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February 2021 ISSUE

Article

Understanding Modern Monetary Theory: Part 1

By Scott Sumner

In recent years, a heterodox model called "Modern Monetary Theory" (MMT) has gained adherents. For those who follow the policy debate in the media, this theory is most often associated with advocates of expansionary fiscal policy, perhaps financed by money creation....
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Book Review

Alternatives to a Burgeoning Bureaucracy: Lessons from Ludwig von Mises’s Bureaucracy

By Stefanie Haeffele and Anne Hobson

Ludwig von Mises's 1944 book Bureaucracy is an investigation into the dramatic expansion of bureaucratic management in the United States.1 Bureaucracy mushroomed in accordance with Woodrow Wilson's advancement of public administration in the late 19th century as wel...
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Book Review

Agreeing to Disagree

By Arnold Kling

... social and political distrust and partisan divergence are mutually reinforcing... I hope to identify trust-increasing liberal rights practices, where certain basic liberal rights, recognized in constitutional law, exercised regularly by the people, and embodie...
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Article

Markets and the Hidden Superpower of Online Education

By Michael L. Davis

Can online education be good education? If you ask most economists, you'll probably get their favorite answer: it depends. To figure it out, they'll tell you, you need to know whether the move to online has expanded or contracted the set of tools available to educators....
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