Category: Uncategorized

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

Presentation on Fox Valley Health Care

October 21, 2018

The Fox Valley HC Presentation 2.1 highlighted three key observations: Observation 1: Medical costs in the Fox Valley are unsustainable and unaffordable for many residents. Observation 2: Local healthcare systems lack transparency and are unaccountable. In our opinion, unelected “elites” serve their institutions rather the community at large. Observation 3: Local health care system and delivery … More Presentation on Fox Valley Health Care

Appleton…We Have a Health Care Problem

September 17, 2018

On October 16th, at 7 PM in the Wriston Auditorium at Lawrence University, I will present the Fox Valley Health Care Transformation Initiative which seeks to transform the organization, delivery, and financing of the medical systems in the Fox Valley to achieve the Triple Aim of lower cost, better health, and improved patient experience for the … More Appleton…We Have a Health Care Problem

Physician Workforce Composition Matters in Explaining Health Care Spending Differences From Those of Other High Income Countries

April 15, 2018

In a March 13, 2018 article in JAMA (2018;319(10):1024-1039), Papanicolas, Woskie, and Jha (PWJ) provide an in-depth description of “Health Care Spending in the United States and Other High-Income Countries.”  Through detailed comparisons of demographics, insurance system characteristics, workforce composition, service and pharmaceutical use, and specific indicators of access and health outcomes, the authors conclude … More Physician Workforce Composition Matters in Explaining Health Care Spending Differences From Those of Other High Income Countries

Tax Reform Based on Shared Principles “trumps” One Based on Competing Interests

December 5, 2017

As T. R. Reid points out in his marvelous new book, A Fine Mess, fundamental tax reform in 2018 is due if we are to follow the major reform every 32 years established in the 20th Century (with such reforms in 1986, 1954, and 1922.)  The 1986 reform was exemplary in many ways; let me … More Tax Reform Based on Shared Principles “trumps” One Based on Competing Interests

How Should Wisconsin Respond To The New Opportunities To Expand Medicaid With Federal Funding?

August 24, 2017

Recently, I sent a letter to State Representative Amanda Stuck, a supporter of “BadgerCare for All”, indicating some ideas about how the state of Wisconsin, given its current political alignment, might reform its Medicaid program.  “Badger Care for All” proposes that any individual (independent of his or her income) could purchase a BadgerCare insurance option (Wisconsin’s Medicaid program) , and that … More How Should Wisconsin Respond To The New Opportunities To Expand Medicaid With Federal Funding?