When gasoline is expensive, people grumble that big oil companies like Chevron and ExxonMobil are colluding to keep prices high. They’re wrong. The best way to understand why businesses aren’t ...

Economics lost a giant last week when William Baumol, an economist who taught at Princeton and New York University, passed away at the age of 95. With his colleague, William Bowen, Baumol proposed the ...

Standard macro-economics involves an investment function based on non-linear adjustment costs. However, since the production and labour demand functions contain no terms to indicate the existence of ...

Beyond benchmark measures like employment, growth, and inflation, economics encompasses the full spectrum of humanity. It affects—and reflects—everyone. Central bankers may be most acutely aware of ...

Good ideas don’t always outcompete bad ones. But willful foolishness usually has a cost. So it is with modern monetary theory. Ironically, this basket of economic fallacies, embraced by policymakers ...

We’ve seen this movie before. There is widespread frustration with the performance of the economy. Traditional policy approaches are not delivering hoped-for results. A relatively unpopular president ...