May 2026 ISSUE

Judy Shelton: Good as Gold?

By Jeffrey Rogers Hummel

Judy Shelton has earned media attention for her criticisms of Federal Reserve policy. In July of 2025, during an online interview with Steve Bannon, she accused Fed chair Jerome Powell of “setting himself up as some kind of an emperor” merely because he had tentativel...

We Can’t Agree on Inequality—Here’s Why

By Maurizio Bovi

Centuries of argument have left a stubborn question unresolved: how much economic inequality is acceptable? Unlike inequalities rooted in race, gender, or disability—which typically attract broad moral condemnation—economic inequality in income, consumption, and wealth ...

Of Course We’re Still Reading Wealth of Nations

By Craig Smith

"[W]hatever we may think of Smith and the Wealth of Nations they did become symbolic of the new discipline of economics through the centuries and it hardly befits us to question the judgments of past generations’s assessments of the value of a work they read for thems...

“Very difficult, perhaps altogether impossible”: Smith’s political science

By Jacob T. Levy

Yet the argument of Book V of Wealth of Nations is something quite different. Over hundreds of pages, Smith patiently shows why both peace and a tolerable administration of justice are historically rare, and continually fragile. To the extent that some society or other ...

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