The game of Monopoly debuted in 1935 during a time of financial recovery after a steep economic downturn called the Depression from which we’ve never really recovered since government intervention created the Depression and every economic downturn since. A similar game was developed by Elizabeth (Lizzie) J. Magie Phillips in 1903. The Landlord’s Game, as it was called, […]
This weekend on “Every Thought Captive” for our Labor Day broadcast following on the heels of the Democratic and Republican conventions, Dr. Gary North was interviewed on Christian economics and stewardship. Why should Christians care about economics? What’s the big deal about the Federal Reserve? What will the legacy of Ron Paul be after the RNC? […]
Politics makes strange bedfellows. In the person of Ben Bernanke, three streams of American politics have come together: Progressivism, Populism, and Populism’s replacement, right-wing crackpot monetary theory. There is a third front: Chicago School economics, sometimes called monetarism. It is anti-gold standard, but it is represented by Bernanke only by default, not in theory. Chicago […]
Two widely respected economic commentators, Harvard’s Niall Ferguson and Nassim “black swan” Taleb, have offered highly pessimistic assessments of what lies ahead for the American economy. Information like this is widely ignored by investors in weeks when they have decided that nothing can stop them: they will get rich by investing in the American stock […]
The recession that began in December 2007 produced a change in Americans’ perception of their economic future. They moved from the tradition of hope to one of just barely hanging on. I have never seen this before. Only someone born around 1910 can recall anything like it, assuming that he recalls anything at all. My […]
1. The crucial objective factor promoting economic growth in a private property social order is per capita investment. 2. Americans save less than 5% of household income. 3. The Federal Reserve System runs the show economically; Congress doesn’t. 4. Here is the supreme symbol of the chain of command: Congress will not audit the Federal […]
The case for a secondary recession rests on several factors: a double-dip decline in the residential real estate market, the accelerating decline in the commercial real estate market, the unresolved losses in bank balance sheets, the narrow focus of the profitability (earnings), which has been limited to bailed-out banks, and the threat of rising long-term […]
The National Bureau of Economic Research (NBER) is a private, nonprofit organization. Begun in 1920, it has focused on collecting and analyzing economic data on the U.S. economy. It is nonpartisan. Sixteen of the past 31 American economists who have received the Nobel Prize have been members of the NBER. It is noted by the precision of its research and the uniquely boring style of its publications. As young assistant professors learn early in their careers, nobody ever gets fired for quoting an NBER publication . . . or promoted.
The NBER somehow is universally regarded as having the final say about when a recession begins and ends in the United Stares. This is not to say that other organizations slavishly adhere to the NBER’s assessments. But, as far as textbook accounts of when a recession begins and ends, they conform to the NBER’s assessments.