The economic and foreign policies of governments -- for good or ill -- exert a dramatic influence on investors' portfolios. If that isn't obvious by now, given the policies of the past two years, it will never be so. In economic policy we've seen Fed rate hikes...
MARKETS
Less Government Regulation and More Laissez-faire Required to Prevent Further ‘Enron’ Scandals
An unregulated free market provides the environment in which auditors who differentiate on a reputation for quality and useful disclosures could add value to their business, and their customers’.
Modern Keynesian Macroeconomics — An Assault on the Human Mind
Nearly half a century ago the popular economist John Maynard Keynes wrote, "Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are...
Economics of Investing: Hypothesizing about the Efficient Markets Hypothesis
Over the past couple of years, events like the Internet and more recently, the Enron and Global Crossing debacles, have spurred people to reconsider the Efficient Markets Hypothesis, "EMH." For those unfamiliar with EMH, here's a brief textbook definition: prices of...
OPEC, Oil, and Energy Economics 101
We are all familiar with pundits from all corners decrying our dependence on foreign oil. Before the oil embargo in the 70's and subsequent attempts to wean ourselves from OPEC, we were importing about 25% of our oil and now we are importing over 50%. This is always...
The “Rent Control” Housing Farce: Part II
Too many people who talk about a lack of "affordable housing" seem to think that this is something the government must build or subsidize. It never seems to occur to them that government activity is itself one of the biggest reasons for housing being unaffordable. Nor...
The “Rent Control” Housing Farce: Part I
A RECENTLY published housing study says: "San Francisco is one of the densest large cities in the U.S." That is true in both senses of the word "dense." Nowhere are San Franciscans more dense than when talking about housing -- especially that perennial will o' the...
Journalists and Economics 101
Is deficit spending "a potent recession cure when administered properly"? A newspaper business writer made this assertion in an article entitled "The Budget Deficit Faced by Many States." But is it true, that it's a good thing when governments spend more than they...
AOL Antitrust Suit Against Microsoft
Instead of straightening out its business problems, AOL has decided to spend its time and effort filing lawsuits against tough competitors – a petty, distracting pursuit that won’t help AOL or, for that matter, the U.S. economy, which depends on firms like Microsoft for the innovation necessary to bring about a technology revival.
Activism in Defense of Microsoft
For over four years, CMDC and its supporters have been outspoken advocates against antitrust and the current antitrust case against Microsoft. Before us today is the last chance to tell the government regulators that Microsoft should be lauded, instead of punished for...
Down on the Farm Bill: A Lesson in “Trickle Up” Economics
Other than being rich and famous, what do David Rockefeller, Ted Turner, Sam Donaldson and Scottie Pippen have in common? They all feed at the public trough. More precisely, they collect subsidies from the federal farm program, as do at least 14 members of Congress....
Barriers To Entry
How badly flawed are the concepts of freedom of entry, monopoly, and competition that underlie the theory and practice of antitrust.
What is Economics?
To know what economics is, we must first know what an economy is. Perhaps most of us think of an economy as a system for the production and distribution of the goods and services we use in everyday life. That is true as far as it goes, but it does not go far enough....
A Dynamite Economics Department
Reporting their findings in the February 2001 Applied Economics Letters -- a British professional journal -- Professors Franklin G. Mixon Jr. and Kamal P. Upadhyaya rank economics departments in the U.S. South. The rankings are based upon faculty research...
Microsoft Goes to School: You’re An Evil Predator; Now Teach My Kids
The settlement of the Microsoft anti-trust case got interesting this week -- and developments revealed the laughably absurd nature of much of the suit against the company. Reports in the Wall Street Journal and the Los Angeles Times and elsewhere revealed that Mister...
The Economics of War
National emergencies are notorious for giving free reign to bad economics. In the panic of a crisis, people grasp desperately for solutions. And thanks to generations of bad economics education, they are offered a wide range of economic errors to grasp at. The most...
Forty Centuries of Wage and Price Controls
Even the Department of Energy's study found that price caps -- which, let's not forget, are what got California into this mess in the first place -- won't improve the energy situation. In fact, they'll likely make it worse. The study concluded that a $150 "hard cap"...
The “Trickle Down” Economics Straw Man
Among the suggestions being made for getting the American economy moving up again is a reduction in the capital gains tax. But any such suggestion makes people on the left go ballistic. It is "trickle down" economics, they cry. Liberals claim that those who favor tax...
Microsoft: Out of the Fire and Back Into the Frying Pan
First the good news: The new administration's officials in the Department of Justice have decided not to murder the Microsoft Corporation and carve up its corpse. Now the bad news: They have chosen the more humane option of slow torture. The Justice Department's new...
What is Economics?
To know what economics is, we must first know what an economy is. Perhaps most of us think of an economy as a system for the production and distribution of the goods and services we use in everyday life. That is true as far as it goes, but it does not go far enough....
The Defrauders Next Door: The U.S. Department of Housing and Urban Development
Fraud is so inherent to the operation of the U.S. Department of Housing and Urban Development that "HUD Scandal" might as well be one word. The latest hudscandal involves a feel-good program (what else?) for cops and teachers. Since 1997, police officers have been...
Housing and Overpopulation: Shocked by the Obvious
The obvious makes headlines in California. Maybe this shows that a sense of reality or common sense is not something that can be taken for granted among Californians. A recent headline stretching across the top of the front page announced that "Population dwarfs...
How Microsoft Competes
Beside Bill Gates, what does Microsoft have that contributes to their success? The authors spent a couple of years trying to find out. Their conclusions: seven complementary strategies and a small set of basic principals of operation. First, find smart people who know...
Free Trade with a Slave State?
Q: Should a free country trade with people who live under a dictatorship (e.g. China, Cuba)? And, if not, should the government of the free country restrict such trade with dictatorships? A: If you enjoy living in a free country, then you benefit from that freedom...
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