Lawrence J. McQuillan Archive

Lawrence J. McQuillan is a Senior Fellow and Director of the Center on Entrepreneurial Innovation at the Independent Institute.
Full biography and recent publications

The Decline in R&D Efficiency in the Drug Industry



Panel “a” in the graphic below shows that the number of new drugs approved by the U.S. Food and Drug Administration (FDA) per billion U.S. dollars spent on research and development (R&D) in the drug industry has halved about every nine years since 1950, in inflation-adjusted terms. This represents a decline in drug R&D...
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CalSTRS Boss Jack Ehnes Deceives Californians About Funding



Jack Ehnes, CEO of the massive California State Teachers’ Retirement System (CalSTRS), deceived the public in a recent blog post opposing public pension reform in California: CalSTRS has not taken any “pension holidays,”’ which means contributions have been made continuously, thus reinforcing the sustainability of the fund. Ehnes fails to indicate whether: (A) $1...
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Democrats and Republicans to Blame for Public Pension Crisis



I’ve appeared on more than 70 television and radio talk shows coast-to-coast in the past three months to discuss my new book California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis. One common question has been: “Aren’t Democrats responsible for creating the unfunded public pension debt by over-promising pension benefits?” My answer,...
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FreedomFest Recap: Why Obamacare Stifles Healthcare Innovation



I had the pleasure of speaking recently on a healthcare panel at FreedomFest in Las Vegas. Here’s a recap of my remarks on innovation and entrepreneurship in healthcare. In the 2012 book Priceless: Curing the Healthcare Crisis by Dr. John C. Goodman, my colleague at the Independent Institute, John wrote: “The ACA [Obamacare] approach...
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Janet Napolitano Makes History as University of California Pension Reformer



In an effort to control skyrocketing retirement costs in the massive University of California system, U.C. employees hired after July 1, 2016, will be able to choose a 401(k)-style pension plan, the first time this has been offered. Governor Jerry Brown and U.C. president Janet Napolitano negotiated the agreement, which was enshrined in the...
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Two Reasons to Pay Off Public-Employee Pension Debt Quickly



In a recent op-ed in the Wall Street Journal titled “Pension Reform Doesn’t Mean Higher Taxes,” Andrew Biggs correctly pointed out that new Governmental Accounting Standards Board (GASB) rules require state and local governments across America to be more transparent about the financial health of their public-pension plans. But, as he noted, the rules...
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Apple Co-Founder Steve Wozniak on Humans Becoming Gods, Pets, or Ants



Steve Wozniak, co-founder of Apple, Inc., spoke recently with the Australian Financial Review. In a wide-ranging interview, Wozniak offered his thoughts on the future relationship between man and computer. “Computers are going to take over from humans, no question,” Wozniak said. He now foresees a time when computers will mimic human consciousness, a potentially...
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Shining Spotlight on Bogus U.C. Berkeley “Think Tank” During National Sunshine Week



This week is National Sunshine Week, a time when many journalists across America publish stories on government spending and transparency. One organization that needs more sunshine is the Institute for Research on Labor and Employment (IRLE) at the University of California at Berkeley, a union propaganda mill disguised as an academic think tank and...
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What Makes a Miserable Country?



Venezuela is the world’s most miserable country, according to a team of researchers at Johns Hopkins University who have calculated a World Misery Index. “Misery” is measured as the sum of a country’s inflation rate, unemployment rate, and interest rate, minus the annual percentage change in real GDP per capita. The higher the total...
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LAPD Targets Citizens’ Free Speech Rights



As tech CEOs gather with President Obama and other government officials at today’s White House Cyber Summit at Stanford University, it is important for entrepreneurs to keep in mind who they are breaking bread with. A case in point: Charlie Beck, chief of the Los Angeles Police Department (LAPD), wrote a letter recently to...
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