The latest news from the Intergovernmental Panel on Climate Change is not encouraging. A recent release of documents gives a preview of its forthcoming Sixth Assessment Report on the state of the global climate. Among the items released are a summary for policymakers based on the findings of a working group on the physical-science basis of climate change and a draft version of more detailed scientific analyses.

The findings include estimates of carbon budgets — the additional cumulative emissions that can be allowed until warming reaches specified temperature thresholds above the preindustrial global average. The estimate likely to get the…


What we can learn from the (mostly overblown) fears of America’s fiscal hawks

Harvard-trained attorney Michael Ginsberg’s new novel, Debt Bomb (BQB Publishing, 2021) is a warning to America of a coming fiscal catastrophe, written in the style of an international espionage thriller. I make no claims to be a literary critic. Don’t think you’re about to read a conventional book review. I will just say that there is enough action here to make you turn the pages, and in any case, I doubt that many readers pick up a book of this genre in search of subtle character development or memorable dialog.

To me, the interesting thing about Debt Bomb is not…


All signs suggest that Afghanistan is in for a rough ride under the Taliban. The most urgent worries include reprisals against Afghans who helped the United States, reversals on women’s rights, and the possibility that the country will become a haven for international terrorist organizations.

But the state of the Afghan economy is working its way up the list concerns. The economy has not yet collapsed, but warning lights are flashing red. One of those flashing most brightly is the indicator for inflation. Is an explosion into hyperinflation an inevitability or only a possibility? …


In a promising contribution to the debate over poverty policy, the Institute on Race and Political Economy at the New School has released a major welfare reform proposal that it calls a Guaranteed Income for the 21st Century. Details of the proposal (abbreviated GI21 in what follows) are set out in a report written by Naomi Zewde, Kyle Strickland, Kelly Capatosto, Ari Glogower, and Darrick Hamilton. The proposal makes a full-scale assault on America’s social protection gap. It includes several features that the Niskanen Center has long championed, such as an emphasis on cash assistance, broad eligibility, and payment in…


The dreaded Phillips curve describes the runaway inflation of the 60s and 70s. The situation is very different today.

Anyone who has been following the U.S. monthly economic data lately has noticed that the rate of inflation has been rising over the past year as the unemployment rate has fallen. Here are the numbers:


Anyone who is an advocate for a Universal Basic Income is familiar with the claim that our government already spends way too much on welfare. We should be looking to cut back out social protection spending, not looking for new programs, say the skeptics. But they are wrong. As the research reported here shows, the United States lags far behind its liberal democratic peers in providing support to people in need. In one form or another, a UBI could go a long way to closing the gap.

Around the world, liberal democracies take pride in the freedom and prosperity of…


Carbon pricing is firmly entrenched as the go-to climate policy for economists, yet many others, despite an enthusiasm for aggressive climate action, are skeptical. As one critic puts it, “Of the policy tools in the carbon toolbox, carbon pricing is the tiny flathead screwdriver used to fix glasses.” Instead of a screwdriver, the pricing skeptics want something big, something that moves mountains and makes lots of noise.

In my view, the skeptics have it wrong. Instead of a tiny screwdriver, I like to think of carbon pricing as the drip irrigation of climate policy. Israeli farmers have shown how drip…


A new Congress has convened. Soon the battle of the budget will begin. On one side will be the advocates of stimulus, who think the economy needs help to recover fully from the damage done by the pandemic. On the other side will be the deficit hawks, refreshed after their long slumber during the Trump administration.

The case for a sharp turn toward fiscal austerity rests in large part on the idea that we are at the edge of a precipice, poised for a plunge into insolvency, default, hyperinflation, and who knows what other disasters. A new book from the…


In a well-argued essay, Jonathan Adler argues that libertarian environmentalists ought to take property rights seriously. No writer has had a greater impact on classical liberal and libertarian thinking about property than John Locke. It follows that any would-be free-market environmentalist must take Locke seriously. And not just Locke’s theory of property. His theory of government, as laid out in his 1690 Second Treatise, is equally important. In what follows, I will argue that considering Locke’s ideas on both property and government leads to conclusions that justify even stronger policy actions that Adler advocates.

Locke on property

Locke states the…


Writing this week in the Wall Street Journal, Bobby Jindal asks what the GOP should propose on healthcare, in order not to be “caught flat-footed next time they are in charge.” And by the way, why wait until the GOP is in charge again? Going by what Jindal says, there are ample grounds for at least incremental bipartisan reforms beginning as soon as the Biden team takes over the White House.

Jindal asks good questions and suggests some promising answers. Here is what I think he gets right.

Do conservatives continue fighting for a full repeal of Obamacare spending and…

Ed Dolan

Economist, Senior Fellow at Niskanen Center, Yale Ph.D. Interests include environment, health care policy, social safety net, economic freedom.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store