The Harm of Anti-Money Laundering Laws, Part I

The Harm of Anti-Money Laundering Laws, Part I

Most people instinctively support anti-money laundering laws, but I wonder whether they would change their minds if they understood two very important facts. As shown repeatedly in research studies, there is no evidence that these laws...
More Failure for China’s Industrial Policy

More Failure for China’s Industrial Policy

It’s baffling and discouraging that some American politicians are pushing for industrial policy when it has a track record of failure. Because of real-world political considerations, such policies inevitably get captured by...
Big Business vs. Free Enterprise

Industrial Policy and Mitchell’s Law

Most examples of Mitchell’s Law involve government passing a bad law (increase in minimum wage) that leads to a bad consequence (fewer jobs), which then becomes the excuse for a new bad law (job training programs). Sometimes, though, politicians don’t...