Welcome to Capitolism

Coming Soon ...

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Welcome! Starting on September 8, Cato Institute fellow Scott Lincicome will serve as a tour guide of sorts though the often-impenetrable world of federal economic policy, including trade and international economics (which he has taught at Duke University), and virtually anything else related to the exchange of goods and services. At least once a week, Scott will take the latest policy research and data, translate it “into language that normal, non-nerds can more easily understand,” and explain how the outcomes of such policy debates affect the day-to-day lives of Americans. It’ll be illuminating and, odd as it might sound, fun. 

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  1. Avatar photo
    Steve

    Really excited about this!

    If I may offer a couple suggestions, these issues persistently come up in economic discussions in way that I think is unclear and confounding:

    1. National debt and deficits. What Debt/GDP ratio is appropriate for a nation like the US (a nation who issues the global reserve currency)? How high is too high? What are the consequences of hitting something like 200% Debt/GDP? Are we headed for much higher deficits/debt given the Fed's new(ish) dovish position on interest rates/inflation?

    2.Income Inequality/Wealth Inequality/Consumption Inequality. Which of these should we focus on as an actual measure of economic disparity? Are these the correct metrics to use to try and accomplish understanding this phenomenon?

    3. How well was the economy actually doing prior to the COVID-19 shock? The equity markets were super hot but what about labor markets and general economic prospects for individuals? There seems to be evidence that suggests family units don't have a lot of savings and are living paycheck to paycheck and struggle to pay things like student debt or medical debt. These strike me as being at odds with the standard narrative we're given about the economy.

    It would be great to get some insight on these topics and get some good discussions going. This will be a great addition to the Dispatch newsletters.

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  2. Joe1776

    I am really excited about this. Thank you for joining the dispatch. Just a few suggestions that I would love to hear about:

    I would love to hear some discussions about some of the different views regarding federal budget deficits and what if any dangers they present. What are some historical scenarios where they got out of hand? What about historical situations where they were really high but then brought back in control without big problems? How could that work?


    I would also love to hear some discussions about what some different views are on how medicare for all in this country might effect medical research world wide. Would some other free market determine the price of new drugs? Which market would it be? Would it simply be a market of different governments? If so then it would seem the people setting the price would not be the people who want to use the product and would that matter? What about most favored nation status in pharma?

    It would be great if he gave some studies on the pros and cons of minimum wage. Will it hurt poor people more than wealthy? Will it mean businesses use more technology rather than hire people? Is there any minimum wage that is too high or too low and what would determine that?

    I have been reading a bit from Thomas Sowell. If he is familiar with him I would love to hear a review of some of the ideas in Discrimination and Disparities. I know race topics can be sensitive in certain colleges, but some discussion would be good. Is there enough data or are some topics taboo? For example we hear about someone with the same qualifications on a resume but their name is changed to sound black and they get fewer call backs. Could that be because employers think affirmative action means a black person does not need to be as qualified to get in to the same school as a white or asian person? Sowell suggests that fear of lawsuits might make employers hesitant to hire minorities thus the discrimination legislation might be hurting more than it helps. Sowell argues that blacks were making larger economic gains before the 60s than after and so it is dubious to suggest that the policies of the 60s helped blacks. He also makes arguments that increases in minimum wage often means higher black unemployment as compared to whites. I would love to hear a Professors take on some of those issues.

    What are your thoughts on heritage economic freedom rankings of countries? I find it interesting that they seem to recognize the importance of a trusted judicial system as an indicator of economic freedom. I also found it interesting that they put quite a bit of emphasis on balanced budgets. The criteria are obviously somewhat subjective but it does seem you have to include some of the criteria. Are there criteria that is missing or not weighted properly? What about the overall results to they seem correct?
    https://www.heritage.org/index/ranking?version=78

    Wealth Gaps: We hear quite a bit about them. Is it something we should be concerned about? Or do you tend to side more with Stephen Pinker?
    https://bigthink.com/big-think-books/steven-pinker-enlightenment-now-inequality-happiness






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