Articles Tagged with Economics

UF law professor and economist Neil H. Buchanan comments on a recent positive development in the economics profession—a move beyond the narrow notion of “Pareto efficiency” that economists have used for decades to support trickle-down economics. Buchanan explains the significance of this development, with the caveat that the change will likely not make much difference in actual economic policies.

University of Florida Levin College of Law professor and economist Neil H. Buchanan comments on a recent essay by Binyamin Appelbaum and highlights what he perceives as Appelbaum’s most important arguments with respect to the economics profession. Buchanan argues that we should welcome the decline of economics because it exemplifies an academic field given too much responsibility with too little accountability.

GW Law professor and economist Neil H. Buchanan explains why the notion of a completely “free” market is nonsensical and argues that Senator Elizabeth Warren’s proposed Accountable Capitalism Act would make capitalism in this country work better. Buchanan points out that there is not a baseline of “no rules” in any society; rather, the government has already simply set certain rules, and those who disproportionately benefit from those rules do not wish them to change.

GW Law professor and economist Neil H. Buchanan explains why it is a false equivalence to say (as some journalists have said) that while Republicans have embraced increasingly extremist positions, so too have Democrats. Buchanan argues that true capitalism does not mean lack of rules altogether but simply a collection of rules that promote competition and fairness.

George Washington law professor and economist Neil H. Buchanan debunks the supposedly simple solutions some purported economists have for complex problems. Buchanan explains that regardless of where one is on the political spectrum, complex social and economic issues—particularly the housing crisis affecting many cities across the country—require considering a number of factors and cannot be solved by “simply” assuming away real-life complications.

George Washington law professor and economist Neil H. Buchanan describes two reasons Republicans’ regressive tax cuts are unpopular: people are no longer falling for Republicans’ claims that the tax cuts help the middle class, and people are increasingly aware that the tax cuts increase, rather than reduce, economic inequality.

George Washington law professor and economist Neil H. Buchanan provides political context for the latest Republican-backed tax reform package. He highlights how the authors of an “open letter” to “Senators and Representatives” that recently made the rounds, and which attempted to solicit signatures of other Republican economists, deliberately misused numbers and employed sleight-of-hand wording to declare that corporate tax cuts would stimulate economic growth, lead to more jobs, and increase American wages. Buchanan counters each of the letter’s assertions in turn, illustrates how its stated economics is ultimately faulty, and fixes a critical eye on the economists who so willingly set aside intellectual integrity to appease the well-financed Republican powerbrokers who support these tax cuts.

George Washington law professor and economist Neil H. Buchanan argues that economic inequality is the political and economic issue of our time, and now is the perfect opportunity for Democrats to push toward a solution. Buchanan decries the claim that the correct path is to triangulate between the policies of the left and the right and explains why now, more than ever, progressive policies are the best response.

George Washington law professor and economist Neil H. Buchanan comments on the response of Louise Linton, wife of Treasury Secretary Steve Mnuchin, to criticism regarding her bragging about wearing expensive clothes in a government jet. Buchanan points out that Linton’s path to fortune is based not on her hard work but largely on circumstances beyond her control, and he argues that simply being a billionaire does not necessarily mean one has positively contributed to society to get there.

George Washington law professor and economist Neil H. Buchanan continues his discussion of tax reform, suggesting that a starting place for meaningful reform would be to tax wealth more effectively, tax unrealized gains, and eliminate the preferential tax rates for investment income. Buchanan points out that even modest changes in these areas would significantly address the problem of growing economic inequality in our country.

In this first of a series of columns on tax reform, George Washington law professor and economist Neil H. Buchanan describes a few items that should not be seriously considered in attempting to improve the status quo. Buchanan argues that the notion of a complete overhaul of the tax code, and the proposal that the tax code should be “simpler,” ignore important considerations and distract from real issues.

George Washington law professor and economist Neil H. Buchanan once again explains why supply-side economics does not work to stimulate the economy. Buchanan points out the logical mistake of inferring causation from correlation and points to the consensus among economists across the political spectrum that supply-side economics has no basis in fact or theory.

George Washington law professor and economist Neil H. Buchanan explains that, contrary to what conservatives argue, liberals are concerned with both supply- and demand-side economics. Buchanan describes several liberal-backed policies that have important supply-side effects.

George Washington law professor and economist Neil H. Buchanan revisits Donald Trump’s proposed economic policies in his latest column. Buchanan summarizes these policies and explains why they are counterintuitive to the reality of today’s improving U.S. economy. Trump merely repeats the same talking points and claims the economy will continue to falter without the benefit of his leadership, despite all evidence to the contrary. This, Buchanan notes, offers Hillary Clinton the opportunity to present a positive counter-view and gain much-needed momentum leading up to the election.

George Washington law professor and economist Neil H. Buchanan describes the easiest solution to the debt ceiling crisis: for House Republicans to repeal or increase the debt ceiling rather than using it for opportunistic purposes. Buchanan then goes on to explain what the president should do to avoid financial crisis even if House Republicans do not provide this solution.

George Washington law professor and economist Neil H. Buchanan describes how Donald Trump’s comments about taxes and the national debt reveal that he is hardly any different from the other Republican candidates. Buchanan argues that, in fact, Trump is in line with mainstream Republican with respect to his views on taxes.

George Washington law professor and economist Neil H. Buchanan discusses a topic that is gaining traction among Democrats in Congress and across the country—the suggestion that retirement benefits paid by Social Security be increased.

George Washington law professor and economist Neil H. Buchanan debunks some of the Social Security myths spread by many conservative politicians. Specifically, Buchanan makes the following arguments: (1) Social Security is not a Ponzi scheme, (2) Demographics will not overwhelm social security, (3) the Social Security trust fund is more than simply “worthless paper” and we are not better off investing it on our own, and (4) Social Security will not go broke in the coming decades.

In this first of a two-part series of columns, George Washington law professor and economist Neil Buchanan explains why the situation in Greece is economically simple but politically nasty.

George Washington law professor Neil Buchanan describes Republicans’ persistent technique of undercutting, then blaming, the IRS for the nation’s tax woes.