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The Return of Stagflation

I have been writing this letter for 22 years. Sometimes I look into the future and other times merely try to explain the present. Today I’m going to look at several possible futures. There are forces at work in both Congress and the Federal Reserve that could take us...

Human Capital Losses

Remember math class? Let me give you a quick refresher. In the equation 3 x 5 = 15, the 3 and 5 are factors, and 15 is the product. You can’t have a product without factors. In economics we talk about “factors of production.” If you want to produce something, you need...