Tag: Economics

Rags to Riches (to Rags Again) »

“Most income statistics present a snapshot picture as of a given moment—and their results are radically different from those statistics which follow the same given individuals over a period of years.” —Thomas Sowell Last week, CNNMoney carried a fascinating report on how rich families end up squandering their wealth: Nearly 60% of the time...
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Ralph Nader’s Unstoppable »

Ralph Nader’s new book, Unstoppable, describes a convergence of ideas on the political left and political right against the corporate state. The book says there is a broad consensus, from socialists to libertarians, who oppose government policies that provide corporate welfare and bailouts for the economic elite and impose the costs on everyone else....
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Political Spam »

I don’t know if you are as popular with the political insiders as I am, but already today I have received emails from Joe Biden, Nancy Pelosi, and Debbie Wasserman Schultz. In fact, I’ve received more than a dozen emails today alone from either the Democratic Party, Democrats involved in election campaigns, or Democratic...
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“Risky Business” in Climate Change Policy »

Alicia Mundy writes in the Wall Street Journal of June 24, 2014, that a coalition of environmentalists and at least some of the many corporate cronies of the federal government are pressing a proposal to require private business entities to account for and to report to shareholders the risks to which they are exposed...
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The Economics of Offensive Trademarks »

My fellow blogger William Shughart recently gave a good critique of the Patent and Trademark Office’s decision to rescind protection of the Washington Redskins’ name. I agree with him that whether some people view a trademark as offensive should not be a criterion for determining whether it should be protected. If a large number...
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The Veterans’ Administration Has Been a Disaster Since Its Inception »

In her modern, exceptional biography of President Calvin Coolidge, Amity Shlaes (Coolidge, HarperCollins, 2013) documents the very blemished history of today’s U.S. Department of Veterans Affairs (VA), illustrating the trite, but nevertheless very true old saw that the more things change the more they remain the same. That department of the federal government, now...
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Patent Troll Hit with Legal Fees »

The Electronic Frontier Foundation has a good post up on how the patent troll Lumen View just got hit with a fee award in federal court. This is in part because of recent Supreme Court decisions making it easier for defendants to collect attorney’s fees when they win patent suits. The troll’s patent was but a description...
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Piketty and Emerging Markets »

Much has been said to refute Thomas Piketty’s important book, Capital in the Twenty-First Century, from the perspective of developed countries, but not from the standpoint of emerging markets. His contention that the rate of return of capital, roughly twice the rate of growth of the economy, leads to increasing inequality is not consistent with...
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Virginia DMV and Taxi Unions versus Consumers »

“Competition always has been, and always will be, disagreeable to those who are affected by it. Thus we see that in all times and in all places men try to get rid of it.” —Frédéric Bastiat Last week, the Virginia Department of Motor Vehicles (DMV) sent cease-and-desist letters to app-based, ride-sharing services Uber and...
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Chances Are that You Have No More Expertise in Economics than You Have in Astrophysics »

Although the statement is commonly attributed to Mark Twain, his friend Charles Dudley Warner was the one who said, “Everybody complains about the weather, but nobody does anything about it.” Regardless of who said it, the statement was and remains fairly accurate. In contrast, we might observe, “Everybody complains about the economy, and a...
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