John Phelan

A round-up of the last week’s economic news stories in Minnesota

Minnesota's state government is forecast to have a surplus of $1.5 billion over the next two years. This should kill stone dead any notion that tax increases are called for.…

In their write up of our new report The State of Minnesota’s Economy: 2018, the Pioneer Press gets the distinction between per capita and per worker numbers badly wrong.

Yesterday, we released our new report The State of Minnesota’s Economy: 2018. After finding Minnesota's economic performance to be 'lackluster' last year, we had to raid the thesaurus again. Our state's…

The State of Minnesota’s Economy: 2018 report analyzes the key metrics that have driven Minnesota’s economy over time since 2000, identifying strengths, weaknesses and recommendations for the consideration of policymakers…

Very often, the people who argue that carbon taxes need to be higher are the same people who argue that all the other taxes should be higher as well. Do…

Howard Baetjer argues that the incentives inherent in market institutions outperform the incentives inherent in state institutions in getting people to properly consider the well-being of others when they act.

The trial-and-error based profit and loss mechanism, says Howard Baetjer, is an indispensable tool for guiding discovery and innovation in the economy.

Continuing his discussion of prices, Howard Baetjer explains what can go wrong when outside interference prevents genuine market prices from emerging.

Prices, explains Howard Baetjer, are a powerful tool for getting people the knowledge they need to cooperate with one another in the market.

Having discussed supply and demand separately, Howard Baetjer explains how, together, they describe the way markets operate.

Howard Baetjer explains the “supply” half of “supply and demand.”

Howard Baetjer explains the “demand” half of “supply and demand.”

Building on the concept of opportunity cost, Howard Baetjer explains how specialization and trade make us richer.

All economic behavior occurs at the margin. The decisions of economic actors are “bit by bit” decisions, not all-or-nothing ones.

Howard Baetjer explains scarcity, the problem that any given good of finite supply can only ever be put to some of the many ends for which we might use it,…

Howard Baetjer outlines some basic concepts essential to understanding economics, including the natures of wealth and economic value.

There is no problem with big businesses per se. If they have grown and stayed big by producing goods and services that consumers want to purchase, they are to be…

A round-up of the last week’s economic news stories in Minnesota.

In the same way that Marvin Hagler was made a better boxer by sparring in the gym with a quality opponent like Buster Drayton, there are few things better for…

Today sees a public hearing on a proposed $15 minimum wage in Saint Paul. Reports suggest that the Minnesota Licensed Beverage Association (MLBA) has enough votes on the City Council to exempt…

The Minneapolis Fed’s most recent Beige Book report on current business conditions shows that Minnesota's labor market - like that nationwide - is a seller's market right now. That's a good thing…

Last week's blockbuster jobs report showed that sound economic policy can enable strong growth and reveal the bankruptcy of notions of stagnation.

A round-up of the last week’s economic news stories in Minnesota.