Former Massachusetts Governor Mitt Romney’s acceptance speech last night at the Republican National Convention was an apt preview of his prospective presidency, which at this point – and I say this barring any major developments such as an Obama smear or Romney meltdown or external event – looks like a solid possibility if American voters [...]
Advocates of a number of government interventions often argue that such measures are required to deal with the “free rider problem.” Indeed, Mitt Romney has called his insurance mandate in Massachusetts a “free rider surcharge.” Wikipedia describes the “free rider problem” as: In economics, collective bargaining, psychology, and political science, a free rider (or freeloader) [...]
In every state of the union, individuals are required to obtain a driver’s license in order to legally operate a motor vehicle. Further, specialized licenses are also required to operate specific types of vehicles, such as large trucks and motorcycles. To obtain such licenses, individuals must demonstrate competency in operating the appropriate vehicle, as well [...]
Two weeks ago, the mayor of a Spanish town in Andalusia was orchestrating raids to local supermarkets for the purpose of stealing food to feed the poor. He was quoted as saying: “Someone has to do something so families can eat.” Mr. Sanchez Gordillo, an avowed communist and a member of the Andalusian regional parliament for [...]
U.S. Rep. Paul Ryan, caricatured in political ads last year and again this month as pushing Granny off the cliff of Medicare, is now the running mate of the maker of RomneyCare, who is running against the maker of ObamaCare. With the consequent renewed debate over proposed reforms of Medicare and other aspects of government-provided [...]
First published in 1946, Economics in One Lesson by Henry Hazlitt remains one of best books on economics ever published. The lesson, to paraphrase Hazlitt, is that economists must look beyond the immediate and visible consequences of economic policies; they must look at the long term and “unseen” consequences. Hazlitt begins his lesson with the [...]
Let us say that you are one of the millions of unemployed Americans. Unable to find a job, you decide to start your own business. Perhaps you’ve always done your own home repairs and decide to offer a handyman service. You start installing ceiling fans, replacing leaking faucets, and painting bedrooms. Your customers love your [...]
Harris’ erroneous assertions are easy to refute.
I couldn’t help being glad to see The Economist refer to Carl Menger’s theory of the origins of money just as I was about to explain that theory to my undergraduate classes. Nor did I at all mind having Menger’s ideas contrasted with those of another of my favorite economists, Charles Goodhart. I was, however, [...]
It is difficult to imagine just how low the United States has sunk when one is confronted with the prospect of a Secretary of State employing, with her full knowledge, someone whose ideology calls for the replacement of the Constitution with a barbaric code of law, the suspension of individual rights, and the submission of [...]
