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“Getting Away with Murder”: Prescription Drug Coverage in America

Nine days before the presidential inauguration of Donald Trump, Vice President Elect Mike Pence strode to the press conference podium. He reviewed the transition team’s progress in nominating cabinet secretaries, but quickly turned his attention to the “concerted effort . . . to delegitimize this election and to demean our incoming administration.” Although pledging his…

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The Economics—and Politics—of Broadband

Today it is hardly possible to imagine an internet without its biggest players. Google’s market share in search is somewhere between 70 percent and 90 percent (depending on whether services like YouTube and Google Maps are included). Facebook has more than two billion active users. Netflix alone is responsible for more than a third of…

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Liberty versus Monopoly

Over the last half-century, business interests and philosophical libertarians have formed a powerful alliance. Business leaders frequently claim to be libertarians and draw on the rhetoric of the free market to criticize government regulation. In turn, libertarians frequently defend businesses against what both groups see as an overbearing regulatory state. The connection is best represented…

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Conservative Critiques of Capitalism

The 1984 Republican Party platform lauded what it called “democratic capitalism” for having produced, “in the United States and elsewhere, an unparalleled ability to achieve political and civil rights and long-term prosperity for ever-growing numbers of people.” In 2016, the GOP platform continued…

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Radical Markets versus Sensible Politics

Market-based reforms were used in the 1980s—really invented as a concept in the run-up to the 1980s—to counteract the excesses and failures of post–World War II social policy. At the time, marginal income tax rates in excess of 70 percent had shifteind income into unproductive tax-optimization vehicles instead of savings and investment. Excessive urban rent controls were a disincentive…

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The Rise of the Financial Economy

Remember auction rate securities? For decades, financial institutions hosted “auctions” of these fixed-rate instruments for buyers and sellers. They were considered so safe, and the auctions (where the interest rate would be “reset” depending on the level of interest in the securities, among other factors) so routine, that auction rate securities became an alternative to money…

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Postal Banking’s Public Benefits

The financial crisis of 2008 made clear to the public, in a way that had not been apparent for some time, that banks depend for their existence and operation on a structural framework created by the federal government. But policymakers as well as the public at large do not have a clear view of the…

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Building the Venture Capital State

In a 1986 speech, then president Ronald Reagan lamented that “the nine most terrifying words in the English language are: I’m from the government and I’m here to help.” This statement epitomizes the neoliberal view of how Silicon Valley became a global beacon of high-technology ingenuity, entrepreneurship, and venture capital. For followers of Ronald Reagan…

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Patent Reforms to Encourage Innovation and Competition

The original justification for patents and copyrights was to secure the moral right of holders to determine the use of their creations. For some time now, however, patents have been justified in terms of their economic utility. According to this view, market exclusivity is necessary for motivating inventors and investors to put time and money…

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Cryptocurrencies: Commodity Dynamics and Cartelization

Bitcoin and the other altcoins now have more “experts” than perhaps any other market. I am no such “expert”: I am neither a cryptographer nor a computer programmer. I am a currency and commodity trader of thirty-plus years, and I approach the cryptocurrency market from that perspective. The cryptocurrency market cannot easily be dismissed, despite…

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