COVID-19 has killed over 200,000 Americans while policies to stem the virus’ spread have caused enormous economic and societal harm. Any comparison must use a common metric, and economics uses dollars, even for human lives. No one can avoid placing a dollar value on saving lives; always choosing safety just places an infinite dollar value […]

The United States has witnessed unprecedented economic disruption due to COVID-19. State and local governments closed thousands of “nonessential” businesses. Now, businesses have filed over 1,000 lawsuits against their insurance companies to collect for COVID losses. What should we make of this litigation? The businesses suing insurers include the NBA’s Houston Rockets, Minor League Baseball, […]

Opinion polls consistently find that young Americans view socialism favorably. For example, in a recent Gallup poll, 49% of millennials and Gen Z’ers held a favorable view of socialism versus 32% of Baby Boomers. Does support for socialism indicate a need for more economic education in America’s high schools and colleges? As an economics professor, […]

The Houston Astros played at the Los Angeles Dodgers last weekend for the first time since the revelation of Houston’s sign-stealing during their 2017 championship season. The biggest offseason story led to the firing of Astros manager A.J. Hinch and general manager Jeff Luhnow and two other managers. Yet, according to a saying, “If you […]

The police shooting of Jacob Blake in Kenosha just months after the death of George Floyd sparked new protests. The video appears to clearly show another excessive and unnecessary use of force. What can we do to enact the reforms needed to curb police misconduct? Numerous sound reforms have been offered. Secrecy laws protecting officers’ […]

Ridesharing companies Uber and Lyft almost exited California last week over a dispute regarding their drivers’ legal status. In 2019, the California legislature passed Assembly Bill 5 (A.B. 5) making the companies’ drivers employees and not independent contractors. A judge stayed an August 20 compliance deadline. Politicians’ efforts to restrict contractors could arrest the development […]

Governments have implemented a range of unprecedented policy measures to slow the spread of the SARS-CoV-2 virus. Whether “non-pharmaceutical interventions” have slowed infections or produced health benefits exceeding their enormous cost are important questions. Today, I will consider whether these emergency measures will permanently diminish our freedom. The policies of the COVID-19 lockdown were not […]

Knowledge is the basis of economic prosperity, and the knowledge contained in a COVID-19 vaccine or cure would be enormously valuable. We have traditionally relied on patents to reward innovation, but an alternative exists that could be appropriate for vaccines during pandemics. Patents reward knowledge creators with a temporary monopoly. Monopolists generally charge high prices, […]

Our world is more prosperous than ever, or at least was before the economic disruption from COVID-19. The ongoing search for a vaccine or cure illustrates how knowledge is the source of prosperity. For an even more prosperous future, we must ensure that people have the incentive to create and apply knowledge. Economists and historians […]

Experts in public health and epidemiology have driven policymaking during the COVID-19 pandemic. How much should we trust experts? Critics dismiss Republicans who voice distrust of experts as anti-science. Yet even experts know very little about complex economies and societies. Frustration with experts does cross party lines. New York’s Democratic Governor Andrew Cuomo recently remarked […]

Governor Ivey imposed a statewide mask mandate last week as Alabama’s intensive care units (ICUs) approached capacity. We have experienced unprecedented restrictions on freedom to prevent COVID-19 from overwhelming our healthcare system. The COVID pandemic will hopefully lead us to recognize that healthcare is an economic good. Economists would identify a lack of hospital or […]

Harper’s magazine recently posted a letter signed by over 150 leading authors, journalists and public intellectuals calling for greater support for freedom of speech. The letter criticized the intolerance for opposing views frequently exhibited on Twitter and social media. Does the freedom to criticize speech threaten the free exchange of ideas? Signers included David Brooks, […]

The U.S. Supreme Court recently delivered a “big win” for school choice and religious freedom. School choice enables competition, which economists find generally improves the quality of goods and services. I believe that this result will apply to education, and specifically public schools. Espinoza v. Montana Department of Revenue involved 2015 legislation allowing tax-deductible contributions […]

Governments implemented strict policies to stem the spread of the novel coronavirus. The widespread response suggests that governors and presidents saw COVID-19 as an unprecedented public health threat. Or did it? The economics of herding suggests possibly not. The “Wisdom of Crowds,” also the title of James Suroweicki’s excellent book on this subject, implies this […]

The Centers for Disease Control and Prevention (CDC) have made numerous mistakes during the COVID-19 pandemic. Mission creep at the CDC has left America vulnerable to a communicable disease. We need a new agency solely dedicated to battling infectious diseases. Let’s start with the mistakes. A lack of early testing let the outbreak spiral out […]

Sports across the world are beginning restarts. Germany’s top soccer league resumed in May, while NASCAR, the UFC and the PGA tour are back underway. Yet are sports truly worth risking a deadly illness? The assumption of risk provides a guiding principle. Adults should be free to engage in risky activities. Voluntary, informed consent makes […]

The killing of George Floyd by Minneapolis police officer Derek Chauvin ignited nationwide protests. While we advise jurors to withhold judgment until presentation of all the evidence, video of the incident seems definitive. Mr. Floyd joins a much too long list of minority victims of police violence. Justice may be served in Minneapolis. The four […]

In March, states undertook dramatic and unprecedented measures to stem the spread of the SARS2-COV virus. And yet COVID-19 has claimed 100,000 lives in the United States. Was the lockdown effective? Economists frequently address such questions in our research. Seeing the unseen, or the path that we did not choose, is the key here. It […]

COVID-19 has disrupted almost all aspects of life, including higher education. Colleges moved classes online during the spring semester and some observers believe that this will permanently change higher education. I think this will create new focus on how college creates value. Online education has existed for years. Arguably though, the willingness of the nation’s […]

Our federal and state governments implemented unprecedented measures beginning in March to stem the spread of COVID-19. Informed consent provides a foundation of medical ethics. Did our elected officials and public health experts get our informed consent for policies that have put 30 million Americans out of work? Medical experiments have often been performed on […]

President Trump recently announced “Operation Warp Speed,” a plan for a novel coronavirus vaccine by the end of 2020. I welcome the announcement because the greatest impediment to a vaccine now is the Food and Drug Administration’s (FDA) approval process. Speedy development of a vaccine is not without precedent. The president’s comparison to the Manhattan […]

Would you try an unproven drug to treat COVID-19? The Food and Drug Administration (FDA) has understandably not approved any drug for this brand-new illness. A willingness to try suggests seriously rethinking FDA regulation of drug effectiveness. The FDA authority to regulate new drug safety dates to the 1930s, with effectiveness regulation added in 1962. […]

We have experienced unprecedented economic effects of the COVID-19 pandemic and social distancing policies. Twenty-two million Americans lost jobs in four weeks. The Federal Reserve Bank of St. Louis projects potentially 30% unemployment and a 50% decline in GDP by June. This looks like a depression, but is it really? A recession or depression is […]

Several lawsuits seek monetary damages from the Chinese government for the COVID-19 pandemic. Politicians seem to like the idea, too. South Carolina Senator Lindsey Graham said, “If it were up to me the whole world would send China a bill for the pandemic.” Tennessee Senator Marsha Blackburn thinks China should forgive the portion of our […]