Nathan Lewis

Nathan Lewis is the author of four books on economic topics, including three about the gold standard. He has maintained a website on economic topics since 2005, at NewWorldEconomics.com. He has fifteen years of experience in the asset management industry, in research and portfolio management. Today, he is the editor of the Polaris Letter, an investment newsletter.

Archives

What Is “M2,” And Why Should We Care About It?

_{Nathan Lewis
August 8, 2022}

Of the various “monetary aggregates” (at one point, I think over thirteen were identified), “M2” is perhaps the most commonly referenced. It is supposedly important. But why? To answer that, we have to first figure out what it is.

What’s Wrong With Turkey #2: Making It Way Too Complicated

_{Nathan Lewis
January 16, 2022}

Recently, we took a look at the Central Bank of Turkey’s balance sheet, to get an idea of what has been going on, and what to do about the sudden decline in the foreign exchange value of the Turkish lira.

What’s Wrong With Turkey?

_{Nathan Lewis
January 9, 2022}

Unfortunately, Turkey has a long history of currency failure, so it would be no surprise if the country were to stack up some new failures today. But, it doesn’t have to be that way. In the past, mostly before 1970, the Turkish lira had long stretches of reliability, and perhaps Turkey will aspire to greatness again.

What’s Wrong with “Neoliberal Economics”?

_{Nathan Lewis
November 23, 2021}

As a member of the “supply side” branch of modern classical economics, I might be labeled a “neoliberal economist” by some. But, there are important points at which common “neoliberal” economics fails badly, and which give rise to much-deserved criticism.

Rationalizing Tariffs

_{Nathan Lewis
October 24, 2021}

Economic Nationalism tends to boil down into two basic policies: tariffs, and limited immigration. Sometimes, in the past, it has meant currency devaluations, but today that is not really proposed. On a broader basis, it means that economic policy should result in positive outcomes, for the whole of the population.

Prescription Drugs Should Be Almost Free, And Actually, They Already Are

_{Nathan Lewis
October 1, 2021}

For a long time, people have been debating drug prices in the United States. This is stupid. Today, about 90% of all prescriptions are for generic drugs. Probably, the percentage should be higher than this (it is 97% in China). Generic prescription drugs should be like Tylenol — almost free. Actually, they already are almost free.

We Are Going To Have A Much Smaller Federal Government

_{Nathan Lewis
September 15, 2021}

The original Federal government of the Constitution was framed on the principle of a limited government of “Enumerated Powers.” In other words, it would handle a short and definite list of responsibilities. All other functions of government would be the responsibilities of the States.

Demographic Collapse #2: Ponzi Schemes

_{Nathan Lewis
September 12, 2021}

I have been arguing that a decline in population (“demographic collapse”) need not be a bad thing. If per-worker productivity remains high, or better yet rises considerably, then individuals and the society in general will remain wealthy and prosperous.

Interview With Dmitriy Balkovskiy

_{Nathan Lewis
August 19, 2021}

Dmitriy Balkovskiy, a Russian businessman, published my first book Gold: The Once and Future Money (2007) in the Russian language. This worked well: Not long after, Russia’s largest television station, Channel One, sent a video crew to my house in Upstate New York to interview me for a big documentary on the world monetary system.

“Money Printing” in the 1960s

_{Nathan Lewis
August 15, 2021}

I was going to do something on the last years of Bretton Woods, involving William McChesney Martin at the Fed, and Presidents Johnson and Nixon. But, to do this properly would take some serious research, which I never got around to. (It would make a nice book.) So, today — the fiftieth anniversary of the official End of the Bretton Woods system on August 15, 1971 — we will instead take a step-by-step approach, piecing together little clues along the way.