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Posted By Don Boudreaux On September 29, 2013 @ 10:47 am In Data,Environment,Inequality,Monetary Policy,Politics | Comments Disabled
Will’s excellent column supplies a good opportunity to link again to the paper by George Selgin, Bill Lastrapes, and my colleague Larry White entitled “Has the Fed Been a Failure? ” (The answer is yes.) By what logic are humans correctly understood to be unable successfully to centrally plan and arrange the monopoly provision of steel, ink, ball bearings, automobiles, breakfast cereals, cauliflower, catering for weddings, and other goods and services but are able successfully to centrally plan and arrange the monopoly provision of the good “money”? That notion makes no sense whatsoever .
Whether the explanation for improvement in living standards lies in redistribution policies and the growth of the safety net, or technological improvements that allowed prices of electronics and other durable goods to drop, or real improvements in productivity and wages, the bottom line is: people are better off today than they were twenty or thirty years ago. Households are consuming more and the typical low income household possesses many more appliances and gadgets that have traditionally been considered the preserve of the rich, than at any time in history. Judging by these criteria, inequality is much less of a predicament than most politicians would have you believe.
Do we need a new constitutional convention?  (HT Walter Grinder)
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URLs in this post:
 George Will warns against an increasingly politicized and high-on-hubris Fed: http://www.washingtonpost.com/opinions/george-will-the-fed-has-become-a-creature-of-politics/2013/09/27/69741ff4-2793-11e3-b75d-5b7f66349852_story.html
 the paper by George Selgin, Bill Lastrapes, and my colleague Larry White entitled “Has the Fed Been a Failure?: http://www.cato.org/publications/working-paper/has-fed-been-failure
 That notion makes no sense whatsoever: http://www.jstor.org/discover/10.2307/2728792?uid=3739936&uid=2129&uid=2&uid=70&uid=4&uid=3739256&sid=21102695381437
 Aparna Mathur is skeptical that income inequality is as much of a problem as “Progressives” trumpet it to be: http://www.aei.org/article/economics/the-inequality-illusion/?utm_source=today&utm_medium=paramount&utm_campaign=092713
 Do we need a new constitutional convention?: http://www.theamericanconservative.com/articles/do-we-need-a-new-constitutional-convention/
 Cathy Young asks if the patriarchy is dead: http://reason.com/archives/2013/09/29/is-the-patriarchy-dead
 Here’s Richard Rahn on climate-change modeling: http://www.washingtontimes.com/news/2013/sep/24/rahn-model-meltdown/
 Alberto Mingardi commemorates the 132nd anniversary of the birth of the great Ludwig von Mises: http://econlog.econlib.org/archives/2013/09/happy_birthday_3.html
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