Economics

Why ‘Taxing the Rich’ Falls on the Middle Class Instead 0
- Economics
- January 11, 2019
As Democrats take control of the U.S. House, taxing the rich inevitably becomes a focus. Progressive candidates wasted no time in denouncing the recent round of tax cuts in their campaigns as a give-away to the rich. Although this rhetoric often polls well among some key demographics, in practice taxation isn’t so simple. A quick
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George Bernard Shaw Was so Enamored with Socialism He Advocated Genocide to Advance It 0
- Economics
- January 10, 2019
In an excerpt from her recently published book Why Women Have Better Sex Under Socialism, Kristen Ghodsee freely quotes from the works of the playwright and Fabian Socialist George Bernard Shaw to bolster her argument that capitalism is inherently sexist. The free market forces women to be reliant upon men, wrote Shaw, turning sex into a virtual bribe for financial
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Data Show California Is a Living Example of the Good Intentions Fallacy 0
- Economics
- January 9, 2019
During a speech at Harvard several years ago, Charlie Munger related a story about a surgeon who removed “bushel baskets full of normal gallbladders” from patients. The doctor was eventually removed, but much later than he should have been. Munger, the vice chairman of Berkshire Hathaway, wondered what motivated the doctor, so he asked a surgeon who
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Are We Witnessing the End of the Bitcoin Era?1
- Economics
- January 8, 2019
The Bitcoin revolution seemed unstoppable. Despite suffering multiple large corrections over the last years, Bitcoin’s price kept reaching new highs until almost surpassing the $20,000 threshold, something unimaginable when Bitcoin emerged in 2009. I remember watching in 2015 the documentary The Rise and Rise of Bitcoin, whose title may now look pretentious, but at the
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The Rich Never Actually Paid 70 Percent 0
- Economics
- January 7, 2019
Several Washington commentators kicked off the 116th Congress by rallying behind a newly proposed 70 percent top marginal income tax rate on the wealthiest earners. The 70 percent tax rate figures prominently in the financial equation behind the “Green New Deal” proposal championed by Rep. Alexandria Ocasio-Cortez. While a tax hike of this level is
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The Nash Equilibrium Minimum Wage Is Zero 0
- Economics
- January 3, 2019
As the New Jersey legislature and governor debate the details of a hike in the state’s minimum wage to $15 an hour, it is worth taking a step back and contemplating one of the greatest thinkers in New Jersey history, Nobel Laureate John Nash. (Nash was the subject of the 2001 film A Beautiful Mind,
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