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 Voluntary Society, You Can't Have it Both Ways, ethical foundations on Oct 31st, 2011
I am perhaps among the economists who wields a heavy bludgeon of, “as compared to what” any time I see a proposal that “we” ought to do something, or some paper analyzing the desirability of some program. You might criticize me for that, but I am happy to take the criticism as compared to being [...]
Posted in ethical foundations on Jun 29th, 2011
From the same book I referenced earlier: We realize that to continue our use of fossil fuels is morally wrong. Like the economies (and consumers) dependent on slave labor, we can no longer rely on the cheap but perilous use of petroleum, natural gas and coal. New energies must be discovered, and the use of [...]
Posted in ethical foundations on May 3rd, 2011
Consider this the beginning of my list of complaints against the established “church” of the free-market. In the coming months, I want to raise a series of concerns that I have developed deriving from work with and reading of SOME other supposed supporters of liberty, markets and peaceful exchange. What does the saying go like, [...]
Posted in Taxation, ethical foundations on Jan 4th, 2011
A lesson Progressives never learn is that they can’t have their cake and eat it too. There is no realm of our social lives that they refuse to understand this less than when it comes to inequality. It is simply impossible to make the world more equal, and efforts to do so will unleash consequences [...]
Posted in Property Rights, Socialism, ethical foundations on Oct 12th, 2010
At what point does the production of wealth create a moral obligation to be happy about having some of that wealth plundered by the “enlightened progressives?” For years, classical liberals have crafted sensible arguments for the sanctity of private property on moral, economic and practical grounds. These are ignore, no matter how sound they are. [...]
Posted in Regulation, ethical foundations on Sep 16th, 2010
“And I want to live.” Seems … so … quaint now doesn’t it. And here we have the “death panel” deciding the fate of this woman. Of course, it would not be an issue if Medicare were not there in the first place or if the FDA could not wield its power to outright ban [...]
Posted in Classical Liberalism, Extended Order, ethical foundations on Aug 21st, 2010
The answer is probably the same reason why I am fond of FA Hayek. In preparation for an undergraduate seminar I am running on Hayek, I came across a thought that is as powerful as the one I have at the top of the website. Here it is, if not in exact form: “the main [...]
Posted in ethical foundations on Mar 22nd, 2010
Sam Peltzman wrote of this 40 years ago. Liberal economist Larry Summers wrote about it 20 years ago. The paradox is quite simple. Suppose the government provides universal free services, such as education, of modest or even good quality. Many people would rationally find it optimal to consume the “free” product than to pay higher [...]
Posted in ethical foundations on Mar 18th, 2010
As an impressionable boy I thought that climate alarmists, environmental doomsdayers, anti-poverty crusaders, consumer safety crusaders and the like were working hard to make the world a better place. As a middle-aged adult, I have come to hold a slightly different view of these crusaders – that they really don’t give a damn about the [...]
Posted in ethical foundations on Mar 12th, 2010
Is there any better quote to capture how some people feel about the way the world works. WTC responders are in line to scoop up $657 million in damages to be paid by NYC and the companies that worked to clean up the WTC site. Is it really plausible that anyone was unaware of the [...]
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