Tag: Economics

Stockman: Cronyism Is Destroying American Capitalism and American Democracy »

I’ve recently read David Stockman’s book, The Great Deformation: The Corruption of Capitalism in America. (You can buy it at Amazon, but it’s cheaper at the Mises Institute.) Stockman explains how cronyism has grown throughout the 20th century in America, placing much blame on the Federal Reserve, and describing how businesses have managed to...
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President Obama on Inequality: Rhetoric vs. Reality »

President Obama has recently promoted inequality as a fundamental threat to our way of life, saying, “The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American Dream, our way of life, and what we stand for around the globe.” You can read the rhetoric here. Let’s look at...
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Extortion, Part II »

I recently discussed Peter Schweizer’s book, Extortion: How Politicians Extract Your Money, Buy Votes, and Line Their Own Pockets. I want to mention one example from Schweizer’s book, to give a better idea of how this extortion occurs. The Foreign Corrupt Practices Act (FCPA), passed in 1977, prohibits US companies from bribing foreign government...
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A Review of D. Eric Schansberg’s “The Economics of Health Care and Health Insurance” »

The notion that everyone must have health insurance to acquire medical care has reached such a level of obsession that it almost deserves its own entry in the Diagnostic and Statistical Manual of Mental Disorders (the guidebook for mental illness that has grown so bloated with diagnoses that even the National Institute of Mental...
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The Independent Review—Winter Issue Now Available »

The winter 2014 issue of The Independent Review is hot off the press! This edition of the Independent Institute’s 160-page scholarly journal includes a stimulating mix of timely topics and enduring themes, including a symposium on Nobel laureate economist James M. Buchanan and classical liberalism. Read it and gain a deeper understanding of the...
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Carpe Diem: Washington’s Foundations Are Showing Cracks »

After 12 years of seemingly inexorable blind faith in an ever more powerful and intrusive government, a spate of recent polls finally shows support crumbling for Washington’s hubristic overreach: The new Gallup poll: “Record High in U.S. Say Big Government Greatest Threat: Now 72% say it is greater threat than big business or big...
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PISA Results Show We’re a World Leader . . . in Spending, Not Performance »

Spending more and getting less—it’s an increasingly common refrain in education circles these days. Even U.S. Secretary of Education Arne Duncan called the performance of American 15-year-old students, who slipped in the latest international reading, math, and science rankings, a portrait of stagnation. Every three years since 2000 the Organization for Economic Cooperation and...
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Eliminate Long-Term Unemployment Compensation »

Unless Congress decides to extend it, long-term unemployment compensation will expire on December 28. Unemployment compensation has typically been available for up to 26 weeks of unemployment, but has been extended during the past recession to up to 99 weeks. When you pay people to be unemployed, then not surprisingly, you get more unemployed...
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It’s Official: The Top 40% of Income Earners Pay More Than 100% of Federal Income Taxes »

The Congressional Budget Office has just published a study, The Distribution of Household Income and Federal Taxes, 2010, which shows that the top 40% of income earners paid 106.2% of total federal income taxes, while the bottom 40% paid -9.1%. This isn’t the study’s headline, so you have to dig a bit to get...
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What Paul Krugman Can Learn from Milton Friedman »

Years ago, Milton Friedman was asked at a conference what he thought about different schools of economics (Chicago school, Austrian school, etc.) Friedman replied, “There are only two kinds of economics: good economics and bad economics.” I’m reminded of this by Krugman’s Monday column, in which he asserts that there is a Republican economic...
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