disinflation, first from 12.0 percent to 4.5 percent and then to 2.5 percent. Although there were costs--a severe recession in 1981–82 and a not-so-soft landing in 1990–91--the low and relatively stable inflation of the 1980s and 1990s has been a major factor in a long boom in the United States, two long expansions interrupted by a short, mild recession. And economists' thinking about the costs and consequences of high inflation has shifted to the view that stable low inflation, like the lowest possible tax rates and minimum necessary regulation, is a fundamental pillar of maximizing sustained long-run growth.