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 trade on Jan 9th, 2010
A loyal reader and commenter Harry referenced Bastiat’s Negative Railroad. It is worth quoting nearly the entire passage:
There should be a break in the railroad from Paris to Bayonne at Bordeaux; for, if goods and passengers are forced to stop at that city, this will be profitable for boatmen, porters, owners of hotels, etc.
I.17.7
Here again [...]
Posted in trade on Dec 21st, 2009
After all, just think of all the candle manufacturers he killed. HT to Galen Dole (what follows is his commentary).
How many candle makers were put out of business by Thomas Edison?
In my answer to this question, I will assume that all candles before Edison’s time were used exclusively for lighting purposes, and will also assume [...]
Posted in You Can't Have it Both Ways, ethical foundations, trade on Nov 5th, 2009
I am opposed to coercive redistribution on both moral and practical grounds. However, suppose a bleeding-heart were to convince me that it is “just” to stick a gun in my face and force me to part with my earnings, and further, that they were to decide how to be charitable on my behalf and that [...]
Posted in You Can't Have it Both Ways, trade on Sep 29th, 2009
I’d be willing to wager that a majority of the people who hold the view that, “money doesn’t make you happier, you certainly cannot eat it,” also support a variety of protectionist measures. You know, putting heavy taxes on Chinese tires to make sure American workers keep their higher incomes, or putting heavy taxes on [...]
Posted in trade on Aug 27th, 2009
Ben Hogan set up a golf club company in 1954. Before it had barely produced and sold a single set of clubs a union organizer came to the Ben Hogan Company plant.
When the workers called an organization meeting, Hogan spoke first:
I understand that all of you fellows want to organize my business here and join [...]
Posted in Economic Illiteracy, Extended Order, trade on Jul 24th, 2009
Monroe County (the country where Rochester resides; outside the city are many quaint villages and still lots of pretty farmland): Eat fresh, buy local, grow Monroe!
In their Grow Monroe brochure they celebrate, in pages facing one another: (1) Our county is home to successful national food brands, and then (2) Smart “buy local” choices reduce [...]
Posted in You Can't Have it Both Ways, trade on Jul 22nd, 2009
It is to find data on the average wages of various American workers, or how many Americans go without health insurance, with data on typical union dues, assets and income as required by the Labor Management Reporting and Disclosure Act (LMRDA). I’ll be showing you some of the data later. For a nibble, consider that [...]
Posted in Corporatism, trade on Jul 3rd, 2009
I came across this headline while browsing an old edition of the Journal:
“Greenbrier Argues General Electric Benefits From Federal Spending as it Enlists Lawmakers Help”
So GE had a contract to buy $1.2 billion of railroad cars from a rail-car maker (Greenbrier) but because of the weak economy GE decided to cancel the purchase. Greenbrier is [...]
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