Article Archive
Regulating Risk
An illustration of the impact of financial regulation on capital allocation is the extent to which the world's savings have been attracted to long-term instruments with low yields.
The 'Two Drunks' Model of Financial Crises
It’s unlikely that banks and government can be disentangled, but a healthier relationship could begin with a new approach to credit guarantees.
Reform Government Pay with Step Decreases
Longevity is the wrong characteristic to reward in the case of government workers.
16 Tons of Keynesian Economics
As the old song goes, after 16 tons of Keynesian economics, all we have to show for it is that we are deeper in debt.
Skin in the Housing Game
Recourse mortgages with significant down payments will stabilize the housing market, prevent speculative bubbles from forming, and limit taxpayer risk.
What Would Churchill Do?
November 6 was an electoral setback dealt to those of us who believe in capitalism and limited government. What can we learn from Churchill, who was no stranger to setbacks?
The Risky Mortgage Business: The Problem with the 30-Year Fixed-Rate Mortgage
One would not be troubled by the 30-year fixed-rate mortgage if it were an emergent property of free markets. But it is not.
Lenders and Spenders: Confronting the Political Reality of Debt
Is federal debt really nothing more than money ‘we owe to ourselves’? No. It frays the political fabric, and we are feeling its effects already.
Reforming the Housing Transaction
If policymakers truly want to make things better for home buyers, they should look for ways to streamline and modernize the housing transaction itself.
Who Needs Home Ownership?
Home ownership subsidies have imposed costs that are large and clear. The benefits of such subsidies are, at best, small and vague.
Many-to-One vs. One-to-Many: An Opinionated Guide to Educational Technology
There are many horses in the educational technology race. Which ones are worth betting on?
Checks, Balances, and Audits
Here’s an approach that accepts the reality of the Administrative State while restoring the principle of checks and balances.
Why We Need Principles-Based Regulation
Instead of regulating the boundaries between what is approved and what is forbidden, perhaps we should lay out broad but well-defined principles that businesses are expected to follow.
The Tribal Mind: Moral Reasoning and Public Discourse
If we want to get along better and resolve differences more easily, it will take conscious effort to overcome tribal behavioral instincts.
The Challenge of Achieving a Liberal Order
In order to have the rule of law, a society must have cultural institutions that promote rules and norms that cannot be overturned by autocrats.
Economics: A Million Mutinies Now, Part Two
We have accumulated more than six decades of macroeconomic experience since the end of World War II, yet neither stubborn Keynesians nor stubborn monetarists have encountered any data that would make them change their minds.