![[Contribution] Competition Enforcers Need the Virtue of Prudence](/en/nrs-content/uploads/sites/2/nrs_media/2026/10/20261008111041002001_001.webp?v=1791591167)
Florence is not only the birthplace of the Renaissance but also the birthplace of mercantile capitalism. In the late thirteenth and fourteenth centuries, the Florentines invented “double-entry bookkeeping, marine insurance, partnership with…
![[Contribution] Forward Guidance Has Overstayed Its Welcome … the Fed's Focus Right Now Should Be on Prices](/en/nrs-content/uploads/sites/2/2026/10/20260829112520001001_002_thumb.webp?v=1791457830)
With the unchanging picture of the Tetons as our backdrop, we are here to survey an economic landscape that is anything but static. It wasn't so long ago—in the run-up to the crisis of 2008 and over the decade that followed—when economists …
![[Contribution] Deregulating in a Financial Boom: What Could Go Wrong?](/en/nrs-content/uploads/sites/2/2026/10/20260607093338001001_002_thumb.webp?v=1791445189)
The U.S. economy relies on a strong and stable banking system that extends credit to households and businesses. Today I want to share with you a few thoughts on the Federal Reserve's role in overseeing the banking system and supporting fina…
![[Contribution] Consumers Do Not Need to Understand Engine Mechanics, but They Do Need to Know the Full Price](/en/nrs-content/uploads/sites/2/2026/10/20260313164652001001_002_thumb.webp?v=1791457860)
The Commission plays a vital role in making markets work by fostering competition, facilitating consumer choice, and promoting innovation. The Trump-Vance Commission, under Chairman Ferguson's leadership, is focused on making markets work b…
![[Contribution] The Days of Unjustified Noncompete Agreements Are Over](/en/nrs-content/uploads/sites/2/nrs_media/2026/10/20261008111121002001_001.webp?v=1791591173)
As you all know, in September of last year, the FTC requested public comment on noncompete agreements. Because I believe that many noncompete agreements likely violate our antitrust laws, I asked for the public to help us identify potential…
"Every nation has the government it deserves." This remark is known to have been made by Joseph de Maistre, who served as the Kingdom of Sardinia's envoy to the Russian Empire, regarding the drafting of Russia's constitution in 1811. The id…
"If there is no Honam, there is no nation" (若無湖南 是無國家) — this phrase, meaning that without the Honam region there would be no nation, is known to come from a letter that Admiral Lee Sun-sin sent in 1593 to Hyun Deok-seung, an official at th…
