Category: Uncategorized

It’s Not Just the Prices, Stupid: Health Care Reform Needs More Than Just Buyer Bargaining Power

February 24, 2020

Few doubt that high and rising prices are a primary cause of both the level and growth of expensive health care in the United States. But policy that only focuses on prices foregoes the opportunity to change the allocation of resources and, thus, the structure of health care delivery needed to improve our health and … More It’s Not Just the Prices, Stupid: Health Care Reform Needs More Than Just Buyer Bargaining Power

London: Entrepreneurship and Regeneration

January 17, 2020

This blog posting differs from all my other ones. It describes a recent program that a Lawrence colleague and I organized to fit into Lawrence’s 2 week December term program. The official title: Entrepreneurship in London: From the Mayflower to Brexit. The official photographer for the above photo was Chris Finkler. We had a marvelous … More London: Entrepreneurship and Regeneration

What Should Central Banks Do? Central Bankers Volcker, Mishkin, Rajan, and King Provide Excellent Guidance.

January 7, 2020

Economists have been asking this question for well over a century (or perhaps since Sweden established the Riksbank in 1668.)  The answers have changed over time; however, in the 1990s, economists seemed to have reached a consensus that price stability is the primary objective, if not the sole objective, for central banks.  Clearly, the financial … More What Should Central Banks Do? Central Bankers Volcker, Mishkin, Rajan, and King Provide Excellent Guidance.

Low Interest Rates: The Addictive Policy Drug of Choice

September 1, 2019

This piece was originally posted on the Lawrence Economics blog in 2012.  This version has been updated in many places; however, the effects discussed in that posting remain a major concern today.  Political pressure to not only keep interest rates low but to lower them further seem unstoppable, especially since the eventual economic consequences are not … More Low Interest Rates: The Addictive Policy Drug of Choice

Modern Monetary Theory (MMT): Not Modern, Nor Purely Monetary, Nor a Coherent Theory

August 23, 2019

The theory, such as it is, has two primary claims: Countries that print their own currencies need not default on excess debts. Inflation in the end can and must be controlled by raising taxes or cutting spending, sufficiently to soak up such printed money. Based on these claims, MMT advocates conclude that the US need … More Modern Monetary Theory (MMT): Not Modern, Nor Purely Monetary, Nor a Coherent Theory

Energy Innovation and Carbon Dividend Act of 2019

February 11, 2019

Recently, I joined the Citizen’s Climate Lobby (CCL) which backs the Energy Innovation and Carbon Dividend Act of 2019. This bipartisan piece of legislation introduces a carbon fee that rises each year. The proceeds are distributed to American households on a lump sum basis, similar to the process used for the Alaska oil dividend program. … More Energy Innovation and Carbon Dividend Act of 2019