"There Ain't No Such Thing as a Sticky Price" - my latest at the QJAE. Main idea: the Misesian plain state of rest (PSR), which occurs after every realized exchange, implies that markets always clear, which means that non-market-clearing sticky prices don't exist. 🧵

It’s not his house. It’s your house. And he’s destroying it.

This terribly misguided paper is making the rounds. This thread is to make it common knowledge what is wrong with it. The basic thing: all modern economic theory allows for a gap between individual maximization and efficiency, whatever you mean exactly by each of these. 1/

"Pseudo-scientific data are invoked to support the claim that a free market economy will automatically solve the problem of poverty." --Pope Leo XIV, Dilexi Te. Direct rebuke to those, like the Acton Institute, who boost free-market fundamentalism as compatible with the Faith.

Florida Governer Ron DeSantis said he is determined to let Florida voters decide whether to reduce or eliminate property taxes, per Newsweek

It is insane that in the richest country in the world, millions cannot afford a home and hundreds of thousands are homeless every night. We need major investments in affordable housing, not tax breaks for billionaires.