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Politics, Not Markets, Makes Banking Unstable

Is fractional-reserve banking inherently unstable? Over at National Review, Edwin Burton, a visiting economics professor at the University of Virginia, argues that the “mismatch between the maturity of the source of funds and the maturity of the use of funds”…

Lessons from the Phillips Curve

Note: An earlier version of this article appeared at Economic Forces. Anyone who has followed macroeconomic debates of the last half-century is surely familiar with the Phillips Curve, a name given to the supposed negative relationship between the unemployment rate…

Apple Launches Long-Awaited BNPL Offering

Apple has begun the pre-release of its new Pay Later offering, which was first announced at the company’s developers’ conference in June 2022. Pay Later — which will let users split purchases into four payments spread over six weeks with…