Economic Theory

Americans have forgotten that prosperity depends on valuing productivity, grounding ideals in realism, striving for progress, and maintaining the optimism and adventurous spirit to embrace change.

Economic evidence continues to show positive effects of firm size on innovation. Scale matters for innovation and economic growth, and antitrust policy should not be constrained by the “big is bad” notions of today’s antitrust populists.

Although the seven values of the American Business Creed were widely accepted in the 1950s, two have eroded over time, driven largely by changes in business itself.

Unless we can restore the growth imperative in the West, we can—no surprise—expect slower, or in the case of some countries like Canada and the UK, negative per-capita income growth.

Trade policy should focus first and foremost on defense, dual-use, and enabling sectors and largely ignore nonstrategic sectors.

Rostow’s model suggests that stage five is the ultimate destination. A better model sees no fixed stages and certainly no permanent peak, only a relentless push to go higher and higher.

In reality, we live in a global economy that requires large, integrated firms to advance national success. That means embracing multinationals, not demonizing them.

The best way to put a chicken in every family pot is by supporting policies that raise median per-capita income.

Instead of throwing out the corporate baby with the bathwater, how about some nuance in the justified critique of neoliberalism?

President Trump and the MAGA movement want to return to the style of governance that reached its zenith during the McKinley administration—an era of small government, protective tariffs, limited immigration, and America as regional power.