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Throughoutmost of American history, main reliance for Increasing productivityhas beenplacedon the workings ofcompetitive markets In our predominantly free, private enterprise economy. The logic is ...
Introduction The American debate on industrial policy was first provoked by Hamilton’s Report onManufactures In 1191. At that time the debate focused on whether the federal government had the const...
Rival Criteria This paper defends one version of utilitarianism against supposed alternatives to it as a policy criterion. First it reviews the naturalrights doctrine, contractarianism, and critici...
Mainstream macroeconomics leaves policymakers wandering through a circular maze of paradoxes. Budget deficits supposedly stimulate private spending, causing inflation, but they crowd-out private sp...
Under the Constitution, Congress is responsible for determining the monetary regime. An attempt is made in this paper to explain, from the perspective of the self-interest of Congress, the current m...
Some people might wonder why the Federal Reserve’s policymaking function would interest anyone at this particular point in history. After all, the general economic and financial picture at present ...
The Split between Fed Power and Accountability There is a fundamental problem with the Fed’s policymaking function. Under the U.S. Constitution, government is not supposed to convey power without a...
Introduction and Summary Recommendations The depression of the 1930s resulted in the creation of many federal agencies that served reasonably well for several decades. Beginning late in the 1970s a...
The deficit ofthe federal budget dominates attention of the public arena. The process began with President Carter’s ill-fated budget announcement in February 1980. The response of the bond market r...
The debate about the merits of the redistributive state generally focuses on the proper trade-offbetween more income equality and more total income. The questions are familiar. What is the optimal ...
One of the important policy issues we face today is the linkage between monetary policy and the business cycle. This issue is of relevance from an economic point ofview, but I assure you it is also ...
During the 19th century, about 871.2 million acres of lands held in common by the federal government were transferred to private individuals, businesses, and state governments. The privatization of ...
The Revival of the Locomotive Strategy Recently there has been a revival of the “locomotive strategy,” which was first applied in 1977—78. Atthat time, politicians and many economists argued that a...
The $100 million fine levied by the Securities and Exchange Commission (SEC) against Wall Street trader Ivan Boesky is the most spectacular development in the recent crackdown on insider trading. T...
Rather than discuss the specifics of the Federal Reserve’s current concerns and goals for policy, I wish to discuss the more fundamental long-term goals ofmonetary policy and how we can proceed to r...

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