China encountered problems preserving economic stability while pursuing reforms aimed at increasing its economic flexibility and efficiency. This paper examines China's experience with market-oriented reforms since 1978, offering lessons for other centrally planned economies in the midst of...

China's economic performance hs been remarkable since the the reform process began 15 years ago. Notwithstanding the achievements that have been made, a number of serious problems remain. This papers discusses the current reform program and the effors being made to overcome the structural...

Competitive market forces can improve the means of payment in the same way that market forces improve virtually all goods and services. Furthermore, the overall historical record highlights the importance of preserving citizens' ability to use whichever form of money they choose. The current tax...

America needs tax reform. Correctly structured tax reform can make a large contribution to restoring prosperity, increasing job creation, and higher wages. It can make the tax system fairer and less burdensome. Both congressional leaders and President Trump have identified tax reform as a...

The current tax system taxes corporate income twice. This double taxation has a pronounced negative economic impact, particularly on wages. It distorts the economy and harms productivity. The double taxation of corporate income is also inconsistent with competing concepts of proper income...

Improving the secondary markets for small capitalization firms will help investors achieve a higher return and reduce risk, improve entrepreneurs' access to capital and promote innovation, economic growth and prosperity.The three key steps to improving secondary markets for small firms are:1....

Entrepreneurship matters. It fosters discovery, innovation and job creation. It leads to more productive production processes that improve productivity and real wages. Entrepreneurs develop new and less expensive products that improve consumer well-being. They make markets more efficient. New...

The adverse impact of the current securities disclosure regime on small entrepreneurial and start-up firms, as well as on innovation, job creation, and economic growth is substantial. Moreover, disclosure requirements have become so voluminous that they obfuscate rather than inform. This paper...

This testimony analyzes the importance of entrepreneurship, evidence that entrepreneurship is in decline, how the tax system is an impediments to entrepreneurship, sources of complexity in the tax code, incremental reforms to improve the current tax system and the likely impact of major tax reform

Financial and personal privacy is a key component of life in a free society, where individuals enjoy a private sphere free of government involvement, surveillance, and control. The U.S. financial regulatory framework is largely inconsistent with these ideas, and it is long past the time for...