Note: This is post #105 in a weekly video series on basic economics. Inflation is an average rise in prices. But how exactly is this average rise in prices measured? In this video by Marginal Revolution University,Alex Tabarrok explains how inflation in the United States can be measured using theBureau of Labor Statistics’ Consumer Price Index (CPI)—a weighted average of the price increases. We can calculate the inflation rate by the percentage change in the CPI over a given period...

Richard John Neuhaus, founder of First Things magazine, died ten years ago today. Fr. Neuhaus was a Lutheran minister before ing a Catholic priest, and a radical liberal activist before ing a leading voice for religious and political conservatives. In honor of this anniversary of his passing, here are six quotes by Fr. Neuhaus on politics and religion: On politics, culture, and religion: “Politics is chiefly a function of culture, at the heart of culture is morality, and at the...

On this episode of Radio Free Acton, producer Caroline Roberts speaks with Sarah Estelle,associate professor of economics at Hope College. Caroline and Sarah discuss the subject of criminal justice reform in light of the recently passed, bipartisan bill, The First Step Act, covering specific policies in the new bill and effects of the current criminal system. After that, award winning reporter Anne Marie Schieber continues exploring the effects of unemployment. Last week,we showed the importance of being in the right...

Alejandro Chafuen, Acton’s Managing Director, International, describes in Forbes how a good businessman ought to be first a good man. The principles that guided François Michelin apply not only in business but also in personal life. Michelin is a French surname, but it is also a synonym for quality tires and restaurant mendations. This article, however, is not about the current state of this $18 pany but about some of its most important roots: the principles that guided François Michelin...

Spain closed out 2018 by witnessing the rise of a new and growing populist party named Vox, writes Ángel Manuel García Carmona in a new essay for Acton’s Religion & Liberty Transatlantic website: Since 2016, right-wing populist parties have been on the rise in Europe: National Rally (formerly the National Front) in France, the League in Italy, the Party for Freedom in Netherlands, Vlaams Belang in Flanders, and the Alternative for Germany are but a few examples. Yet the Iberian...

The U.S. Constitution is a work of both the historical experience of the Founding Fathers and of the eminently Protestant culture to which they belonged. It is probably futile to try to understand the legal meaning of the Constitution without first grasping its historical and cultural significance. In the Federalist Papers, John Jay makes an unequivocal defense of mon understanding among the Framers: that the nascent republic was blessed because its citizens shared the same language, religion, and ancestries. In...

The current support for tariffs in the United States has left me disappointed, frustrated, and in many unproductive debates. The French political philosopher, Frédéric Bastiat, best articulated my sentiments in an 1847 letter to Richard Cobden, “And I want not so much free trade itself as the spirit of free trade for my country. Free trade means a little more wealth; the spirit of free trade is a reform of the mind itself, that is to say, the source of...

What just happened? Last Friday President Trump said he was considering using his national emergency powers to secure funding for the construction of a border wall between U.S.-Mexico border. “We can call a national emergency and build it very quickly,” said the president. What are national emergency powers? The President of the United States has certain powers that may be exercised in the event that the nation is threatened by crisis, exigency, or emergency circumstances (other than natural disasters, war,...

During her interview with 60 Minutes on Sunday, newly sworn in Congresswoman Alexandria Ocasio-Cortez justified her vision of democratic socialism by invoking a caricature of Europe. When asked if she wanted to turn the United States into a version of Venezuela or the Soviet Union, Ocasio-Cortez demurred with an incredulous smile. “What we have in mind,” she said, according to the transcript, “and what of my — and my policies most closely re— resemble what we see in the U.K.,...

Thedoom delusionsof central planners and population “experts” are well documented and thoroughly exposed, from the faulty predictions of Paul Ehrlich to the more recent hysteria among environmental activists who continue to day-dream about the glories of “a world without us.” Thankfully, due to a growing crop of calming counters from leading mainstream thinkers—from Steven Pinker to Hans Rosling—society has e a bit more resilient against the heightened hyperbole of population doom-and-gloomers. But even if such fears have been somewhat mitigated,...