Our flawed measures of inflation understate wealth and improvements in consumer well-being. By Phil Gramm and John F. Early Aug. 21, 2019 6:59 pm ET What’s the best way to measure economic well-being in a country as large and diverse as America? One crucial tool is price indexes, which allow us to take...

The central bank has less control over market interest rates today than at any time in its history. By Phil Gramm and Thomas R. Saving June 17, 2019 7:17 pm ET When the Federal Open Market Committee’s meeting concluded last month, reporters focused on the federal-funds rate, announcing that it would be held...

Usual measures of inflation don’t count the benefits of better products and more consumer choice. By Phil Gramm and John Early May 17, 2019 4:49 pm ET Perhaps the most common indictment of America’s legendary prosperity is wage stagnation. Bureau of Labor Statistics data show that average hourly earnings of production and nonsupervisory...

Elizabeth Warren and others seek corporate ‘reforms’ that resemble medieval royal charters. By Phil Gramm and Michael Solon April 15, 2019 6:19 pm ET The 18th-century Enlightenment liberated mind, soul and property, empowering people to think their own thoughts, worship their own gods, and benefit from the fruits of their own labor and...

The surge in private investment has brought big returns for households as well as the government. By Phil Gramm and Michael Solon March 4, 2019 6:07 pm ET For a midterm report card on the economy under President Trump, take a look at two recent government reports. The Commerce Department reported Thursday that...