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EMERGENT VENTURES
Emergent Ventures. Emergent Ventures, a fellowship and grant program from the Mercatus Center, seeks to support entrepreneurs and brilliant minds with highly scalable, “zero to one” ideas for meaningfully improving society. Launched with $1 million grant from the Thiel Foundation, the mission is to jumpstart high-risk, high-reward ideas THE SOCIAL RATE OF TIME PREFERENCE AND THE MERCATUS CENTER AT GEORGE MASON UNIVERSITY 6 W = e−ρt U(c t)dt 0 ∫∝ (1) where U(c t ) represents the utility that society derives from per capita consump - tion during period t.9 The discount factor, which is e–ρ t, applies to the utility in period t (e is the exponential function).10 The pure rate of time preference, ρ, reflects society’s “impatience” and is the rate of MEDICAL COST CONTAINMENT: A MICROECONOMIC APPROACH The high and rising cost of US medical care is partially attributable to legally enforced rigidities in the health care system. By relaxing restrictions, the government can unlock competitive forces that drive prices down and empower individuals to avoid unnecessary, expensive medical services. A more open health care market would give providers incentives to innovate in ways THE OPPORTUNITY COST OF CORPORATE WELFARE Economic competitiveness is a priority for many state and local policymakers. These policymakers may adopt a number of strategies to encourage economic growth and development in their regions. For example, South Dakota and Wyoming have neither a corporate income nor a gross receipts tax. Similarly, Alaska, Montana, New Hampshire, and Oregon have no state sales tax. Such measures DEBT AND DEFICIT UNDER OBAMA ADMINISTRATION Annual budget deficits, which represent the federal government’s spending in excess of revenue, have begun to rise for the first time in seven years, dating back to 2009. President Obama inherited a deficit of $1.4 trillion when he took office at the end of the Great Recession. The first chart shows that deficits began to shrink as the economy slowly recovered. As of 2016 the shortfall has DON LAVOIE FELLOWSHIP The Don Lavoie Fellowship is a competitive, renewable, and online fellowship program for advanced undergraduates, recent graduates considering graduate school, and early-stage graduate students.Fellowships are open to students from any discipline who are interested in studying key ideas in political economy and learning how to utilize these ideas in academic and policy research. THE RECOURSE RULE: HOW REGULATORY GOVERNMENT CRONYISM AND THE EROSION OF THE PUBLIC'S TRUSTDEFINE CRONYISM AND NEPOTISMIS CRONYISM AGAINST THE LAWCRONYISM DEFINITION GOVERNMENTCRONYISM SYNONYMIS CRONYISM LEGALWHAT IS CRONYISM ANDNEPOTISM
There is evidence that a good deal of the U.S. government’s growth over the past 50 years is related to cronyism, which may explain at least part of the contemporaneous decline in the public’s trust. This paper shows that the United States may be descending into growing cronyism and a greater mistrust of government, which impedes even the HOME | MERCATUS CENTERMAINTHE BRIDGERESEARCHSTUDENTSSTATE BY STATETHE MARKET FOR NEIGHBORHOODS The Mercatus Center at George Mason University is the world’s premier university source for market-oriented ideas—bridging the gap between academic ideas and real-world problems. SMALL BUSINESS RECOVERY AFTER COVID-19EMERGENT VENTURES
Emergent Ventures. Emergent Ventures, a fellowship and grant program from the Mercatus Center, seeks to support entrepreneurs and brilliant minds with highly scalable, “zero to one” ideas for meaningfully improving society. Launched with $1 million grant from the Thiel Foundation, the mission is to jumpstart high-risk, high-reward ideas THE SOCIAL RATE OF TIME PREFERENCE AND THE MERCATUS CENTER AT GEORGE MASON UNIVERSITY 6 W = e−ρt U(c t)dt 0 ∫∝ (1) where U(c t ) represents the utility that society derives from per capita consump - tion during period t.9 The discount factor, which is e–ρ t, applies to the utility in period t (e is the exponential function).10 The pure rate of time preference, ρ, reflects society’s “impatience” and is the rate of MEDICAL COST CONTAINMENT: A MICROECONOMIC APPROACH The high and rising cost of US medical care is partially attributable to legally enforced rigidities in the health care system. By relaxing restrictions, the government can unlock competitive forces that drive prices down and empower individuals to avoid unnecessary, expensive medical services. A more open health care market would give providers incentives to innovate in ways THE OPPORTUNITY COST OF CORPORATE WELFARE Economic competitiveness is a priority for many state and local policymakers. These policymakers may adopt a number of strategies to encourage economic growth and development in their regions. For example, South Dakota and Wyoming have neither a corporate income nor a gross receipts tax. Similarly, Alaska, Montana, New Hampshire, and Oregon have no state sales tax. Such measures DEBT AND DEFICIT UNDER OBAMA ADMINISTRATION Annual budget deficits, which represent the federal government’s spending in excess of revenue, have begun to rise for the first time in seven years, dating back to 2009. President Obama inherited a deficit of $1.4 trillion when he took office at the end of the Great Recession. The first chart shows that deficits began to shrink as the economy slowly recovered. As of 2016 the shortfall has DON LAVOIE FELLOWSHIP The Don Lavoie Fellowship is a competitive, renewable, and online fellowship program for advanced undergraduates, recent graduates considering graduate school, and early-stage graduate students.Fellowships are open to students from any discipline who are interested in studying key ideas in political economy and learning how to utilize these ideas in academic and policy research. THE RECOURSE RULE: HOW REGULATORY GOVERNMENT CRONYISM AND THE EROSION OF THE PUBLIC'S TRUSTDEFINE CRONYISM AND NEPOTISMIS CRONYISM AGAINST THE LAWCRONYISM DEFINITION GOVERNMENTCRONYISM SYNONYMIS CRONYISM LEGALWHAT IS CRONYISM ANDNEPOTISM
There is evidence that a good deal of the U.S. government’s growth over the past 50 years is related to cronyism, which may explain at least part of the contemporaneous decline in the public’s trust. This paper shows that the United States may be descending into growing cronyism and a greater mistrust of government, which impedes even the SMALL BUSINESS RECOVERY AFTER COVID-19 The COVID-19 pandemic is precipitating an unprecedented economic downturn, and small businesses are likely to bear the brunt of it. Mandatory shutdowns and social distancing are forcing many small businesses to shut their doors, leaving millions of people out of work and driving down sales. Even when governments begin lifting social distancing restrictions, the residual KEYNESIAN STIMULUS: A VIRTUOUS SEMICIRCLE? The magnitude of the economic shock triggered by the pandemic and the lockdowns imposed throughout the United States in the past year cannot be overstated. From its peak in February 2020 to its trough in April 2020, employment shrank by 25.3 million jobs, and the unemployment rate increased from 3.5 percent to 14.5 percent. Long-term unemployment was higher from February to WHERE ARE AMERICA’S ALLIES, AND WHAT ARE THEY READING Weifeng Zhong examines how Western media is being infiltrated by Chinese Communist Party propaganda. Read more at the WashingtonExaminer.
THERE STILL AREN'T ENOUGH PEOPLE GETTING BACK TO WORK Read more at Reason. Online journal dedicated to promoting and defending classical liberal values with new and innovative thinking HOW RELIABLE IS MODERN MONETARY THEORY AS A GUIDE TO Modern Monetary Theory (or MMT) is a macroeconomic model that has become popular among some heterodox economists and progressive policymakers, and is often cited by those who favor expanding the size of government. To understand the MMT model, it helps to start with some basic accounting relationships for government finance. For instance, government spending is paid for with HOW TECHNOLOGY AFFECTS ECONOMIC GROWTH Technology is something to resist. Whether it foments antisocial behavior, cultural polarization, or wide-scale labor disruptions, technological change is a frustrating and perennial struggle facing society. The benefits largely accrue to a few oligarchs. More existentially, digital technologies rob us of our humanity, as automation and machine learning become a dangerous master we mustserve
THE CASE AGAINST COLLEGE Bryan Caplan appears on AEI's An Economist Goes to College podcast to discuss his new book, The Case Against Education: Why the Education System Is a Waste of Time and Money. Listen here.ALDEN ABBOTT
Alden Abbott is a Senior Research Fellow focusing on anti-trust issues. Before joining Mercatus, Mr. Abbott served as the Federal Trade Commission’s General Counsel from 2018 to early 2021, where he represented the Commission in court and provided legal advice to its representatives. Prior to working at the FTC, Mr. Abbott worked at the Heritage Foundation and BlackBerry Ltd. PROMOTING MATERNAL HEALTH IN RURAL AND UNDERSERVED AREAS Maternal and newborn health in rural America suffers from a lack of obstetrical care, which is currently at crisis levels. To address this problem, Senator Tina Smith recently introduced the Rural Maternal and Obstetric Modernization of Services Act, and the Department of Health and Human Services launched the Rural Maternity and Obstetrics Management Strategies program.WWW.MERCATUS.ORG
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