Murray N. Rothbard explains in 3 minutes why it is that when economic downturns happen the government should just get out of the way. Let prices correct, the pain will be short and sharp but then life will go on, typically in a more prosperous manner.
Tyler Cowen is considered one of the most influential market oriented economists in the world. He heads the increasingly important Mercatus Center at George Mason University just outside of Washington DC and his website A Marginal Revolution is widely read. I once heard him speak at a Students for Liberty conference where he was warmly received by 250 fire breathing young activists. Cowen has serious free market credibility. That’s why it is frustrating to see Dr.Cowen heaping praise on perhaps the most destructive economist to tread terra firma, JM Keynes.
You think The Camp David Accords were Jimmy Carter’s only triumph? Well he has another – the end of the prohibition of home brewed beer. This law (no executive order needed) allowed the birth of the microbrew revolution. Truly, the world is a better and tastier place for this act of liberalization. I’ll raise an IPA to Jimbo.
It’s easy to forget in this time of political correctness, in this time of regulated EVERYTHING, in this time of Black Friday sales, and Oprah Winfrey Shows, airbags, and helicopter parents that this country used to be a very rough and tumble place – and it wasn’t all bad. Indeed America was a blank canvas for many, full of opportunity as much as peril. America was a place where peasants came and carved out a living, in the hopes of achieving much more than just a living. Some, many, of them achieved real wealth. Something which could never have been achieved in Europe where society was stratified and barriers to entry of all sorts abounded.
Adelson has a giant checkbook. He has done very well over the years as the head of Las Vegas Sands. That is why nearly every GOP presidential hopeful (except Rand Paul) went to Las Vegas earlier this year to see if they could wrangle some of the magnate’s largess. Kiss the ring and then perhaps political funding will be showered upon you. A jackpot of sorts. Adelsohn is in the business of “jackpots.”
For the bankers the main issue is who will keep the current implied bailout regime in place? Who will let the Federal Reserve do what it does without criticism? Who will keep the light from shining on them? Who won’t question the current system of debt piled on debt piled on debt. Who will happily do The Street’s bidding?
Hey Hillary, you’re “pragmatic.” You look pretty good. Here’s $100 million. Now go knock em’ dead.
C.J. Prince, the author of this article does an excellent job of examining crony capitalism and the associated dangers to the economy. Crony capitalism does indeed hurt us all. Even Boeing and GE will likely be hurt in the long run. If the USA becomes a truly cronyist economy growth will limp along (if we are lucky), dynamism within the economy will suffer from lack of oxygen, wealth will slowly erode away from the middle class, and we will wake up one day and find ourselves outclassed by freer economies in other parts of the world.
The American Dream is being chased out of America by the cronies.
This is a fantastic slice of life from the streets of the Big Apple.
Right now tobacco is in sort of a legal netherworld. It’s legal, but also frowned upon by polite society and it is taxed heavily. The attached article is what it looks like in this netherworld.
Hernando de Soto is one of my favorite economists. (Though as with almost anyone I disagree with him on some important points.) A champion of capitalism and everyday people he is my kind of guy.
His argument basically goes like this:
Poor people are shut out of economies. Cronyism and red tape make building businesses almost impossible. In many countries the poor remain permanently on the margins of society. The poor typically have no property rights (even if they’ve been on a piece of land for generations for instance) and enforceable contracts do not often exist. As a result this situation limits access to capital – no one will provide a loan on a piece of property for which there is no deed – which then keeps the poor poor.