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Dates
- May 2025
- April 2025

I
Infrastructure Without Inhabitants – by Dr. Cecil Bohanon and Dr. John Horowitz
- Macroeconomics
May 27, 2025 by christianhartselle
The Hebrew Scriptures tell us when King David captured the cities of the Ammonites, he ordered its residents “…to work with saws and iron picks and iron axes, or sent them to the brickworks.” (2 Samuel 12:31 NRSV) Although biblical scholars offer various interpretations, it appears to us the King set his captives on a […]

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W
Why Fitch Cut America’s Rating—and Why It Matters – by Dr. Cecil Bohanon and Dr. John Horowitz
- Fed
May 23, 2025 by christianhartselle
Originally written on 8/15/2023 Earlier this month, Fitch Rating Service downgraded the United States’ Long-Term Foreign-Currency Issuer Default Rating (IDR) from AAA to AA+. The current administration condemned the downgrade and blamed the previous administration, while the opposing party more or less hailed the downgrade. We suspect identical narratives would prevail if the party in […]

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O
Ohio, Israel, and Constitutions – by Dr. Cecil Bohanon and Dr. John Horowitz
- Government
May 23, 2025 by christianhartselle
An integral part of any economy is the political constitution under which is operates. Constitutions codify procedures and place limits on government actions. Constitutions stabilize the “rules of the game” that are crucial for rational economic calculation. Since constitutional law aims to provide certainty, the process for amending the constitution is designed to be cumbersome. […]

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H
Hoarding Talent and Pokémon Hiring – by Dr. Cecil Bohanon and Dr. John Horowitz
- Business
May 7, 2025 by christianhartselle
Originally written on 4/11/2023 Last week’s employment report indicated total U.S. nonfarm payroll rose by 236,000 in March, while the unemployment rate declined to 3.5%. Job growth slowed compared to the average monthly gains of 334,000 over the prior six months. The economy has added jobs for 26 consecutive months. However, the situation is different […]

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The Fed’s Fight: Money vs. Inflation – by Dr. Cecil Bohanon and Dr. John Horowitz
- Inflation
May 1, 2025 by christianhartselle
Originally written on 9/20/2022 “Inflation is always and everywhere a monetary phenomenon.” Milton Friedman made this line famous in a talk he gave in India in 1963. In his view, both the cause and the cure for inflation rest squarely with the monetary authorities. Inflation is caused by an excessive expansion of the money supply […]

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