As COVID-19 began raging, people all throughout the world spent tremendous effort thinking about how fast the virus might spread, how mass infections would strain our hospitals, and how many of us might die. Politicians and experts told us that if we did nothing, COVID-19 would kill millions.
In this video, Prof. Antony Davies, from Duquesne University, explains the cost of lockdowns in the United States, both in terms of economic and human life loss. The Congressional Budget Office claims that the cost of shutting down the economy in addition to approved relief packages is around 15 trillion US dollars. But when we think of this gigantic figure and contrast it with the estimated number of deaths caused by COVID-19, we have to ask ourselves: was this the best use of funds?
You will see and feel how all of these numbers and arguments translate into reality in this exclusive and interactive 360° video.
Remember the mid-2000s housing crash that wiped out homeowners? Well, there’s another bubble getting ready to pop, and this one’s in student debt. Prof. Antony Davies explains.
Myth 1 is that the government owes “only” $20 trillion. (In reality, it’s much more.) But luckily, Myth 10 is that there’s no way to fix this problem…
Once again, the United States government is rapidly approaching a fiscal debt ceiling. After March 16, 2017, Uncle Sam is not legally allowed to borrow any more money to cover its budget deficits, unless Congress votes to raise the debt limit like it has every time in the past. Uncle Sam’s debt has been growing […]
The Congressional Budget Office (CBO) recently released the “The Budget and Economic Outlook: 2017 to 2027.” This annual report provides the federal government’s most comprehensive analysis of the current state of federal spending, taxes, and debt. It also provides a framework within which to analyze the President’s budget proposal and upcoming Congressional legislation. The news is […]
The defense budget is about to balloon again, but there’s no reason to assume we need more military spending.
Budapest has done the sensible thing and withdrawn from the competition to host the 2024 Summer Olympics. Finally a refutation of the standard point about economists – that the more united their view on a subject the less attention anyone else pays to them. For the truth about the Olympics is that they are a […]
Without substantive entitlement reform, it will be exceedingly difficult to address the country’s long-term fiscal problems, and it will only get harder if needed changes are delayed.
If there is a single aspect of the economic way of thinking that I struggle to put into practice, it’s the idea of letting go of my sunk costs.
Tuesday night’s address to Congress by President Trump was devoid of detail on infrastructure investment. But in justifying his desire to harness $1 trillion of public and private funds for “new roads, bridges, tunnels, airports and railways”, the President used two lines of bad economic reasoning sadly all too prevalent in public debate on this […]
This is an immersive 360 video, so be sure to set the video quality to 2160s resolution for an optimum viewing experience US government debt is now bigger than the debt of any other government in human history. But does the size really matter? Join Professor Antony Davies as he explores the debt with this […]
“The market is not a place, a thing, a collective entity. The market is a process, actuated by the interplay of the actions of the various individuals cooperating under the division of labor.” – Ludwig von Mises
This is an immersive 360 video, so be sure to set the video quality to 2160s resolution for an optimum viewing experience US government debt is now bigger than the debt of any other government in human history. But does the size really matter?
The first thing to clarify is what an interest rate is not.
Donald Trump is president. Here are his six biggest threats to liberty.
Government and media are overwhelming champions of getting a college degree (“investing in your future”), but when 6 in 10 students aren’t graduating within four years, it may not be the right investment for all people. Jared Meyer, author of “Disinherited: How Washington Is Betraying America’s Young” discusses a potential solution to the Student Debt […]
As the Mercatus Center’s Scott Sumner often says, one ought never to reason from a price change. Interest rates, like other prices, can change for all sorts of reasons; the implications of the change generally depend on the particular reason for such a change.
Let’s say that you’re a policymaker interested in reducing the size of government. Strategically, is it easier to cut government regulation or roll back the welfare state (thereby reducing government spending)?
If you missed Antony Davies’ Reddit AMA last week, fear not! We’ve taken the liberty of compiling some of the highlights for your viewing pleasure.
In association with Learn Liberty, Professor Antony Davies will be visiting Reddit for an AMA today, Monday, November 28th at 7:00pm EST. He’ll be taking your questions on economics, public policy, his experiences as a tech entrepreneur, and much more! Dr. Davies is an Associate Professor of Economics at Duquesne University in Pittsburgh, Pennsylvania. He is […]
Here are some thoughts on the implications of Donald Trump assuming the presidency with respect to monetary policy.
In 1930, total government expenditure was 10% of GDP. Of that, approximately 3% was federal spending, and 7% was state and local spending. Today, government expenditure is about 40% of GDP, with 25% of that spending federal, and the remaining 15% state and local.
This thought experiment will help you wrap your head around the inanity of Trump’s trade policies.
Suppose that Smith, your neighbor in New Haven or your friend in Fayetteville, produced a lot of auto parts that consumers voluntarily bought at prices that earned for Smith a sizable fortune. Suppose further that Smith prudently saves a large chunk of his fortune, some of which he uses to start a glass-manufacturing plant in […]