The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Fun Facts on Jun 30th, 2010
Estimates of the size of the “informal sector” (i.e. the Black Market) in the US indicate that 9% of activity occurs in this sector. The Western European average: 18% Greece: 28.6% Latin American average: 41% Bolivia: 67.1%
Posted in Market Failures on Jun 29th, 2010
… the government of Minnesota runs the liquor stores there. It operates on a monopoly basis AND they are the ones to dole out liquor licenses. They operate at a LOSS. Can’t wait for that health care when I am older! Maybe they are just giving away the booze to all of the people they [...]
Posted in Corporatism on Jun 29th, 2010
(1) Last Thursday, the U.S. Export-Import Bank denied loan guarantees to Reliance Power Ltd., an Indian utility building a coal-fired power plant near Sasan, India. Bucyrus International Inc., a South Milwaukee-based manufacturer, was ready to export some $310 million in mining equipment—and about $600 million over three years—but Reliance’s order was contingent on the favorable [...]
Posted in Taxation on Jun 29th, 2010
Followers of Henry George (a fine economist) argue that land should be heavily taxed and activities that are truly productive (like labor) should be lightly taxed. The argument is used because it is thought that such a system would improve output and also produce a more just “distribution” of wealth. The reason to tax land, [...]
Posted in You Can't Have it Both Ways on Jun 28th, 2010
Much is often made of the “deindustrialization” of America. Now, the data do not support this – the US is the world’s largest manufacturer and its manufacturing output today (at least before the recession) was larger than at any point in its history. However, what is true is that the portion of the labor force [...]
Posted in Uncategorized on Jun 27th, 2010
won’t change a damn thing. I’d like to see another minute added to the video to include the stupidity and corporatism practiced by Team Nike too … in any case, I thought some of my readers would enjoy it …
Posted in Corporatism on Jun 27th, 2010
In the event you forgot what the priorities of your government are, health care is not about health care, education is not about education, road building is not about transportation, national defense is not about defending us, agricultural policy is not about better and safer food, and environmental policy is certainly not about the environment [...]
Posted in Uncategorized on Jun 27th, 2010
More from RW Grant’s Incredible Bread Machine: Private protection is a $20 billion per year industry. Two out of every three uniformed police officers work for private companies. Burns, Wells Fargo, Pinkerton and Wackenhut each command forces of over 30,000 people. … And their primary function is to protect property and persons … not to [...]
Posted in Corporatism on Jun 26th, 2010
I’m a Met’s fan. There is perhaps no team in pro sports which embodies everything that is wrong with the world today. The Mets are famous for having enormously expensive rosters, with lots of glitz and glamor, and then not quite delivering for their fans. It therefore gives me the warm and fuzzies to see [...]
Posted in Property Rights on Jun 25th, 2010
The most common defense of government use of “eminent domain” proceedings is that without the power to take land (nominally with just compensation) we would all suffer from the “holdout problem.” The holdout problem is simply this – if we are undertaking a large investment project, such as the building of a new college campus, [...]
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