Economics

Are you a woman who can’t work from home during an epidemic? We want to hear

When people talk about changes in work and office culture brought on by the epidemic - be it back office, work from home or a combination of distant and personal work - they often overlook a very important group: those who were never able to work from home in the first place. To do.

There are many reasons why some people across the epidemic report to private employment and we are interested in talking to people - especially women - who are unable to work from home for at least some or all of the epidemics. We want to talk to you if you have a job that requires personal interaction, such as food service, retail or healthcare, or if you have a job that could be done remotely but for whatever reason you were unable to do so.

We want to know how you managed it, how it affected your work and home life, why you were not able to work from home and how it changed your relationship with work. We also want to know if not being able to work from home has made a difference in your decision to continue working, leave work or find a new job.

If you want to tell us your story, fill out the form below. No personal details will be shared without your permission.

Economics

Suffering from drowning costs AIER

Economists emphasize the importance of the concept of opportunity spending. Faced with the inevitable reality of scarcity, we emphasize the need to give up something valuable for every choice (such as "there is no such thing as a free lunch"). We also emphasize margin thinking, which reflects the fact that the most valuable option offered by the decision maker is the cost of opportunity (as well as many other ways). Recognizing the relevant margins and the relevant costs of choice better can reduce both our own confusion and our susceptibility to misrepresentation of others.

Unfortunately, like many economies, opportunity costs The idea An obvious logical minus from the lack, but its Application The complex, uncertain, and ever-changing real world is often very demanding (a point I emphasized on the first day of my economics policy class, entitled "Economics is both embarrassingly easy and very difficult").

One of the drawbacks is that it may be easier to ignore the relevant costs, or to consider the ones that are not actual costs. As the economist Paul Hein once said, "the most common mistake" when it comes to thinking about costs is "confusing spending with marginal spending."

A helpful reminder of this score, which is often displayed in economics textbooks and classrooms, is "sunk costs have sunk." What has already happened and in the past cannot be changed by the present decision. It's history, and your choices can only affect the present and the future. As a result, it is a mistake to argue that sinking costs are relevant to current preferences. Yet this problem often comes up, placing a significant price tag on such errors. This makes it possible to explain the principle in practice.

A common and very common example involves people who pay extra for an asset (discovered after the real one), but then refuse to sell it because they "can't afford the loss." The reality is that they bear the cost when they are committed to the wrong choice. Selling that asset later doesn’t impose a loss এটি it’s just wrong and reveals its dimensions.

That mistake can also apply to our personal lives. For example, some people are so overwhelmed with guilt about past actions that they give up trying to make things better. Others may get so tunnel-vision about the past that they give up their present and future in vain attempts to remove the past or avenge past wrongs that cannot be changed, the former post. In contrast to these two possibilities, it is good to remember that what is in the past and is now unchangeable does nothing to hinder our ability to apologize, to forgive, and to begin to make past mistakes now.

More generally, the importance of sinking costs is reflected in their spending chapters in economics textbooks. They all talk about the difference between marginal cost and average cost, where the main point is that marginal costs are relevant to changes in the behavior of sellers, since these changes occur in margins, but they can be very different from average costs. As a result, the average cost is often a confusing guide to what is a marginal choice.

The difference between the marginal cost and the average cost of a short-term treatment of a textbook is the average fixed cost. These fixed costs are costs that will be borne regardless of the output as long as the firm is in operation. So as long as the firm continues to work, they have already committed costs. As a result, they are irrelevant to the choice of how much to produce. However, whether they stay in business is relevant to their long-term choices, because going out of business can eliminate them (which economists often remind students that "all costs are variable in the long run."). So the main use of the average is to look to the past to learn how past choices have turned out and hopefully, but in Heine's words, "economic decisions are always made with the future in mind."

When dealing with sinking costs, there can be some complex issues with dealing with how many costs have actually sunk. If all the costs I have already committed are completely irreparable, they are all sunk. But if those costs are included, say, buying property or equipment for the project? Some of these costs will be recoverable, as the property may be resold to others, perhaps for very different uses, and the equipment may be resold to others for similar uses or scrap.

There are also issues that are often referred to as costs, especially in the case of policy choices, as a justification for decisions, compensation, guilt, etc., rather than the policies used in making choices. In such cases, those involved are motivated to misrepresent the cost in their interest. Say I run a hospital provided by an insurance company based on my expenses. In fact, the costs really figure out to be the same for both of them. Such special appeal is more common in political decision making. If I try to shill for a policy, I want to maximize the costs involved with the option to create my case, which serves as an open invitation to include all sorts of irrelevant costs to paddle to my preferred numbers.

Understanding how drowning costs can be treated, I hope I have made clear here with my brief references, can be an important help in making more effective decisions. But as my own experience has taught me, it can be difficult to do consistently. Despite my frequent "advocacy" to properly address my training as an economist and the cost of opportunities to students (including ignoring the drowning costs of current decision making), I have failed to implement it. If confession is "good for the soul" or if it is helpful in helping others to avoid such "sin," consider me.

I was attending an event that lasted about 3 hours. While there, I kept thinking about another event at the same time that I wanted to attend. Thinking about what I already decided not to do has ruined my joy in what I was doing.

Later (only after a period of time, which is often when we discover the things of life), I felt that I could not go to another event from where I was, or even left immediately, so that it was no longer possible. . Therefore, the standard I set for attending another event by staying where I was was no longer waived. It was an opportunity to decide where to go when I made that choice. But later, it was a drowning cost, and no longer relevant. Yet I have acted in such a way that it is still relevant, hurting myself in the process.

Despite my training, I have made this inevitable drowning-cost error more than once. For example, when working with family or taking breaks, my workaholic nature often whispers to me that I have a lot to do and should be in it. Yet focusing on what I have already chosen to give up imposes costs without any similar benefits. I should ignore those whispers representing irrelevant drowning costs at the present time. Even if I choose the "wrong" option, I've already borne the cost. I can benefit from learning from my mistakes in the future, but being bothered today about a choice I have already made has further complicated my mistake.

This difficulty can also help explain to people who "know the value of everything but know nothing." To the extent that people tend to think of a pre-existing cost of choice once it is created, it can reduce the enjoyment that comes out of almost any experience, which can be a serious problem.

Understanding how to understand and apply dip costs is important in many ways. And one of the ways is to recognize that when we make mistakes in such endeavors, we can't fix those mistakes in advance, but we can use them to learn better. So I used self-imposed "cognitive therapy" to stop letting thoughts of drowning cost reduce my enjoyment of life (which made me think the other way around, such as the difference between skilled guilt - which inspires future change, so that there are benefits as well as costs.) -And incompetent guilt-which makes us feel bad, but does not inspire change, so that there are costs but no benefits). I hope that sharing my understanding, and my own difficulties with consistent application, can help others avoid their own drowning cost-induced suffering.

Gary M. Gals

Gary M. Gals

Dr. Gary Galles is a professor of economics at Pepperdine.

His research focuses on the role of independence, including public finance, public choice, firm theory, industry organization, and the views of many classical liberals and American founders.

His books are included The path to policy failure, Defective premises, Bad policy, Messenger of peaceAnd Line of Liberty.

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Economics

German inflation 22.6% – last seen

Wholesale prices in Germany rose to a record high in March Compared to the same month last year, wholesale prices rose 22.6%, as the Federal Bureau of Statistics announced Tuesday in Wiesbaden. This is the hall Maximum increase Since the count began in 1962. Month-on-month, wholesale prices rose 6.9%, a further record increase.

Our models point to serious problems ahead for Germany, and all of this push is aimed at diverting Russia from the collapse of the European economy. Negative interest rates since 2014 have wiped out pension funds and proved that the central bank can no longer control the economy. Add to that the branded Covid restrictions that have hit the heart of the supply chain hard and we have a recipe for complete economic catastrophe that is reflected in the inflation rate that then leads to civil unrest.

I have said many times, we have Bad The potential harvest of world leaders I have witnessed in my lifetime. There isn’t a character with whom I can sit down and have an intelligent conversation. The appointment of Germany's Jennifer Morgan as their secretary of state is simply amazing. What is its role? Tell Putin to shut down his tanks because they produce CO2?

These climate entrepreneurs have been able to destroy the world economy in just two years. Never in the history of humanity Never There has been such nonsense from those in power. They should admire their heads in the mirror every day, because if history repeats itself, they will be dragged out of the palace and their heads will be decorated with spikes in the joy of justice.

It is well known that the first casualties of the war were True, And nothing more than soldiers crossing political boundaries picking lies. Therefore, they further say that history is written by conquerors. Since Kovid, we have seen a growing trend of civil unrest. Politicians are deliberately working hard to create a war with Russia that covers their real goal of controlling the planet. Every conflicting agenda on the world stage has been accelerated since the war was aimed at stabbing the Russian bear. It has wreaked havoc on the world economy, put an end to globalization and divided the world US vs. them The only solution is armed conflict. Our world leaders need a war with Russia and then they will lean towards China because they think that threatening China with sanctions will prevent them from joining Russia against the West. It will fail - China is not so stupid. Blaming other people is always the way to go. They have to demonize their enemies so that they incite hatred which they use to wage war.

Eurozone inflation and ECB disability
Economics

Market Talk – April 12, 2022

Asia:

Crisis-stricken Sri Lanka on Tuesday defaulted on its 51 51 billion external debt, desperately calling the move a "last resort" after it ran out of foreign currency to import essential goods. Sri Lanka's finance ministry said in a statement that lenders, including foreign governments, would be free from any interest payments on Tuesday, either in capital or in Sri Lankan rupees. Last month, Sri Lanka's foreign exchange reserves fell 16% to $ 1.94 billion. The government was due to pay $ 36 million in interest on the April 18, 2023-dollar bond, as well as $ 42.2 million in the 2028 note, Bloomberg-compiled data show. A $ 1 billion sovereign bond maturing July 25 Sri Lankan dollar bonds in July 2022 fell 1.8 cents to the dollar on Tuesday, hitting a new record high of 46.07 cents. The rupee lost 0.5%. The country's stock market is closed this week for a public holiday after trading for short hours due to daily power outages. The island nation has been hit by the worst economic recession since independence, with regular blackouts and severe food and fuel shortages.

Major Asian stock markets had mixed days today:• NIKKEI 225 decreased by 486.54 points or -1.81% to 26,334.98Shanghai rose 46.20 points, or 1.46%, to 3,213.33Hang Seng rose 110.83 points, or 0.52%, to 21,319.13• ASX 200 fell 31.20 points, or -0.42%, to 7,454.00• Cospy fell 26.34 points, or -0.98%, to 2,666.76• Sensex lost 388.20 points or -0.66% to 58,576.37• Nifty 50 decreased by 144.65 points or -0.82% to 17,530.30

Major Asian currency markets had mixed days today:• AUDUSD rose 0.00597 or 0.81% to 0.74753Z NZDUSD rose 0.00581 or 0.85% to 0.68754• USDJPY fell 0.256 or -0.20% to 125.268DC USDCNY decreased 0.01221 or -0.19% to 6.37649

Precious Metals:• Gold rose 18.12 USD / t oz. Or 0.93% to 1,971.55Silver rose 0.433 USD / t. oz or 1.73% to 25.507

Some economic news from last night:Japan:Bank loan (YoY) (Mar) has increased from 0.3% to 0.5%PPI (MoM) (Mar) decreased from 0.9% to 0.8%PPI (YoY) (Mar) increased from 9.7% to 9.5%South Korea:M2 funding (February) increased from 10.00% to 9.50%Australia:NAB Business Confidence (March) has increased from 13 to 18NAB Business Survey (March) increased from 9 to 18New Zealand:NZIER Business Confidence (Q1) decreased from -28% to -40%NZIER QSBO Capacity Utilization (Q1) increased from 92.7% to 97.1%External Migration and Visitors (February) from -26.00% to -1.20%Permanent / long-term migration (February) increased from -952 to -593

Today's economic newsIndia:CPI (YoY) (Mar) increased from 6.07% to 6.95%Growing industrial production (February) increased from 13.70% to 12.50%Industrial production (YoY) (February) increased from 1.3% to 1.7%Manufacturing output (MoM) (February) increased from 1.1% to 0.8%

EUROPE / EMEA:

The UK's economic growth slowed more than expected in February due to a slowdown in car production, with a sharp recovery in holiday bookings following the relaxation of travel restrictions. The Office for National Statistics said GDP grew by just 0.1% in February, down from a monthly growth rate of 0.6% in January when the economy was recovering from the coronavirus Omicron variant. Tourism has risen sharply since the epidemic was relaxed, leading to an increase in the number of people booking holidays in the UK and abroad, with a 33.1% increase for travel agencies and tour operators. The housing sector, which includes hotels, recorded a 23% increase as more people traveled in the UK, contributing to the positive growth in the first month for hotels and camping grounds since August.

Russia will take legal action if it is forced to default on its external debt, Finance Minister Anton Silvanov told the Russian newspaper Izvestia. Last week, Russia failed to repay more than $ 600 million in debt to bondholders in U.S. dollars because U.S. Treasury blocked payments. This prompted Moscow to separate the ruble instead, which could possibly be classified as Russia's first default since 1998. Rating agency S&P Global Ratings on Friday night downgraded its rating on Russia to "selective default", saying it did not expect it to be able to. To convert rubles into dollars within a grace period of 30 days.

Europe's major stock markets had a negative day:• CAC 40 decreased by 18.40 points or -0.28% to 6,537.41• The FTSE 100 fell 41.65 points, or -0.55%, to 7,576.66• DAX 30 decreased by 67.83 points or -0.48% to 14,124.95

Europe's major currency markets had mixed days today:• EURUSD decreased 0.0044 or -0.40% to 1.08364• GBPUSD decreased 0.00069 or -0.05% to 1.30169DC USDCHF rose 0.00024 or 0.03% to 0.93177

Today's economic news from Europe:United Kingdom:Average earnings ex-bonus (February) increased from 3.8% to 4.0%Average income index + bonus (February) increased from 4.8% to 5.4%Claim count change (March) from -58.0K to -46.9KEmployment change increased from 3K / 3M (MoM) (February) -12K to 10KUnemployment rate (February) fell to 3.8% from 3.9%Germany:German CPI (MoM) (Mar) rose 0.9% to 2.5%German CPI (YoY) (Mar) rose to 7.3% from 5.1%German HICP (YoY) (Mar) increased from 5.5% to 7.6%German HICP (MoM) (Mar) increased from 0.9% to 2.5%German WPI (YoY) (Mar) increased from 16.6% to 22.6%German WPI (MoM) (Mar) increased from 1.7% to 6.9%The current state of the German ZEW (April) has decreased from -21.4 to -30.8German ZEW Economic Sentiment (April) fell to -41.0 from -39.3Jemran Current Account Balance nsa (February) from 12.5B to 20.8BFrance:French current account (February) increased from -1.30B to -1.10B.French exports (February) fell from 47.6B to 45.7BFrench imports (February) increased from 55.6B to 56.0BFrench trade balance (February) dropped from -8.0B to -10.3B.Eurozone:ZEW Economic Sentiment (April) fell to -43.0 from 38.7

US / Americas:

The consumer price index rose 8.5% in March of the year, according to a report released by the Labor Department on Tuesday. Prices have not skyrocketed since Reagan came to power in December 1981. Excluding food and energy, CPI rose 6.5%, while core inflation rose 0.3% month on month.

Despite being wiped out by inflation, real earnings in the United States are also rising. Wages rose 5.6% in March, but below the rapidly rising cost of living, hourly earnings fell by a seasonal decline of 0.8%. Shelter costs, one-third of CPI, increased by an additional 0.5%. This represents the highest level of general housing costs since May 1991, and marks a 5% gain in the last 12 months

US market closed:

  • The Dow fell 87.72 points, or -0.26%, to 34,220.36
  • The S&P 500 fell 15.08 points, or -0.34%, to 4,397.45
  • The Nasdaq fell 40.38 points, or -0.3%, to 13,371.57
  • Russell 2000 is up 6.61 points, or 0.33%, at 1,986.94

Canada Market Closed:

  • The TSX Composite fell 75.08 points, or -0.34%, to 21,715.41
  • The TSX 60 fell 5.64 points, or -0.43%, to 1,314.91

Brazil market closed:

  • Bowespa fell 805.99 points, or -0.69%, to 116,146.86

Strength:

The oil market was a green day today:

Crude oil rose 6.35 USD / BBL or 6.73% to 100.640• Brent rose 6.09 USD / BBL or 6.18% to 104.57• Natural gas rose 0.004 USD / MMBtu or 0.06% to 6.6470Petrol rose 0.1397 USD / GAL or 4.65% to 3.1428• Heating oil rose 0.322 USD / GAL or 4.05% to 3.3999

The above information was collected on Monday around 14:06 EST পণ্য Top Product Gainers: Crude Oil (6.73%) and Brent (6.18%), Gasoline (4.65%), Hot Oil (4.05%)পণ্য Top products damaged: wood (-6.43%), coffee (-1.29%), cocoa (-1.19%) and palladium (-3.05%)

The above information was collected on Tuesday around 13:49 EST.

Bonds:

Japan 0.25% (+ 1.1bp), US 2 2.37% (-0.125%), US 10 2.7099% (-6.44bps); 2.82% (+ 0.012%) of US 30, Bunds 0.7940% (-1.9bp), France 1.298% (-1.8bp), Italy 2.404% (-6.2bp), Turkey 23.51% (-1bp), Greece 2.845% 2.6 bp), Portugal 1.687% (-2.5bp); Spain 1.743% (-1.9bp) and UK Gilts 1.796% (-5.1bp).

Market Talk - April 11, 2022
Economics

Stop blaming Putin for inflation

The consumer price index rose 8.5% in March of the year, according to a report released by the Labor Department on Tuesday. Prices have not skyrocketed since Reagan came to power in December 1981.

Former Fed Chairman Ben Bernanke set an inflation target of 2% in 2012. Once the Federal Reserve began to follow the 2% level of inflation in 2012, that value was soon set as the target of numerous central banks around the world. All of this changed when the world collectively agreed to stop spinning for the coronavirus. As you can see, moderate inflation was low in the United States before 2020.

The 2% level remained for some time until they realized that inflation was not "transient" and that the central bank's ability to control the artificially low rate situation had diminished. Guidelines and bans were lifted randomly. The US government began to spiral into debt by adopting new socialist spending programs. Unemployment levels are now recovering after three years, but Kovid's losses cannot be ignored. While wages are rising, inflation has reached such a volatile level that everyone's purchasing power has declined.

As of August 2020, the Federal Reserve has carefully changed its language:

“Notably, the Fed changed its language on inflation, replacing its 2 percent inflation target commitment, and instead said it will “[seek] to achieve inflation that averages 2 percent over time.”

In April 2021, inflation rose sharply (4.2%) to a level not seen since the Great Depression. Towards the end of Q4 2021, Chairman Powell acknowledged that inflation was not "transient" and downplayed the situation that would arise. We are now in the midst of a supply chain crisis, an energy crisis and a wage-price spiral. Every variable in this situation contributes to inflation over a government that does not take action to deal with any crisis.

White House Press Secretary Jane Sackie tried to control the damage a day before the report was released. "We expect the March CPI headline inflation to rise sharply due to Putin's price hike," Saki said. The numbers do not lie. Inflation rose sharply before Putin's involvement in Ukraine. The mismanagement of the government and the central bank has created the current situation. Powell admits they should have moved a little faster, but Biden remains completely unaware of the problem and continues to make matters worse with his policies aimed at destroying America before it builds.[ing] Better back.

"The White House ignores inflation
Economics

Ukraine vs. Russian Empire | Armstrong Economics

Question: We have elected Zelensky, who has promised to end the civil war. It looks like the West is telling him not to compromise and let the Russian part go.

DH (from Ukraine)

The answer: On Sunday, the CBS News program "60 Minutes" aired an interview with Zelensky. I believe that Zelensky is still claiming evidence of Russian war crimes, saying: "We are protecting the survival of the individual in the modern world." Despite what the press is saying, this is a proxy war against Russia and the United States, including the EU and Britain. They are quite happy to use the Ukrainian people as cannons. There is no way that all these countries would allow Zelensky to address his own people If not It was a proxy war.

The Dnipropetrovsk River, which flows 1,423 miles and is today the border between Belarus and Russia, was also the border of Ukraine with Russia during the time of Mikhail I during the Tsarist Empire (1613-1645Of the Romanov dynasty. Zelensky's claim that Putin invaded a sovereign state is controversial. Eastern Ukraine today was appointed for administrative purposes during the USSR. It was never Ukrainian territory. It is difficult to see why it is worthwhile to kill your own people for a region that has been occupied by the Russians for centuries.

This is clearly a proxy war, and whatever the press says, it is using the Ukrainian people as vanguards in this war against Western Russia. They cannot legally declare war on Russia, so they have used Ukraine. Zelensky, blaming Putin for the civilian deaths while sharing responsibility for the war, seems happy to be able to compromise.

In Crimea, the population is predominantly Russian and Tatar, with a population of about 250,000, about 10% of the total.

"Ken Zelensky is a neo-Nazi and a Jewish fraud
Economics

The world’s busiest shipping port is closed

Shanghai went under complete lockdown at the end of March under China's Zero-Cavid Tolerance policy. As the so-called lawsuits escalated, China extended the lockdown indefinitely. Shanghai hosts the world's busiest container port, and the inability to handle it is contributing to the supply chain crisis in a profound way. That's according to a member of the Shanghai Chapter of the EU Chamber of Commerce Volume decreased by 40% Ports were banned from operating in the first week. There is no set date for the port to be reopened.

It is estimated that the currently imposed lockdown has trapped an alarming 25 million Chinese citizens in their homes, but the impact of closing the world's largest shipping port amid the supply crisis will send an aftershock into the global economy. To understand how important the port of Shanghai is for the global flow of goods, the port of Shanghai is four times the size of the port of Los Angeles (one of the largest shipping ports in the United States).

Those in the industry have warned of problems. One of the largest international container companies, Maersk said, was due to Shanghai's closure Only 30% increase in trucking costs.

Some businesses operate a "closed loop" system where employees are largely unable to leave their workplace. However, the port cannot operate under the current restrictions because there are not enough staff. It is not entirely sustainable. China, with their current policy, is throwing gas at the rapidly burning supply chain and the inflation crisis that will be felt around the world.

"People are starving under the lockdown in Shanghai
Economics

Zero Covid Horror Show in Shanghai

Shanghai, the financial capital of China, with a population of 25 million, is currently experiencing a sharp rise in COVID-19 cases for the third week in a row.

In response, the Chinese Communist Party (CCP) imposed strict COVID-19 restrictions in Shanghai, sending an army of healthcare workers to enforce them. Citizens cannot leave their homes. They may receive medical treatment only if they present a negative COVID test. Healthcare workers are forcing quid-positive people into quarantine camps and Stripping Children from their parents. Government officials are executing pets on the streets while pet owners test positive for COVID. People are The food is running out, Screams from their windowsAnd Jumping from the building In protest

These measures follow the CCP's "Zero Covid" epidemic policy. These policies ignore all costs, using extensive government intervention to "control" the coronavirus. Over the past two years, the strategy has gained fans across the Western world, including Australia and New Zealand, each implementing a similar zero COVID policy.

Zero Covid is a failed strategy. Data does not support this. Lockdown, mass quarantine, strict border closures and other policies do not stop Kovid. The incidence of covid is increasing in New Zealand and China. The social and economic killings are far more serious than the potential benefits of the Zero-Covid policy.

Terrible hubris

Unfortunately, CCP refuses to acknowledge that Zero Kovid is ineffective, and that hungry, stuck, excited people are using social media to share their stories.

People across the city are screaming from their windows in protest.

On the highly censored social media platform Weibo, the following comment went viral: "We are killed by the Kovid control system, not by Kovid." A tweet from a lawyer stranded at his home also went viral:

Further, NPR reported that citizens have created temporary indoor grass mats to defecate their dogs.

I've talked to friends who made these - they call their home a DIY nature toilet. So they, like, bought one patch of grass. They collected some old leaves as a place for their dogs ... to do their business.

CCP's response uses militarism and media gaslighting. CCP-controlled media claims that citizens should "be confident, believe in principles, not panic or be overly concerned, and not create and believe rumors."

Drones fly across Shanghai, telling citizens, "Please abide by the Kovid restrictions. Control your soul's desire for freedom. Do not open windows or sing."

What are the zero-COVID systems in Shanghai that should be recognized for: Human rights violations. The end of the policy (zero covid) is not possible, so they cannot justify the way (a city of 25 million locked down). Like its abuse of Uighurs in China, the CCP's national socialist policy is causing significant harm to the Chinese people. Like all national socialist principles, they are the cause of human suffering rather than human progress.

Hit state power

Another example of the destructive risk posed by China's zero-cove system is when omnipotent regimes implement centrally planned policies through brutal force. Under classical liberal ideals, governments are formed to protect individual rights. Nothing could be further from the truth in Shanghai. A city of more than 25 million people is becoming inhumane because of the large number of uncomplicated COVID-19 cases.

We have been dangerously close to implementing the zero covidy adherence policy in the United States, especially in our big cities. Fans of this method are still with us in the Western world, even if they seem to have retreated.

The Shanghai experience permanently denies their views on the COVID-19 policy. The rest of the world should take note and make sure that "zero covid" ideas have been kept around in the past.

David Waugh

David Waugh joined AIER in 2020 and currently serves as managing editor. He has previously worked as a partner in S&P Global Market Intelligence.

David is a graduate of Hampden-Sydney College where he received a BA in Economics. While in Hampden-Sydney, he was a Senior Fellow at the Center for the Study of Political Economy and served as a teaching assistant in the Department of Economics. He is a Don Lavoie Fellow at the Mercatus Center at George Mason University.

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Economics

AIER’s daily price index rose 3.0 percent in March

AIER's daily value rose 3.0 percent in March after rising 1.3 percent in February and 1.0 percent in January. In the first three months of 2022, EPI grew at an annual rate of 23.0 percent, the fifth fastest pace since EPI began in 1987. A year ago, the daily price index rose 11.4 percent, matching the highest July 2008 and fastest 12-month gain ever.

Rising prices are generally broad-based, albeit slightly lower than last month, with 15 components showing gains, eight falling and two of the 24 components remaining unchanged, with a positive contribution of 21 out of 24 components in March. Motor fuel prices, which are often a significant driver of monthly changes in the daily price index because of the large weight of the index and the volatility of the underlying product, rose 19.8 percent per month (on a seasonally inconsistent basis) and up 48.2 percent from a year earlier. This profit contributed 2.3 percentage points to the 3.0 percent increase in the month. Household food was the second largest contributor in March, adding 37 basis points and 22-basis-points contributions from household fuels and utilities. The remaining contributions were 4 basis points or less. Almost every component has a 12-month profit, with 19 showing a 12-month profit above 2 percent and 10 showing a profit above 5 percent.

The daily price index, including clothing, a broad measure that includes clothing and footwear, rose 2.4 percent in March after rising 1.4 percent in February and 1.1 percent in January. These results create an annual rate of 23.4 percent while over the past year, the daily price index, including clothing, has risen 11.1 percent, the fastest pace on record. Clothing prices rose 0.8 percent in March on a non-seasonal-adjusted basis. Clothing prices fluctuate from month to month. Compared to a year ago, the price of garments has increased by 7.8 percent.

The consumer price index, which includes daily purchases as well as rare purchases, large-ticket items and contract-based fixed items, rose 1.3 percent on a non-seasonal adjustment basis in March. Over the past year, the consumer price index has risen 8.5 percent, the fastest pace since December 1981, but less than the 11.4 percent increase in EPI.

Excluding food and energy, the consumer price index rose 0.4 percent for the month (not seasonally adjusted), with the 12-month change at 6.5 percent, the fastest pace since August 1982. The 12-month change in core CPI was only 1.3 percent in March 2021 and 2.4 percent in March 2020, before the epidemic.

Following the seasonal adjustment, the CPI rose 1.2 percent in March, while rising 0.3 percent for the original month, the slowest gain since September. Among the originals, prices of original products were 0.4 percent lower in March, although they are still 11.7 percent higher than a year ago.

Prices for basic services rose 0.6 percent month-on-month and 4.7 percent a year earlier. Among the main services, beneficiaries include owner-equivalent fares (which is 24.20 per cent of CPI, up 0.4 per cent month-on-month and 4.5 per cent year-on-year), car and truck fares (up 11.7 per cent and 23.4 per cent year-on-year), and airfare. (10.7 percent and 23.6 percent more than a year ago), and other out-of-home accommodations, including hotels (3.7 percent for the month and 29.0 percent more than a year ago).

Lack of supply and equipment, logistical and supply chain problems, and labor problems increase the price pressures of many goods and services in the economy. The ongoing wave of new COVID-19 lawsuits, geopolitical and global economic turmoil surrounding the Russian invasion of Ukraine, and the start of a new Fed austerity cycle maintain high levels of uncertainty for the economic outlook. Caution is inevitable.

Robert Hughes

Bob Hughes

Robert Hughes joined AIER in 2013 for over 25 years researching economic and financial markets on Wall Street. Bob was previously head of Brown Brothers Harriman's Global Equity Strategy, where he developed an equity investment strategy that combines top-down macro analysis with bottom-up fundamentals.

Prior to BBH, Bob was a senior equity strategist at State Street Global Markets, a senior economic strategist at Prudential Equity Group, and a senior economist at Citicorp Investment Services and a financial markets analyst. Bob holds an MA in Economics from Fordham University and a BS in Business from Lehigh University.

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Economics

Liberty Garden | AIER

Every American who can plant a "Liberty Garden" this year should do so. Similar to the "Victory" gardens planted during World War II, Liberty Gardens increase the production of healthy food in uncertain times, making individuals less dependent on markets that governments can deliberately or distort due to common sense.

The last few years can be crazy and bad, much worse. Probably everything will return to normal and your thumb will prove to be more brown than green, but all that is wasted is a little time and money. In another situation, even a moderate garden fruit, perhaps combined with wild game meat, will help you and your next winter survive.

If prices continue to rise, and my call for personal COLA is ignored, a growing number of Americans will find it difficult to choose between buying food, gasoline, or heating oil. Very few people can make their own fuel, but many can grow some delicious, nutritious fruits and vegetables in their own backyards and window boxes.

Given that this is a major election year, another risk is price control. In the early 1970s, the Republican Nixon administration tried to tackle inflation with a price cap, which presumably led to a massive deficit of "everything except money." If Republicans were skilled enough to set the price half a century ago, you best believe that Democrats wouldn't hesitate to do so today if they thought it could get their single net vote. You may have to wait in line at the pump, but at least, with a little effort and patience, you can cut a carrot from your own garden waiting to return home (whose temperature you may be able to keep at 50 degrees) thanks to 90 price control-induced deficits in winter and summer. ).

Other principles may also impede the free flow of food where it is relatively abundant where it is relatively scarce. Someone might sneeze at Kalamaju, setting off waves of lockdown. Or some environmentalists in power may conclude that the cost of permitting food shipments may be greater than their advantage and may force our populism, even if it means that some people have to suffer for the benefit of all. In 2019, these national policies were ridiculed as justifiably offensive, but today it seems offensive not to mention that they are well positioned in the Overton window.

Let us not forget that the 20th century witnessed numerous policy famines, one of which was Holodomor in Ukraine in 1932-33 and the other was misleadingly known as the Great Leap Forward in China in 1958-60. Millions died before and millions after. Large numbers of Ethiopians and Cambodians have also fallen victim to hunger and disease at the hands of their own governments, and China is once again starving millions to achieve unattainable policy goals.

As I have explained elsewhere, some government policies have proven to be far more deadly than accidents or natural disasters. But unlike Tennyson's "The Charge of the Light Brigade" of 600 poor SAPs (set in Crimea) with no choice but to "do and die", Americans still have some room to adapt to policy uncertainty and clearly , Policy stupidity.

Unfortunately, I cannot recommend specific gardens suitable for readers because the situation varies greatly on latitude, climate, soil quality, land availability, dietary desire and gardening skills. Many blogs, books, and online videos can help people judge which is best to plant, keeping in mind that most Americans will be able to trade mature products with their neighbors with local knowledge, regardless of world conditions. The same sources can also provide tips on how to best store food without the constant flow of electrons in the freezer and fridge.

Yes, this is the 21st century, but governments are still able to do great harm to their citizens, knowingly or unknowingly, through war, and other catastrophic policies, such as war and inflation, price controls and the "Green New Deal". Maybe America has hit the rock bottom and the current travels will persuade the limited government to return. Until then, though, I recommend that you remove the stones from your own garden and plant yourself some freedom this spring, summer and autumn.

Robert E. Right

Robert E.  Right

Robert E. Wright is a Senior Research Fellow at the American Institute for Economic Research.

He is the author (or co-editor) of more than two dozen major books, book series and edited collections, including AIER. Best of Thomas Payne (2021) and Financial exclusion (2019). He has also written numerous articles for (including) important journals, including American Economic Review, Business History Review, Independent review, Journal of Private Enterprise, Money reviewAnd Southern Economic Review.

Since taking his PhD, Robert has taught business, economics and policy courses at Augustana University, NYU's Stern School of Business, Temple University, University of Virginia and elsewhere. History from SUNY Buffalo in 1997.

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