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102. Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany
- Author:
- Killian Huber, Volker Lindenthal, and Fabian Waldinger
- Publication Date:
- 10-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Large‐scale increases in discrimination can lead to dismissals of highly qualified business leaders and managers. Discriminatory expulsions of individuals holding important positions in the economy have occurred repeatedly, both historically and in modern times. Recent political developments have renewed interest in the economic effects of this type of discrimination. For instance, the U.S. travel ban on citizens of seven Muslim‐majority countries has raised fears among large corporations that increasing discrimination will leave them unable to retain talent.
- Topic:
- History, Economy, Business, Discrimination, and Nazi Germany
- Political Geography:
- Germany and United States of America
103. Why U.S. Immigration Barriers Matter for the Global Advancement of Science
- Author:
- Ruchi Agarwal and Patrick Gaule
- Publication Date:
- 10-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- While talent can be born anywhere, few places specialize in nurturing it. Accordingly, talented individuals have pursued opportunities abroad for centuries. For instance, Aristotle moved from Northern Greece to Athens to attend Plato’s Academy and then to Macedonia to tutor a young Alexander the Great. More recently, the United States has emerged as a hub for foreign talent, playing an outsized role in the global knowledge network of scientific activity in recent decades. However, the recent introduction of restrictive immigration policies in the United States may adversely impact scientific activity. While studies have examined the potential negative impact of restrictive U.S. immigration policies on U.S. competitiveness in science and innovation, there has been less focus on understanding how U.S. immigration barriers may in turn impact scientific activity globally. In this context, our work studies the impact of U.S. immigration barriers on global knowledge production and examines which policy actions are more likely to help advance the global knowledge frontier.
- Topic:
- Science and Technology, Immigration, Border Control, and Research and Development
- Political Geography:
- Global Focus and United States of America
104. The Smoot‐Hawley Trade War
- Author:
- Kris James Mitchener, Kirsten Wandschneider, and Kevin H. O'Rourke
- Publication Date:
- 11-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- In the words of Robert J. Samuelson, “The ghost of Smoot‐Hawley seems to haunt President Trump.” As fears of a trade war between the United States and China grew after the U.S. presidential election of 2016, many commentators drew this link between the signing of the Smoot‐Hawley Tariff Act of 1930 and recent trade disputes. And the consensus was that the trade wars of the 1930s were an ominous portent of what might await the world if Donald Trump’s protectionist impulses were not checked.
- Topic:
- Tariffs, Trade Wars, Economic Policy, and Imports
- Political Geography:
- China and United States of America
105. In Vaccines We Trust? The Effects of the CIA’s Vaccine Ruse on Immunization in Pakistan
- Author:
- Monica Martinez-Bravo and Andreas Stegmann
- Publication Date:
- 11-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Trust in the medical sector and in medical products is a key determinant of the demand for health care. This is especially relevant for the use of vaccines. Because of herd immunity, it is difficult—if not impossible—to learn about the effectiveness of vaccines through one’s own experience. Hence, events that discredit the effectiveness of vaccines or the reputation of the medical sector can have dramatic consequences on immunization rates. A commonly discussed example of such dynamics was the publication of an article in the medical journal The Lancet in 1998 that linked autism to the measles, mumps, and rubella vaccine. Media reports have associated this publication with the emergence of the anti‐vaccine movement and with the recent rise in the number of unvaccinated children in several countries. The declines in vaccination rates have contributed to the reemergence of previously eradicated diseases in several countries.
- Topic:
- Public Health, Vaccine, and Central Intelligence Agency (CIA)
- Political Geography:
- Pakistan and South Asia
106. The Intended and Unintended Consequences of Disposable Bag Regulation
- Author:
- Tatiana Homonoff, Lee-Sien Kao, Javiera Selman, and Christina Seybolt
- Publication Date:
- 11-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Many recent government and corporate policies aimed at reducing a variety of negative externalities include regulations that ban the provision of externality‐generating products. However, these policies often ban only a narrow subset of products associated with the underlying externality. For example, the U.S. Department of Justice banned bump stocks, which assist in rapid‐fire shooting, after a Las Vegas mass shooting rather than placing stricter regulations on all assault weapons. Similarly, Starbucks recently banned the distribution of plastic straws at its stores to reduce environmental waste, and New York City attempted to pass a restaurant ban on sugar‐sweetened beverages over 16 ounces to curb obesity.
- Topic:
- Environment, Government, Regulation, and Corporations
- Political Geography:
- Global Focus
107. The Economic Geography of Global Warming
- Author:
- José‐Luis Cruz
- Publication Date:
- 12-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The world is getting warmer due to carbon emissions generated by the economic activity of humans. Global carbon emissions will affect temperatures everywhere over long periods of time and in geographically different ways. What will be the impact of carbon emissions, and the implied changes in temperatures, on the world economy and on the economies of particular regions? How will individuals react to these changes, and how are these reactions impacted by their ability to migrate, trade, or invest and develop alternative centers of economic activity? What are the best policies to combat global warming, and what are the implications of these policies for different regions across the world? We propose and quantify a novel model to address these questions.
- Topic:
- Climate Change, Migration, Economic Policy, Innovation, Trade, and Carbon Emissions
- Political Geography:
- Global Focus
108. Getting Schooled: The Role of Universities in Attracting Immigrant Entrepreneurs
- Author:
- Natee Amornsiripanitch, Paul A. Gompers, George Hu, and Kaushik Vasudevan
- Publication Date:
- 12-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Immigrants play a vital role in innovation activities and entrepreneurship. Given the substantial contribution of immigrants in these areas, a set of natural questions arise: What are the pathways that high‐skilled immigrants take to arrive in the United States, and how has the importance of these pathways changed over time? What are important institutions that serve as gatekeepers for high‐skilled immigrants, and do they affect the types of immigrant founders that come to the United States? Do certain parts of the United States benefit disproportionately from high‐skilled immigration, and if so, what are some factors that contribute to these benefits? The answers to these questions have important implications for designing immigration policy and regulation, which have become increasingly acrimonious topics in public discourse. They also have important implications for firms and universities that recruit talent from abroad and for the communities that hope to promote vibrant entrepreneurial ecosystems.
- Topic:
- Entrepreneurship, Immigrants, Innovation, Higher Education, and Startup
- Political Geography:
- North America and United States of America
109. Money, Stability, and Free Societies
- Author:
- Steve H. Hanke
- Publication Date:
- 06-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Monetary instability poses a threat to free societies. Indeed, currency instability, banking crises, soaring inflation, sovereign debt defaults, and economic booms and busts all have a common source: monetary instability. Furthermore, all these ills induced by monetary instability bring with them calls for policy changes, many of which threaten free societies. One who understood this simple fact was Karl Schiller, who was the German Finance Minister from 1966 until 1972. Schiller’s mantra was clear and uncompromising: “Stability is not everything, but without stability, everything is nothing” (Marsh 1992: 30). Well, Schiller’s mantra is my mantra. I offer three regime changes that would enhance the stability in what Jacques de Larosière (2014) has asserted is an international monetary “anti-system.” First, the U.S. dollar and the euro should be formally, loosely linked together. Second, most central banks in developing countries should be mothballed and replaced by currency boards. Third, private currency boards should be permitted to enter the international monetary sphere.
- Topic:
- Debt, Foreign Exchange, Monetary Policy, Developing World, Inflation, and Currency
- Political Geography:
- Europe, United States of America, and European Union
110. The Effect of War on Economic Growth
- Author:
- Clifford F. Thies and Christopher F. Baum
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- With the collapse of the Soviet Union, it was thought that major wars had become obsolete (Mueller 1989) and perhaps regional conflicts might be brought under control (Cederman, Gleditsch, and Wucherpfennig 2017). But, while the level of violence declined, the number of wars in the world appears to have reached a new steady state. A world that was once organized by East-West rivalry is now characterized by ethno-religious conflicts, as well as by spontaneously arising transnational terrorist organizations and criminal gangs. For various reasons, economists have become interested in investigating the causes and effects of war and other armed conflict (e.g., Coyne and Mathers 2011). This article uses a consistent measurement of these forms of violence across space and time to conduct a rigorous quantitative analysis of the effect of war on economic growth.
- Topic:
- Cold War, War, History, Economic Growth, and Conflict
- Political Geography:
- Global Focus
111. Tariffs and Monetary Policy: A Toxic Mix
- Author:
- Michael D Bordo and Mickey D. Levy
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The ratcheting up of tariffs and the Fed’s discretionary conduct of monetary policy are a toxic mix for economic performance. Escalating tariffs and President Trump’s erratic and unpredictable trade policy and threats are harming global economic performance, distorting monetary policy, and undermining the Fed’s credibility and independence. President Trump’s objectives to force China to open access to its markets for international trade, reduce capital controls, modify unfair treatment of intellectual property, and address cybersecurity issues and other U.S. national security issues are laudable goals with sizable benefits. However, the costs of escalating tariffs are mounting, and the tactic of relying exclusively on barriers to trade and protectionism is misguided and potentially dangerous. The economic costs to the United States so far have been relatively modest, dampening exports, industrial production, and business investment. However, the tariffs and policy uncertainties have had a significantly larger impact on China, accentuating its structural economic slowdown, and are disrupting and distorting global supply chains. This is harming other nations that have significant exposure to international trade and investment overseas, particularly Japan, South Korea, and Germany. As a result, global trade volumes and industrial production are falling. Weaker global growth is reflected in a combination of a reduction in aggregate demand and constraints on aggregate supply.
- Topic:
- International Trade and Finance, Monetary Policy, Economic Growth, Tariffs, and Industry
- Political Geography:
- Japan, China, Europe, Asia, South Korea, Germany, North America, and United States of America
112. The U.S.-China Trade War: Is There an End in Sight?
- Author:
- Simon Lester and Huan Zhu
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Donald Trump was a trade “hawk” long before he became president. In the late 1980s, he went on the Oprah Winfrey show and complained about Japan “beating the hell out of this country” on trade (Real Clear Politics 2019). As president, he has continued with the same rhetoric, using it against a wide range of U.S. trading partners, and he has followed it up with action (often in the form of tariffs). While many countries have found themselves threatened by Trump’s aggressive trade policy, his main focus has been China. As a result, the United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In this article, we explore the U.S.-China economic conflict, from its origins to the trade war as it stands today. We then offer our thoughts on where this conflict is heading and when it might end.
- Topic:
- Economics, International Trade and Finance, Tariffs, Trade Wars, and Donald Trump
- Political Geography:
- China, Asia, North America, and United States of America
113. How the Classical Gold Standard Can Inform Monetary Policy
- Author:
- James A. Dorn
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- atching the frenzy surrounding Judy Shelton’s confirmation hearing before the Senate Banking Committee on February 13, one is led to believe that the gold standard is a “nutty” idea, for which no serious economist or monetary policymaker could possibly have a kind word (see U.S. Senate 2020). This article critiques that wholesale refutation of the gold standard. In recent years (as well as in the past), both serious economists and reputable monetary policymakers have recognized the benefits of a gold standard in reducing regime uncertainty and promoting monetary and social order. Whatever one may think of President Trump’s recent Fed picks, the gold standard itself deserves more respect than it’s been getting.
- Topic:
- Monetary Policy, Federal Reserve, Finance, and Gold Standard
- Political Geography:
- Global Focus and United States of America
114. On the Origins of Entrepreneurial Alertness: Did Bauer and Yamey Precede Kirzner?
- Author:
- J. Robert Subrick
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- After the Second World War, the entrepreneur virtually disappeared from economic analysis (Baumol 1968). This neglect followed from the emerging models of general equilibrium that formed one aspect of the core of economic theory. By assumption, the Walrasian auctioneer knew the appropriate prices necessary to equate quantity supplied with quantity demanded in each market. In addition, the auctioneer knew when and by how much to adjust prices when an exogenous factor changed such as income or production technology. Trade only occurred at equilibrium prices so that markets cleared. No market participant chose or changed prices; it occurred exogenously. Kenneth Arrow recognized the lack of real world mechanisms to determine and adjust prices in competitive markets. He identified a logical gap in the perfectly competitive model. He wrote that “there is no place for a rational decision with respect to prices as there is with respect to quantities” (Arrow 1959: 42). Prices exist independent of consumer and firm behavior. A complete model would have to provide a solution to the conundrum.
- Topic:
- Markets, History, Entrepreneurship, and Economy
- Political Geography:
- North America and United States of America
115. Assessing State Capacity Libertarianism
- Author:
- Ryan H. Murphy and Colin O'Reilly
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Tyler Cowen (2020), in a controversial and widely discussed blog post, has argued that free economic institutions must be accompanied by state capacity to achieve maximal growth rates. He calls this “State Capacity Libertarianism,” which echoes positions he has posed previously (Cowen 2007, 2018). Besley and Persson (2011) can be perhaps seen as a direct predecessor. Criticisms immediately emerged, with Henderson (2020) arguing that Cowen’s specific proposals are in direct conflict with libertarianism, and with minor caveats, free economic institutions are already able to achieve the goals Cowen hopes to achieve with state capacity. Geloso and Salter (forthcoming) argue that the lack of examples of wealthy countries with weak states is due to survivorship bias, and they apply their argument to criticize Cowen (Geloso and Salter 2020). Caplan (2018), while not directly addressing State Capacity Libertarianism, argues that there is little reason to believe that the effects of state capacity are the result of strong states themselves, rather than the social and cultural factors that allowed a strong state to emerge in the first place. The purpose of this article is to put data to the question of the individual effects of state capacity and free economic institutions on economic performance, and the potential interaction between the two.
- Topic:
- Economics, Markets, State, and Libertarianism
- Political Geography:
- Global Focus
116. The American News Media’s Volatile Perspectives on China
- Author:
- Ted Galen Carpenter
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- In the decades since the founding of the People’s Republic of China (PRC) in 1949, wild swings have occurred in the way that American media outlets view that country. At most times, a herd mentality is evident, as a large percentage of news stories portray China in one particular fashion, although there always are some dissenters from the dominant narrative. The nature of that narrative sometimes shifts rapidly and dramatically, however. During some periods, the prevailing perspective has been extremely hostile, with nearly all accounts seeing the PRC as a monstrous oppressor domestically and an existential security threat to the United States. That was the case for more than two decades following the communist revolution, until Richard Nixon’s administration suddenly altered U.S. policy in 1971–1972, and Washington no longer treated the PRC as a rogue state.
- Topic:
- Security, Foreign Policy, Public Opinion, Media, and Economy
- Political Geography:
- China, Asia, North America, and United States of America
117. U.S. Policy Options Toward China: An Appraisal
- Author:
- Simon Lester
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Most Americans will agree that the Chinese government has behaved badly in a number of ways, although they may not agree on exactly which Chinese government behavior is a problem. Perhaps it’s the treatment of ethnic or religious minorities, such as the Uighurs or Tibetans or Christians; maybe it’s the crackdown on protests in Hong Kong and failure to uphold the “one country, two systems” principle; or assertiveness in territorial disputes; or censorship; or protectionist trade practices; or intellectual property theft; or cyber‐hacking; or spying; or most recently, being slow to disclose the emergence of the coronavirus and engaging in a propaganda war regarding who is at fault. It’s a long list, and everyone has their own priorities. But while there is loose agreement on the existence of a problem, there is great difficulty in coming up with an appropriate response. What can or should the United States government do about any of this? Is it possible to change the behavior of other governments? Is the U.S. government in a position to do it? Is it appropriate to do so?
- Topic:
- Foreign Policy, Human Rights, Bilateral Relations, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
118. The Fall of Chile
- Author:
- Axel Kaiser
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Following the failed Marxist experiment of Chilean President Salvador Allende, a free‐market revolution led by the so‐called Chicago Boys in the 1970s and 1980s created the conditions necessary for the country to experience an “economic miracle” that captured worldwide attention.1 As Nobel laureate economist Gary Becker (1997) put it, Chile became “an economic role model for the whole underdeveloped world.” This performance, said Becker, “became still more impressive when the government was transformed into a democracy.” Along the same lines, Nobel laureate economist Paul Krugman argued that the reforms introduced by the Chicago Boys “proved highly successful and were preserved intact when Chile finally returned to democracy in 1989” (Krugman 2008: 31). Indeed, from 1990 to 2010 a left‐wing coalition called “Concertación” came to power. Despite having been comprised of opponents to the military dictatorship and by many former members of Salvador Allende’s government, Concertación kept in place the foundations of the free‐market system. A pragmatic view prevailed, leading to the recognition and adoption of the economic legacy of the Pinochet years.
- Topic:
- Economics, Reform, Neoliberalism, Ideology, Crisis Management, Transparency, and Free Market
- Political Geography:
- South America, Chile, and United States of America
119. Economic Liberalizations Around the World Since 1970: Shock Therapy Versus Gradualism
- Author:
- Kerianne N. Lawson and Robert A. Lawson
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- This article examines 77 countries with the most significant economic liberalizations since 1970, as measured by changes in the Economic Freedom of the World (EFW) index. Measures of both the speed and comprehensiveness of the reforms are presented. Our empirical evidence suggests that faster reforming nations economically outperformed slower reformers. We do not find evidence that more comprehensive reforms, as opposed to more narrowly targeted reforms, had much of an impact on ensuing economic growth.
- Topic:
- Economics, Reform, Economic Growth, and Liberalization
- Political Geography:
- Global Focus
120. Immigration and State Institutions: Does Region of Origin Matter?
- Author:
- Meg Tuszynski and Dean Stansel
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Some immigration opponents claim that immigrants import bad institutions and policies from their country of origin into their new home country. We argue just the opposite—namely, that immigrants are more likely to self‐select into countries with better institutions than those in their home countries. Researchers have examined this issue in both a cross‐country and within‐country context. Their findings have been mixed. Although others have found small or nonexistent impacts of immigrants on state institutions, those papers assume that all immigrants are the same. Our approach is unique in that it divides immigrant populations in a variety of ways. We build on the previous literature that examines the relationship between immigration and institutions at the state level, where there are smaller inherent differences in economic institutions (compared to differences across countries). We do so by incorporating the regional diversity of immigrant populations, examining whether immigrants’ countries of origin matter for economic outcomes in their new home country. Controlling for the diversity of immigrant populations in a way that previous researchers have not done improves our ability to assess immigration opponents’ claims that immigrants from economically worse‐off countries hurt U.S. economic institutions. We find virtually no evidence of an economically and statistically significant relationship between the levels of immigration we have experienced in recent decades and a decline in economic institutions in the United States, regardless of the region or economic conditions of recent immigrants’ home countries. The limited statistically significant evidence we do find is mixed and small in magnitude. Thus, one of the key rationales used to call for immigration restrictions is not supported by our findings.
- Topic:
- Immigration, Institutions, and Macroeconomics
- Political Geography:
- North America, Global Focus, and United States of America
121. Financial Transactions Taxes: Inaccessible and Expensive
- Author:
- Diego Zuluaga
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Financial transactions taxes (FTTs) have become increasingly popular since the 2008 financial crisis. During the 2020 Democratic presidential primary race, FTTs featured prominently on the platforms of both moderate Michael Bloomberg and socialist Bernie Sanders. The likely nominee, Joe Biden, has also expressed support for an FTT, albeit without offering any details in his election platform.
- Topic:
- Financial Crisis, Finance, Domestic Politics, Tax Systems, and Transactions
- Political Geography:
- North America and United States of America
122. Lessons from the Swedish Experience with Negative Central Bank Rates
- Author:
- Fredrik N. G. Anderson and Lars Jonung
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Interest rates declined in the wake of the 2007–2009 global financial crisis. They remained low for most of the 2010s, only rising modestly toward the end of the decade. In some European countries, interest rates even became negative. While limited to a few countries initially, the likelihood of more central banks following suit is growing in the wake of the COVID-19 pandemic. Not least, the Federal Reserve System is under pressure to adopt a negative federal funds rate (Bernanke 2020; Lilley and Rogoff 2020).
- Topic:
- Monetary Policy, Interest Rates, and Central Bank
- Political Geography:
- Europe and Sweden
123. Perspectives on Balance Sheet and Credit Policies: A Tribute to Marvin Goodfriend
- Author:
- Esther L. George
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Iappreciate this opportunity to pay tribute to Marvin Goodfriend and his many contributions to the theory and practice of monetary policy. At the Kansas City Fed, we knew Marvin as a scholar and a good Federal Reserve colleague. Marvin also was a participant in a number of our Jackson Hole Economic Symposiums. As a Research Officer at the Richmond Fed, he attended the first symposium that we held in Jackson Hole, Wyoming, in 1982, where his work on “Discount Window Borrowing, Monetary Control, and the Post‐October 6, 1979 Federal Reserve Operating Procedure” was widely cited.1 Thirty‐four years later in 2016, as a professor at Carnegie Mellon, he presented a paper making the case for deeply negative interest rates as a policy tool that could breach the zero lower bound on nominal rates. He argued that “the zero interest bound encumbrance on monetary policy should be removed so that movements in the intertemporal terms of trade can be reflected fully in interest rate policy to sustain price stability and full employment with a minimum of inefficient and costly alternative policies” (Goodfriend 2016; 128; emphasis added).
- Topic:
- Monetary Policy, Finance, Interest Rates, and Credit
- Political Geography:
- Global Focus and United States of America
124. Illegal Immigration and Crime in Texas
- Author:
- Alex Nowrasteh, Andrew C. Forrester, and Michelangelo Landgrave
- Publication Date:
- 10-2020
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- Donald J. Trump launched his candidacy for the Republican presidential nomination in June 2015 by comments on illegal immigrants and the crime they commit in the United States. “When Mexico sends its people, they’re not sending their best. They’re not sending you. They’re not sending you,” he said. “They’re sending people that have lots of problems and they’re bringing those problems with us. They’re bringing drugs, they’re bringing crime, they’re rapists, and some, I assume, are good people.” A few weeks after Trump’s announcement, 32‐year‐old Kate Steinle was shot and killed by an illegal immigrant Jose Inez Garcıa Zarate in San Francisco, California. Although Zarate was later acquitted of all murder and manslaughter charges due to mistakes made by the prosecutor, his shooting of Steinle seemed to support Trump’s worry about illegal immigrants causing a crime spree and helped win him the election in 2016.
- Topic:
- Crime, Immigration, and Border Control
- Political Geography:
- North America, Texas, and United States of America
125. Immigrants Do Not Negatively Affect the Economic Institutions of American States
- Author:
- Alex Nowrasteh and Andrew C. Forrester
- Publication Date:
- 11-2020
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- Freer immigration could potentially lead to trillions of dollars in additional annual global output. However, the movement of many more immigrants could produce negative externalities that swamp the benefits, particularly if immigrants undermine productivity in their new countries by bringing with them the institutions or cultures that are responsible for low productivity in their home countries. We examine this by seeing how immigrants affect state budgets — a proxy for the quality of economic institutions — between 1970 and 2010 in the United States. We find that larger immigrant shares of the population produce large reductions in the growth of real per capita tax revenue and outlays in the short run that moderate to smaller longer‐term growth declines in both.
- Topic:
- Immigration, Economy, Immigrants, Tax Systems, Institutions, and Revenue Management
- Political Geography:
- North America and United States of America
126. How Property and Civil Rights Help Forest Tribes Modernize and Prosper: Lessons from India
- Author:
- Swaminathan S. Anklesaria Aiyar and Neeraj Kaushal
- Publication Date:
- 07-2020
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Do historically isolated forest tribes need protection from modernization? Critics claim that modernization, especially through dams and mining, is disastrous for tribes and that tribespeople cannot handle commercial life, are easily duped, and end up destitute. Some modernization projects have fueled Maoist insurrections. However, other examples show that tribes can join mainstream society and prosper if empowered with property rights and civil rights.
- Topic:
- Civil Rights, Modernization, Property, Tribes, and Forest
- Political Geography:
- South Asia and India
127. Qualified Immunity: A Legal, Practical, and Moral Failure
- Author:
- Jay Schweikert
- Publication Date:
- 09-2020
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Qualified immunity is a judicial doctrine that protects public officials from liability, even when they break the law. The doctrine has no valid legal basis, it regularly denies justice to victims whose rights have been violated, and it severely undermines official accountability, especially for members of law enforcement. Accountability is an absolute necessity for meaningful criminal justice reform, and any attempt to provide greater accountability must confront the doctrine of qualified immunity. This judicial doctrine, invented by the Supreme Court in the 1960s, protects state and local officials from liability, even when they act unlawfully, so long as their actions do not violate “clearly established law.” In practice, this legal standard is a huge hurdle for civil rights plaintiffs because it generally requires them to identify not just a clear legal rule but a prior case with functionally identical facts.
- Topic:
- Law, Reform, Criminal Justice, Accountability, Police, and Qualified Immunity
- Political Geography:
- North America and United States of America
128. Despite Modi, India Has Not Yet Become a Hindu Authoritarian State
- Author:
- Swaminathan S. Anklesaria Aiyar
- Publication Date:
- 11-2020
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Indian democracy is flawed, but pessimists claiming that Modi will crush all dissent, abandon secularism, and make India a Hindu state have been proved wrong. India’s constitution guarantees democracy, civil liberties, and secularism. But fears of India becoming a Hindu authoritarian state have been voiced after Narendra Modi of the Bharatiya Janata Party (BJP) came to power in New Delhi in 2014. The party’s Hindutva philosophy—the creation of a great Hindu state—envisages a Hindu state where citizens with other religious beliefs are tolerated but have second‐class status. It lauds military toughness. Earlier governments were reluctant to retaliate militarily against Pakistan for fomenting terrorism in Kashmir, but Modi has responded twice with military strikes, gaining popularity as a strongman. In Muslim‐majority Kashmir, which is claimed by Pakistan, Modi has abolished the state’s constitutionally guaranteed autonomy, arrested top local politicians and activists, and locked down the state. Meanwhile, a Pew Research Poll in 2017 suggested that most Indians would support military or authoritarian rule.
- Topic:
- Nationalism, Authoritarianism, Hinduism, and Narendra Modi
- Political Geography:
- Pakistan, South Asia, and India
129. Space Force: Ahead of Its Time, or Dreadfully Premature?
- Author:
- Claire Farley
- Publication Date:
- 12-2020
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- In December 2019, Congress established the U.S. Space Force as an independent uniformed military service within the Department of the Air Force. Although many defense analysts had long argued for a reorganization of the Department of Defense’s space capabilities, few had settled on this particular solution. This policy analysis evaluates the reasoning behind the Space Force’s establishment, concluding that the service’s creation is premature. The Space Force is the first new independent U.S. service since the creation of the Air Force in 1947. At its inception, the Air Force had hundreds of thousands of personnel, several years of battle experience, a coherent body of doctrine, and a robust organizational culture. Even so, the creation of the Air Force sparked bitter interservice conflict for the first decade of its existence. However, the Space Force lacks a strong institutional basis, an identifiable organizational culture, and an established foundation of strategic theory. In the short term, it runs the risk of disrupting existing procedures and relationships that enable the U.S. military to function. In the long term, it runs the risk of distorting the procurement and force structure of U.S. space capabilities.
- Topic:
- Science and Technology, Armed Forces, Military Affairs, and Space Force
- Political Geography:
- North America and United States of America
130. COVID-19 and the U.S. Fiscal Imbalance
- Author:
- Jeffrey Miron
- Publication Date:
- 12-2020
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Policymakers must do something to slow the growing debt burden or else face a major fiscal meltdown. Proposals such as Medicare for All and the Green New Deal would only make the looming fiscal crisis worse. Before COVID-19, the U.S. debt burden was large and on an unsustainable path under reasonable assumptions about economic fundamentals. Standard policy responses, such as higher taxes or lower discretionary spending, could not substantially slow the growth of the U.S. debt burden; only reduced growth in entitlement spending, especially on Medicare, had the potential to avoid eventual fiscal default. COVID-19, the ensuing recession, and the subsequent policy responses have all increased U.S. deficits substantially, potentially altering these conclusions. But these events are likely to be temporary and may be partially offset by other demographic and economic changes related to COVID-19. As a result, the pandemic did not substantially alter the projected path of the U.S. fiscal imbalance. That bit of good news does not alter the grim long‐term U.S. fiscal outlook. The most effective way to slow the growth of the debt burden is to cut entitlement spending substantially.
- Topic:
- Debt, Tax Systems, Fiscal Policy, COVID-19, and Fiscal Deficit
- Political Geography:
- North America and United States of America
131. The 1948 German Currency and Economic Reform: Lessons for European Monetary Policy
- Author:
- Gunther Schnabl
- Publication Date:
- 10-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Twenty years after the introduction of the euro, the European Monetary Union (EMU) is at its crossroads. Following the outbreak of the European financial and debt crisis in 2008, the European Central Bank (ECB) took comprehensive measures to stabilize the common currency. Interest rates were cut to and below zero and several asset purchase programs have inflated the ECB balance sheet (Riet 2018). Within the European System of Central Banks, large imbalances have emerged via the TARGET2 payments system, which can be seen as quasi-unconditional credit in favor of the southern euro area countries (Sinn 2018). While the ECB terminated its asset purchase program at the end of 2018 and is expected to increase interest rates in late 2019, financial instability is reemerging. Growing uncertainty about the fiscal discipline of the Italian government has triggered a significant increase in risk premiums on Italian government bonds. In particular, in Italy and Greece, but also in Germany, bad loans and assets remain stuck in the banking systems. In the face of the upcoming downswing, European banks do not seem ready for new financial turmoil. In this fragile environment, the future path of the EMU is uncertain. To enhance the stability of the EMU, a group of German and French economists has called for a common euro area budget, for a strengthening of the European Stability Mechanism as lender of last resort for euro area countries and banks, as well as for a common European deposit insurance scheme (Bénassy-Quéré et al. 2018). In response, 154 German economists have warned against transforming the EMU into what they call a “liablity union,” which systematically undermines market principles and wealth (Mayer et al. 2018). In 2018, a French-German initative to introduce a common euro area budget faced strong opposition from a group of northern European countries as well as from Italy, symbolizing the political deadlock concerning reforms of the EMU. This article explains the different views on the institutional setting of monetary policymaking in Europe from a historical perspective. It begins with a description of the economic and monetary order in postwar Germany. It then discusses the positive implications for the European integration process and the economic consequences of the transformation of postwar German monetary order. The final section offers some economic policy recommendations.
- Topic:
- Economics, History, Monetary Policy, Reform, European Union, Banks, and Currency
- Political Geography:
- Europe and Germany
132. Modern Monetary Theory: Cautionary Tales from Latin America
- Author:
- Sebastian Edwards
- Publication Date:
- 10-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- dea has emerged in economic policy circles in the United States: “Modern Monetary Theory” (MMT). The central tenet of this view is that it is possible to use expansive monetary policy—money creation by the central bank (i.e., the Federal Reserve)—to finance large fiscal deficits, and create a “jobs guarantee” program that will ensure full employment and good jobs for everyone. This view is related to Abba Lerner’s (1943) “functional finance” idea, and has become very popular in progressive spheres. According to MMT supporters, this policy would not result in crowding out of private investment, nor would it generate a public debt crisis or inflation outbursts.
- Topic:
- Debt, Monetary Policy, Populism, Banks, Economic Policy, and Inflation
- Political Geography:
- Latin America
133. Assessing Global Financial Stability
- Author:
- Tobias Adrian
- Publication Date:
- 06-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- In the decade since the global financial crisis, there has understandably been great concern about potential threats to global financial stability, and policymakers have wisely remained vigilant in watching for warning signs of possible economic risk. At the International Monetary Fund (IMF), we remain committed to providing our 189 member countries with farsighted analyses of trends in the financial markets, thus guiding them toward sound policy choices that help maintain economic stability.
- Topic:
- International Trade and Finance, Global Recession, Financial Crisis, Economy, Economic Growth, Risk, IMF, and Financial Stability
- Political Geography:
- Global Focus
134. Assessing President Trump’s Trade Priorities
- Author:
- Daniel Griswold
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- President Trump has delivered on his promise to shake up Washington, arguably nowhere more so than in the policy space of international trade. President Trump’s trade agenda has challenged more than seven decades of bipartisan policy commitment to seeking lower trade barriers at home and abroad through negotiated agreements. While President Trump pays lip service to pursuing free trade and eliminating tariffs, his trade policies so far have been marked by higher U.S. duties on a range of products, from washing machines to steel. Under Section 301 of the Trade Act of 1974, the administration has imposed duties on $250 billion of imports from China, with those duties set to escalate in 2019 absent an agreement with China. And under Section 232 of the Trade Expansion Act of 1962, the president is threatening to impose a 25 percent duty on imported automobiles in the name of national security. The Trump administration has renegotiated existing trade agreements with Canada, Mexico, and South Korea, but its modifications are as likely to restrict trade as expand it. One of the president’s first actions after assuming office was to withdraw the United States from the pending Trans-Pacific Partnership, which would have eliminated almost all duties with 11 trading partners around the Pacific Rim, including Japan.
- Topic:
- Economy, Tariffs, Trade, and Donald Trump
- Political Geography:
- North America and United States of America
135. U.S.-China Relations: The Way Forward
- Author:
- P. H. Yu
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- As confrontation looms over Washington and Beijing, it is critical to identify the true nature of this challenge from an international relations perspective before any attempt to devise a counter measure. Wrong presumptions or prejudicial interpretations may lead to dire consequences of unforeseeable magnitude. One past example would be the U.S. government’s belief that Iraq was developing weapons of mass destruction (WMDs) before the American invasion in 2003. A more current example would be the American nuclear anxiety on North Korea and how President Trump bypassed conventional American strategic thinking and circumvented hawkish threats of preemptive nuclear annihilation to resolve a “draconian crisis” via “smart diplomacy.” These examples may shed light on a pathway to resolution for the current U.S.-China trade conflict. The United States and China have ample experience of weathering a crisis on the brink of war, whether it was on the Korean Peninsula or in Indochina. China today remains on the U.S. sanctions list for certain high-tech products and military equipment. Both the Trump administration and Congress continue to criticize China regularly, ranging from human rights to religious rights, from the rule of law to the autocratic political system, from the state-owned banks to restrictive market access to foreign corporations, and from currency manipulation to unfair trade practices.
- Topic:
- International Relations, Bilateral Relations, Trade Wars, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
136. China’s Future Development: Challenges and Opportunities
- Author:
- James A. Dorn
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- 1978 has been erratic, with many interruptions along the way. The end result, however, has been eye opening: the Middle Kingdom has become the world’s largest trading nation, the second largest economy, and more than 500 million people have lifted themselves out of poverty as economic liberalization removed barriers to trade. One of the enduring lessons from China’s rise as an economic giant is that once people are given greater economic freedom, more autonomy, and stronger property rights, they will have a better chance of creating a harmonious and prosperous society (see Dorn 2019). Nevertheless, China faces major challenges to its future development. There is still no genuine rule of law that effectively limits the power of government, no independent judiciary to enforce the rights promised in the nation’s constitution, no free market for ideas that is essential for innovation and for avoiding major policy errors, no competitive political system that fosters a diversity of views, and a large state sector that stifles private initiative and breeds corruption. China’s slowing growth rate, its increasing debt burden, environmental problems, and the increasing tension in U.S.-China relations compound the challenges facing Beijing.
- Topic:
- Development, Economics, History, and Trade Liberalization
- Political Geography:
- China and Asia
137. Flawed Plan to Keep Out Welfare‐Using Immigrants
- Author:
- David Bier
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The Trump administration has proposed a new regulation that would greatly expand an old rule banning legal residence to immigrants deemed “likely to become a public charge”—that is, someone who the government has the responsibility to care for (USCIS 2018). The rule does not, nor could it, change eligibility for welfare programs for noncitizens in the United States. Instead, it requires applicants to prove that they are not likely, in the future, to become so dependent on welfare that they become a “public charge.” Therefore, the question regarding this regulation is not whether it is appropriate for noncitizens to become dependent on welfare, but whether the government will accurately predict their likelihood of doing so.
- Topic:
- Immigration, Welfare, and Donald Trump
- Political Geography:
- North America and United States of America
138. An Analysis of the PBOC’s New Mobile Payment Regulation
- Author:
- Andrew Liu
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- In 2016 alone, China saw $9 trillion in mobile payments—in contrast to a comparably small $112 billion of mobile payments in the United States (Abkowitz 2018). The use of mobile payment systems such as Alipay and WeChat Pay are widespread in China, with users ranging from beggars to lenders to criminals. Previously, the mobile payments landscape was largely untouched and unregulated by the Chinese government because of its relative insignificance in the Chinese economy. However, with the explosive growth in mobile payment transactions, the People’s Bank of China (PBOC) implemented a new mobile payment regulation on June 30, 2018. Most notably, the government will require all mobile payments to be cleared through the PBOC, and hence, all mobile payment transactions will begin to touch the hands of the Chinese Communist Party (CCP) (Hersey 2017). The PBOC’s stated reasoning for implementing this regulation is to curb money laundering and fraud. While those are valid concerns, it is unlikely that there are not additional motivations for the new regulation. In this article, I analyze the effects this new regulation has had and will likely have on the various mobile payment system stakeholders, competitors, and users, and also uncover what underlying motives the PBOC has in implementing the regulation.
- Topic:
- Government, Regulation, Economy, Banks, and Chinese Communist Party (CCP)
- Political Geography:
- China and Asia
139. Assessing China’s Financial Reform: Changing Roles of the Repressive Financial Policies
- Author:
- Yiping Huang and Tingting Ge
- Publication Date:
- 01-2019
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- When China began economic reform in 1978, it had only one financial institution, the People’s Bank of China (PBOC), which, at that time, served as both the central bank and a commercial bank and accounted for 93 percent of the country’s total financial assets. This was primarily because, in a centrally planned economy, transfer of funds was arranged by the state and there was little demand for financial intermediation. Once economic reform started, the authorities moved very quickly to establish a very large number of financial institutions and to create various financial markets. Forty years later, China is already an important player in the global financial system, including in the banking sector, direct investment, and bond and equity markets. However, government intervention in the financial system remains widespread and serious. The PBOC still guides commercial banks’ setting of deposit and lending rates through “window guidance,” although the final restriction on deposit rates was removed in 2015. Industry and other policies still play important roles influencing allocation of financial resources by banks and capital markets. The PBOC intervenes in the foreign exchange markets from time to time, through directly buying or selling foreign exchanges, setting the central parity, and determining the daily trading band. The regulators tightly manage cross-border capital flows, and the state still controls majority shares of most large financial institutions.
- Topic:
- Economics, Foreign Exchange, Reform, Financial Markets, and Banks
- Political Geography:
- China and Asia
140. American Constitutional Theory and History: Implications for European Constitutionalism
- Author:
- Roger Pilon
- Publication Date:
- 10-2018
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- It is perhaps not impertinent to suggest that American constitutional theory and history, owing to the longevity of the document that is their subject, hold lessons for constitutionalism everywhere, but especially for European constitutionalism—the more recent and ever evolving treaties that serve as a “Constitutional Charter” for the European Union. An American constitutionalist looking east today, seeing everything from Brexit to Grexit plus the reactions in European capitals, must be struck by the tension in the EU between exclusion and inclusion in its many forms, including individualism and collectivism. Those themes underpin my discussion here. The issues surrounding them are universal. They are at the heart of the human condition.
- Topic:
- Markets, History, European Union, and Constitution
- Political Geography:
- Europe, North America, and United States of America
141. Some Thoughts on International Monetary Policy Coordination
- Author:
- Charles I. Plosser
- Publication Date:
- 06-2018
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- It is a pleasure to be back here at Cato and to be invited to speak once again at this annual conference. This is one of the premier ongoing monetary policy conferences, and the participants, both at the podium and in the audience, attest to its prominence. This is a session on international monetary arrangements, and there has already been an interesting discussion. I find myself in substantial agreement with the comments of John Taylor, so I do not wish to repeat his points. What I will try to do is put the rules-based approach to international monetary policy coordination in a context that I hope will help us understand some of the past failures so we might avoid them in the future. In many ways, I will simply be reminding us of some principles we all have known for some time, yet which we seem to forget all too frequently.
- Topic:
- International Cooperation, Monetary Policy, and Banks
- Political Geography:
- Global Focus
142. The Case for a New International Monetary System
- Author:
- Judy Shelton
- Publication Date:
- 06-2018
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- How often do we hear references to the notion that we live in a rules-based global trading system? Addressing the World Economic Forum at Davos in January 2017, British Prime Minister Theresa May praised liberalism, free trade, and globalization as “the forces that underpin the rules-based international system that is key to our global prosperity and security” (Martin 2017). Chinese President Xi Jinping likewise extolled the virtues of a rules-based economic order at Davos, winning widespread praise for defending free trade and globalization (Fidler, Chen, and Wei 2017). But could someone please explain: What exactly are those rules? Because if we are going to invoke the sentimentality of Bretton Woods by suggesting that the world has remained true to its precepts, we are ignoring geopolitical reality. Moreover, we are denying the warped economic consequences of global trade conducted in the absence of orderly currency arrangements. We have not had a rules-based international monetary system since President Nixon ended the Bretton Woods agreement in August 1971. Today there are compelling reasons—political, economic, and strategic—for President Trump to initiate the establishment of a new international monetary system.
- Topic:
- Economics, International Cooperation, and Monetary Policy
- Political Geography:
- Global Focus
143. Toward a Rules‐Based International Monetary System
- Author:
- John B. Taylor
- Publication Date:
- 06-2018
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Over the past few years I have been making the case for moving toward a more rules-based international monetary system (e.g., Taylor 2013, 2014, 2015, 2016a, 2016b, 2017). In fact, I made the case over 30 years ago in Taylor (1985), and the ideas go back over 30 years before that to Milton Friedman (1953). However, the case for such a system is now much stronger because the monetary system drifted away from a rules-based approach in the past dozen years and, as Paul Volcker (2014) reminds us, the absence of a rulesbased monetary system “has not been a great success.” To bring recent experience to bear on the case, we must recognize that central banks have been using two separate monetary policy instruments in recent years: the policy interest rate and the size of the balance sheet, in which reserve balances play a key role. Any international monetary modeling framework used to assess or to make recommendations about international monetary policy must include both instruments in each country, the policy for changing the instruments, and the effect of these changes on exchange rates. Using such a framework, I show that both policy instruments have deviated from rules-based policy in recent years. I then draw the policy implications for the international monetary system and suggest a way forward to implement the policy.
- Topic:
- International Cooperation, International Trade and Finance, Monetary Policy, and Central Bank
- Political Geography:
- Global Focus
144. Extending the Economic Freedom of the World Index to the Cold War Era
- Author:
- Ryan Murphy and Robert A. Lawson
- Publication Date:
- 01-2018
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- This article uses newly gathered and available data and autoregressive methods to create an economic freedom index for the 1950s and 1960s for up to 95 countries. The resulting index allows not only for a longer time series but also for a larger sample of countries than has been previously available.
- Topic:
- Economics, History, and Economic Growth
- Political Geography:
- Global Focus
145. Monetary Policy in an Uncertain World: The Case for Rules
- Author:
- James A. Dorn
- Publication Date:
- 01-2018
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- Since monetary policy operates in an uncertain world, discretionary policymaking relying on macroeconomic models of the economy is a weak reed upon which to base policy. The complexity of economic systems and constant changes in the underlying data mean errors may occur in a discretionary regime that can lead to monetary and financial instability.1 The 2008 financial crisis is a case in point: central bankers and their expert staffs failed to anticipate the crisis, and may have worsened it by keeping policy rates too low for too long (Taylor 2012). Moving to a rules‐based regime would not eliminate radical uncertainty, but it could decrease institutional uncertainty—or what Robert Higgs (1997) has called “regime uncertainty”—and thus reduce the frequency of policy errors. Higgs focused on the uncertainty caused by fiscal and regulatory policies that attenuated private property rights by decreasing expected returns on capital. A discretionary monetary regime increases uncertainty about the future purchasing power of money and thereby undermines an important property right.
- Topic:
- Economics, Monetary Policy, Economic structure, and Macroeconomics
- Political Geography:
- Global Focus
146. A Tale of Three Headlines
- Author:
- David Boaz
- Publication Date:
- 08-2018
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Democrats accuse President Trump of abuse of executive power and “thinking he is a dictator.” But then, Republicans made similar charges about President Obama. They all have a point. At least since the administration of Franklin D. Roosevelt, there has been a flow of power from civil society to government, from the states to the federal government, and from Congress to the executive branch. But a recent newspaper headline reminded me of some other headlines that tell a story.
- Topic:
- International Affairs
- Political Geography:
- America
147. Repeal, Don’t Replace, the AUMF
- Author:
- Gene Healy
- Publication Date:
- 08-2018
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- For the past 17 years, presidents have used the 2001 Authorization for the Use of Military Force (AUMF) as a blank check to wage war whenever and wherever they please. Congress is now debating several replacement AUMFs—but these, too, pose the danger of granting the president far broader war powers than the Constitution envisioned. At a Capitol Hill Briefing, Cato’s GENE HEALY and JOHNGLASER made the case for repealing, rather than replacing, the AUMF.
- Topic:
- International Affairs
- Political Geography:
- America
148. Why Americans pay too much for health care
- Author:
- Institute CATO
- Publication Date:
- 08-2018
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Why do we pay $600 for EpiPens, a long-existing piece of technology that contains just a dollar’s worth of medicine? Why do hospitalized patients so frequently receive bills laden with inflated charges that come out of the blue from out-ofnetwork providers or that demand payment for services that weren’t delivered?
- Topic:
- International Affairs
- Political Geography:
- America
149. Checkpoint America
- Author:
- Institute Cato
- Publication Date:
- 08-2018
- Content Type:
- Special Report
- Institution:
- The Cato Institute
- Abstract:
- In April, Cato’s Patrick Eddington introduced his new online initiative Checkpoint America: Monitoring the Constitution-Free Zone.
- Topic:
- International Affairs
- Political Geography:
- America
150. Cato Educates Capitol Hill
- Author:
- Cato Institute
- Publication Date:
- 08-2018
- Content Type:
- Commentary and Analysis
- Institution:
- The Cato Institute
- Abstract:
- Congressional staff members play a vital role in shaping policy—they make decisions on which issues their bosses prioritize, which arguments the representatives and senators hear, and what language makes it into legislation. Cato’s popular Capitol Hill Briefings offer these staff members timely briefings on the most pressing issues facing their offices. At these events, Cato scholars and other experts update the staff on their latest scholarship and policy recommendations, critique current or upcoming legislation, and answer staffers’ questions.
- Topic:
- International Affairs
- Political Geography:
- America