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The Great Semiconductor Shortage

The Great Semiconductor Shortage

  Silicon is the crude oil of the Digital Age. About eight million metric tons are mined every year in China, Russia, Norway, the US and elsewhere, some of which is used in the $500 billion global market for semiconductors. In turn, the manufactured silicon chips, wafers, and integrated circuits power tens of trillions of […]

Higher Inflation Depresses Equity Valuation

Higher Inflation Depresses Equity Valuation

As economists and investors assess the chances that recent, higher U.S. inflation rates will prove transitory or permanent, they should not lose sight of the well-established fact that higher inflation is associated with lower equity valuations (typically measured by the price-earnings or “P/E” multiple). The facts are easy to forget because it is commonly (but […]

Why Did Traffic Deaths Spike As Drivers Left Roads?

Why Did Traffic Deaths Spike As Drivers Left Roads?

  Peter C. Earle In the weeks after the attacks of September 11, 2001, many thousands of Americans took to the roads and highways in lieu of flight. Some opted to drive because their vacation or business air travel was cancelled; others because they were understandably afraid of subsequent hijackings. Some years later, a group […]

Should Anything Be Prohibited In A Free Society?

Should Anything Be Prohibited In A Free Society?

  Gary M. Galles Covid triggered a massive upswing in government prohibitions in America. Many were prohibited from keeping their firms open. Many were forced to stop working. Many of our normal freedoms of association and travel were eliminated. Many rights—such as access to due process or to contract enforcement—were effectively prohibited. And almost everyone […]

Universities That Should Lose Their Accreditation Immediately

Universities That Should Lose Their Accreditation Immediately

Robert E. Wright I will not bore readers with a list of universities that should immediately lose accreditation but instead will argue that any university that implements a stupid policy should lose it because, if nothing else, accreditation should certify that a university is non-stupid. Accreditation is the “key to the kingdom” of federal and […]

Are Digital Assets Coming Of Age?

Are Digital Assets Coming Of Age?

Colin Lloyd   Last month more than 12,000 delegates descended on Miami for the 2021 Bitcoin Conference. This year’s event attracted six times the number who attended the 2019 event. With luminaries ranging from Twitter and Square CEO, Jack Dorsey, to libertarian icon, Ron Paul, in attendance, it begs the question, ‘Have digital assets finally […]

The Decentralization Fetish

The Decentralization Fetish

William J. Luther   There is a common view among bitcoin advocates, which also prevails to some extent among economists working in the Austrian tradition, that decentralization is always good and more-decentralized solutions are always better. In both forms, this view starts with a reasonable premise. Bitcoin revolutionized payments by enabling digital transactions to take […]

Tax Havens, Or Government Cartels?

Tax Havens, Or Government Cartels?

Randall G. Holcombe  President Biden and Treasury Secretary Janet Yellen have convinced the other G-7 countries to implement a 15% minimum global corporate tax rate. The argument in favor is that some countries (the linked article names Ireland) are establishing themselves as tax havens–lowering their tax rates to attract businesses from higher-tax countries. Another way […]

The Origin of SARS-CoV-2

The Origin of SARS-CoV-2

  David R. Henderson  Charles L. Hooper Since March 2020, the world has reeled from the Covid-19 pandemic caused by the SARS-CoV-2 virus. According to Johns Hopkins University & Medicine, there have been 177 million known cases and 3.8 million deaths worldwide. Covid-19 touches much more than just the medical world. It and responses to […]

Quacks In The Ivory Tower: How Conspiracy Theorizing Took Over Lockdown Science

Quacks In The Ivory Tower: How Conspiracy Theorizing Took Over Lockdown Science

Phillip W. Magness Is the Great Barrington Declaration (GBD) simply a front for a secret global eugenics plot, hatched at AIER by the British Ministry of Defence and financed by the Koch Brothers as part of an ongoing effort to force climate change, tobacco, and Covid-19 infections on our senior citizens? Such claims may sound […]