By my reading, almost nothing the federal government does is Constitutional. The entire national security state and empire are dubious at best. The welfare state is unauthorized. Nothing in Article I, Section 8, the clause empowering Congress to legislate, gives that body the general authority over education, health care, the environment, most businesses, and...
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In my book Priceless: Curing the Healthcare Crisis, I argue that we do not need more spending, more regulations, or more bureaucracy to fix the problems of our current system. Unfortunately, the Affordable Care Act prescribes heavy doses of all three. One outcome will be to make the problem of perverse incentives worse. Here...
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One of Nobel Laureate George Stigler’s best-known articles is his “The Theory of Economic Regulation,” in which he argues that over time, regulatory agencies that are designed to regulate industries for the public interest become “captured” by the industries they are supposed to regulate. Stigler’s “capture theory of regulation” concludes that regulators end up...
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