A Citizens for a Sound Economy Foundation lunch meeting I attended last Wednesday (and to which I was attracted by its title “Who let the Bears Out”) on the subject of stock market deregulation was particularly interesting for one feature: All the panel speakers were in favor of it. During the meeting, the thought thus […]

In fiscal year 2000, the federal government consumed about 18.2 percent of U.S. GDP, while state and local government consumed a further 11.5 percent, for a total of 29.7 percent. This is significantly lower than the level prevailing in 1975, and has therefore been a cause of much optimism about the economy. However, the long-term […]

Former Treasury Secretary Larry Summers described the Efficient Markets Hypothesis, first propounded in 1961, as “the most remarkable error in the history of economic theory” in the Wall Street Journal after the 1987 stock market crash.

The American people love to believe that the United States is unique. The Constitution is unique, not warmed-over John Locke. U.S. foreign policy is unique, not conventional big power self-interest. And above all, the real “shining city on a hill,” is the U.S. economy, which naturally has the fastest productivity growth in human history, greater […]