created by James Caton |

Rep. Alexandria Ocasio-Cortez has proposed a Green New Deal. The plan would involve “’upgrading all existing buildings’ in the country for energy efficiency; … ‘Overhauling transportation systems’ to...

created by James Caton |

For some not acquainted with the breadth of economic discourse that occurred in the early 20th century, economic thought in the 1930s is defined primarily by the Hayek-Keynes debate. Perhaps because...

created by Raymond March |

Ketamine, often referred to as “Special K”, is a powerful hallucinogenic drug which, when abused, can help users detach from reality. Long-term ketamine use can have harmful psychiatric effectssuch as...

created by Raymond March |

Diabetes is arguably the biggest epidemic of the twenty-first century. According to the federal Centers for Disease Control, more than 100 million Americans are diabetic or prediabetic. If left...

created by James Caton |

Money is a social contract. Control over money is the legal privilege of the monetary authority. Those who use it appreciate the benefits well enough to accept the influence of this authority over the...

created by Raymond March |

Although many consumers and dermatologists are satisfied with the quality and safety of current sunscreens, sweeping changes may soon be coming.

The Food and Drug Administration recently proposed a v...

created by Raymond March |

New hope for depression patients may be on the horizon.

A recent WebMD article reports that a special panel of experts assembled by the U.S. Food and Drug Administration strongly endorsed a...

created by Raymond March |

After turning 26, Alec Smith could no longer be covered by his mother’s health insurance policy. He was also ineligible for coverage from his employer. This was a problem—for Smith was a type 1...

created by Jeremy Jackson |

If you pay attention to your social media feed, it probably comes as no surprise that people find happiness in the misery of their political opponents. My research sheds light on this partisan...

created by Raymond March |

Earlier this month, a patient with terminal brain cancer gained access to a potentially life-saving experimental treatment. Suffering from glioblastoma, considered to be “the most aggressive and...

created by James Caton |

As Scott Burns has recently argued, the Federal Reserve is incapable of fighting the next recession through traditional means. So long as the floor system is in operation, the effect of expanding the...

created by Nathaniel Thoreson |

Machines first began automating human labor 200 years ago. Textile workers were hit hard when their bosses learned of the free, constant and near-flawless work that could be done by textile machines....

created by Raymond March |

In the 2018 fiscal year, the Food and Drug Administration set a record by approving and tentatively approving 971 generic drugs, including a record-breaking month with 110 generic drug approvals in...

created by Raymond March |

In July 2017, the Food and Drug Administration enacted a comprehensive plan to regulate tobacco and nicotine products. The goal of this plain was “to better protect kids [from nicotine addiction] and...

created by Raymond March |

In four months the Food and Drug Administration went from investigating whether e-cigarettes motivated teens to smoke to declaring teen vaping an “epidemic” where “all options are on the table” to...

created by Raymond March |

This article first appeared at The Independent Institute.

A recent CBS News article notes the struggle many people with diabetes face trying to afford insulin they need to manage their blood glucose...

created by James Caton |

President Donald Trump is quick to take credit for positive economic performance. The state of the economy has improved since he took office, with annual real GDP growth edging above 3 percent in...

created by James Caton |

Since the crisis in 2008, there has been much concern about the U.S. national debt. In March 2018, economists Michael J. Boskin, John H. Cochrane, John F. Cogan, George P. Shultz, and John B. Taylor,...

created by Raymond March |

Three months ago, the Food and Drug Administration began investigating how to reduce e-cigarette popularity among teens. Their initial efforts consisted of gathering information from e-cigarette...

created by James Caton |

The equation of exchange tells us that the value of money expenditures must equal the value of goods purchased with these expenditures. More specifically, it tells us that the quantity of money in...

created by Raymond March |

In a recent press statement, Food and Drug Administration Commissioner Scott Gottlieb announced plans to improve and broaden FDA’s Expanded Access Program. Sometimes called the Compassionate Use...

created by Raymond March |

Last week, North Dakotans voted on a constitutional ballot measure (Measure 3) to legalize using, growing, and selling marijuana recreationally. It was soundly defeated.

There are a variety of...

created by Nathaniel Thoreson |

Blockchain technology is responsible for massive technological advancements in nearly every industry, yet the question on everyone’s mind remains: What is it?

Blockchain is a distributed accounting...

created by Raymond March |

The healthcare sector of the U.S. economy is extraordinarily dynamic and complex, providing constant challenges for policymakers and regulators working to improve healthcare markets. However, recent...

created by James Caton |

The Federal Reserve’s policy of paying interest on excess reserves (IOER) prevents the monetary base from circulating more broadly. Currently, about half of the base money stock is effectively...

created by Raheem Williams |

North Dakota is no stranger to tax revolts. In recent years, the state has weathered ill-conceived property tax relief programs and a citizen ballot initiative to ban property taxes. As talk of...

created by Raymond March |

Back in April, the Food and Drug Administration announced plans to reduce nicotine levels in cigarettes to help current smokers quit and prevent future generations from starting. In an op-ed I wrote...

created by Raymond March |

Last February, the Food and Drug Administration released guidance indicating it intends to require honey and maple syrup (as well as some cranberry) products to include “sugar added” labels with their...

created by James Caton |

The Federal Reserve began an unprecedented experiment in 2008 under the moniker of quantitative easing. By using its acronym, QE, we might forget that it means that the Federal Reserve is creating...

created by Raymond March |

The Food and Drug Administration recently approved the first generic version of EpiPen. EpiPens provide swift, and potentially lifesaving, treatment for those with anaphylaxis (allergic reactions...

created by Raymond March |

I recently published an op-ed at The Hill entitled “Breastfeeding Controversy Shows Need for Private Efforts—Not Government Campaigns.”The piece came after U.S. ambassadors faced considerable...

created by Raymond March |

Last March, the U. S. Food and Drug Administration announced its intention to lower nicotine levels in cigarettes to prevent future generations from smoking and to help current smokers quit. In a piec...

created by Raheem Williams |

Elections in free and open societies are often judged on voter participation rates. Pundits and scholars point to cases of poor voter turnout to support claims that our democracy is slowly decaying....

created by James Caton |

You may hear macroeconomists referring to nominal GDP and real GDP, and feel that the conversation is shrouded in mystery. Why do these experts believe that the level of GDP we observe is merely...

created by James Caton |

When we hear the word entrepreneur, we often imagine someone with a cavalier personality who conquers a market. Henry Ford embodied this ideal with the creation of the assembly line. In more recent...

created by Raymond March |

The Swedish phone app Natural Cycles recently made headlines for becoming the first app approved by the Food and Drug Administration for contraception. Natural Cycles uses morning temperature readings...

created by James Caton |

Market structure is not only determined by present conditions. It is formed in light of expectations of future conditions. These expectations drive present investment decisions. Thus, volatility in...

created by Jeremy Jackson |

This is the fourth entry in a multi-part series on Capitalism Mythbusters.

It is becoming increasingly common for people to attribute the economic system of free exchange, also known as capitalism,...

created by James Caton |

Innovations in blockchain technology are enabling lending on the blockchain. This can enable holders of cryptocurrency to use their holdings as collateral for loans. Participants can even borrow in...

created by Raymond March |

The Food and Drug Administration determines which drugs can be prescribed in the United States. However, the FDA does not tell physicians how to prescribe drugs. When physicians prescribe drugs for...

created by Raymond March |

To say the U.S. pharmaceutical market is highly regulated is an understatement. According to the RegData database developed by the Mercatus Center at George Mason University, the pharmaceutical and...

created by Raheem Williams |

The national economy is robust and strong – with reports of four percent growth last quarter and low unemployment – but a global trade war could bring a halt to this economic prosperity. Recently...

created by James Caton |

This article is part of a series, Enterprise on the Prairie, which showcases the efforts of enterprising residents who are creating value in their communities.

“Let’s create a unique space for...

created by James Caton |

Cryptocurrency has received praise for the ability to privately provide economic actors with a stable money stock. This accomplishment is laudable. The full potential of cryptocurrency to act as...

created by Raheem Williams |

"Discrimination is not done by villains. It's done by us."
- Vivienne Ming, theoretical neuroscientist, technologist and entrepreneur

A Q&A-style discussion about the relationship between capitalism...

created by James Caton |

Social media is abuzz with talk of blockchain technology. Discussions of public ledgers, distributed-payment systems, and cryptocurrency mining are fascinating but often fail to clarify the technology...

created by James Caton |

The logic of an inflation driven by money printing is intuitive. If you print more money, the prices of goods purchased with it will tend to rise. However, the idea that there is a demand for money is...

created by James Caton |

Standard macroeconomic texts teach about different levels of monetary aggregates. The simplest of these is the base-money stock. Banks accept base money as deposits and lend out a significant portion...

created by Raheem Williams |

This is the final installment in a series of articles addressing the future of Social Security.

In my previous articles, I laid out the arguments and counterarguments for raising taxes and/or reducin...

created by Raheem Williams |

This is the third installment in a series of articles addressing the future of Social Security.

In previous posts, I outlined the problems facing Social Security and examined the pros and cons of rai...

created by Jeremy Jackson |

This is the third entry in a multi-part series on Capitalism Mythbusters.

In a previous installment of the Capitalism Mythbusters series, I busted the myth that free markets lead to intolerance...

created by James Caton |

Monetary theory is beautifully simple, although to the uninitiated it may seem terribly complex, especially if you are not acquainted with the fundamentals of economic decision-making. Humans...

created by Raheem Williams |

This is the second installment in a series of articles addressing the future of Social Security.

In my previous post, I outlined the problems our Social Security system is facing. In this article, I...

created by Raheem Williams |

This is the first installment in a series of articles addressing the future of Social Security. My goal is to inform readers about the various challenges and proposed solutions surrounding this...

created by James Caton |

This article is part of a series, Enterprise on the Prairie, which showcases the efforts of enterprising residents who are creating value in their communities.

Meet Ryan Swanson.

Ryan is an...

created by James Caton |

Welcome to our new blog series: Enterprise on the Prairie! In this series, we will showcase the efforts of enterprising residents who are creating value in their communities.

Our region has become a...

created by James Caton |

In 1943, disillusioned by the failure of an international gold standard managed by poorly coordinated central banks, F.A. Hayek wrote “A Commodity Reserve Currency,” in which he detailed the...

created by James Caton |

In an earlier post, I juxtaposed monetary policy with the dynamics of money creation in the market. Monetary policy at its best is predictable and responsive to changing demand for money and credit....

created by Raheem Williams |

“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder.”
- Frédéric Bastiat 

The term “plunder” often...

created by James Caton |

Modern discussion of Hayek and the Great Depression tends to juxtapose Hayek with Keynes since Keynes was Hayek’s chief rival. But Hayek’s conversation with Keynes was not the only notable...

created by James Caton |

In the discussion of central banking policy guided by either rules or discretion, one must wonder why policy makers are attempting to reinvent the wheel. At their best, central banks attempt to...

created by Raheem Williams |

North Dakota suffers from a labor force shortage. Currently, there are more than 12,000 open jobs in the state, enough to be North Dakota’s 10th largest city.

The state was previously able to attract...

created by Jeremy Jackson |

This is the second entry in a multi-part series on Capitalism Mythbusters.

Malcolm X once said “You can’t have capitalism without racism” (Malcolm X Speaks, 1965). This straightforward quote reveals...

created by James Caton |

Not all money is the same. This may be obvious, for example, if you compare an American dollar and a Japanese yen. What is not obvious is that not all yen or dollars are the same. We can differentiate...

created by James Caton |

In my last post, I compared the functions of cryptocurrencies to those of clearinghouses in terms of the ease with which they can help financial institutions clear balances between one another. This...

created by James Caton |

In a story about entrepreneurship, you might not expect the main character to be a military colonel. Common perception tends to see the entrepreneur as one who builds a firm, attempting to earn...

created by Raheem Williams |

The 2008 housing crisis led to a record number of home foreclosures. In response, millions of Americans demanded accountability from financial markets. To some, the crisis served as proof of the...

created by Jeremy Jackson |

I realize I may have lost some readers just by the title of this post. It turns out only 6 in 10 Americans have a positive view of the word “capitalism.” This is despite 85 percent of Americans having...

created by Mark Simonson |

Many people are familiar with the gold standard, but few understand it. The gold standard was the system whereby gold and claims to gold were used as money.

For nations operating under the gold...

created by James Caton |

The development of cryptocurrencies has provided new, highly liquid substitutes for dollars and other national currencies. I expect that this will radically transform — and help stabilize — banking....

created by Jeremy Jackson |

When we think of the state of North Dakota, we seldom imagine it as a modern-day Orwellian nanny-state, dripping with paternalistic policies created “in our best interest”. But just how paternalist is...

created by James Caton |

Macroeconomists typically have an aversion against deflation. The belief is that deflation is associated with economic downturn. It is to be avoided at all costs. As the gold standard tended to be...

created by Raheem Williams |

Congress recently passed the Tax Cuts and Jobs Act, which temporarily lowers individual income taxes and permanently cuts corporate income taxes. This move has been celebrated by the business...

created by Raheem Williams |

Earlier this month, minimum wage hikes took effect in 18 states. Thankfully, North Dakota wasn’t one of them.

Proponents of minimum wage increases argue that these policies help support low-income...

created by James Caton |

In a previous post, my colleague Alex Salter reflected on the significance and compatibility of the Mengerian and chartalist theories of money. The Mengerian theory argues that money arises in the...

created by James Caton |

By the time you finish reading this post, I hope to convince you that ‘technology’ refers to an especially broad range of phenomenon.

In Mises Meets Wittgenstein, we discussed the development of the...

created by James Caton |

The price of cryptocurrencies have gone parabolic. It appears to many, that we are experiencing a mania. Individuals are moving into cryptocurrency markets who apparently have no intention of using...

created by Jeremy Jackson |

With the holiday season in full swing, you may find yourself dealing with the impossible task of buying everyone the exact present they desire.

Lucky for you, your friendly neighborhood economist is...

created by Raheem Williams |

Corporate taxes are a hot policy issue right now. The Trump administration has made tax reform one of its key initiatives and revived the debate (if it ever really went away) over what exactly...

created by James Caton |

Ludwig von Mises argued all action is aimed at creating value for the man or woman that is acting. This postulate is the starting point of analysis, which Mises referred to as “the axiom of Human...

created by Jeremy Jackson |

You’re probably familiar with the phrase “Don’t judge a book by its cover.” I have an analogous saying, “Don’t judge a policy by its intent.”

Just as a good librarian knows a book’s flashy appearance...

created by James Caton |

In my previous post, I discussed the tradeoff between liquidity and rates of return. But here’s the thing: investors are constantly in search of a better deal. So long as an investment is available...

created by James Caton |

Savings exist in different forms, each of which produces different rates of return for saving agents. These agents economize on cash balances. Each person must decide how to allocate his or her...

created by Raheem Williams |

This is part four of a four-part series on private property rights.

“If history could teach us anything, it is that private property is inextricably linked with civilization,” said Ludwig von Mises.

...

created by Raheem Williams |

This is part three of a four-part series on private property rights.

“If history could teach us anything, it is that private property is inextricably linked with civilization,” said Ludwig von Mises.

...

created by Raheem Williams |

This is part two of a four-part series on private property rights.

“If history could teach us anything, it is that private property is inextricably linked with civilization,” said Ludwig von Mises.

...

created by Raheem Williams |

This is part one of a four-part series on private property rights.

“If history could teach us anything, it is that private property is inextricably linked with civilization,” said Ludwig von Mises.

...

created by Jeremy Jackson |

The scientific study of happiness and well-being is relatively young. The field got its start as philosophers sought to discover what it meant to live a meaningful and virtuous life.  More recently,...

created by Raheem Williams |

Headlines in the wake of Hurricane Harvey have declared one disaster after another. News about the rising death toll, massive flooding, chemical plant explosions, lost power, and the cost of recovery...

created by Raheem Williams |

North Dakota has some of the strictest blue laws in the nation.

Blue laws are statutes that prevent or restrict commercial activity on Sundays. Despite the many economic arguments against blue laws,...

created by James Caton |

Does a politician become more benevolent upon election? As humans, do we change our behaviors upon being endowed with the responsibility of the public’s trust?

These are the questions confronted by...

created by Raheem Williams |

There has been a lot of recent discussion on the racial impact of school choice. Critics have used research reports to corroborate their claims that school choice increases racial segregation. While...

created by James Caton |

This is Part 2 of a two-part series covering the definition, health, and evolution of institutions.

The Heath and Evolution of an Institution

Not all institutions are of equal quality. Institutions,...

created by James Caton |

This is Part 1 of a two-part series covering the definition, health, and evolution of institutions.

The word “institution” commonly appears in social science literature. While I would venture that...

created by Jeremy Jackson |

In North Dakota’s most recent legislative session, a bill was proposed (HB 1263) to raise the minimum wage to $9.25 and mandate future increases by tying it to the rate of inflation.  Legislators were...

created by Raheem Williams |

The rapid advancement of technology has always brought with it the fear of permanent worker displacement. As the economy changes, entire sectors risk becoming obsolete; likewise, workers worry about...

created by Jeremy Jackson |

One of the traditional roles of government involves the facilitation of voluntary exchange through the enforcement of contracts via the legal system.  This involves establishing and enforcing property...

created by Raheem Williams |

President Trump's tax plan calls for a reduction in top individual tax rates as well as a dramatic reduction in the overall corporate tax rate. This move has unsurprisingly drawn criticism. Detractors...

Welcome to the PCPE Blog!

As stated in our mission statement, we engage in research and educational programs to better understand the institutions and policies that encourage and enhance human...

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