Tag: Entrepreneurship

Judge the Pope’s Exhortation by Results, Not Rhetoric »

Pope Francis recently urged all people to have greater compassion for the poor. And to his credit he emphasized the moral imperative of helping to reduce poverty around the world. Unfortunately, the approach advocated by Francis would result in more human suffering, not less. In his strongly worded apostolic exhortation “Evangelii Gaudium” or “The...
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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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How Small Business Is Reacting to Obamacare »

The International Franchise Association and the Chamber of Commerce have released a survey of companies representing 42 million jobs: Sixty-four percent of franchise and 53 percent of non-franchise businesses believe the health care law will have a negative impact on their businesses. Twenty-nine percent of franchise and 41 percent of non-franchise businesses are already...
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Can You Hear Me Now? We Have Too Much Health Insurance »

Hearing aids have been expensive—until now. An interesting story in the New York Times a little over a year ago related the journey of a woman who had broken the shell of one of her hearing aids. Shocked at the price of hearing aids from private audiologists—at least $2,000 for a set, and usually...
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T-shirts and Free Speech: The Newest NSA Threats »

National security is no laughing matter. That’s why the NSA has been awfully busy spying on us as well as our allies abroad and is now tackling a terrifying emerging threat: T-shirts. Back in 2011 the NSA, along with the Department of Homeland Security (DHS), sent cease-and-desist letters to a Minnesota T-shirt manufacturer Dan...
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Creative Destruction—The Best Game in Town »

In his justly famous 1942 book Capitalism, Socialism and Democracy, Joseph A. Schumpeter described the dynamics of a market economy as a process of “creative destruction.” In his view, innovation—“the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates”—drives this...
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Stunning Results from California »

I’m going to summarize in a single paragraph a debate that has been raging in health policy for the past two decades. On one side is what I call the health policy orthodoxy. On my side is a small group of people that believe markets can work. The debate goes like this. Them: The...
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Problem Solved, No Government Program Needed »

In a classic article, Stanford University professor Kenneth Arrow argued that the market for medical care is inherently flawed because of asymmetric information. In what follows, I am going to embellish on the argument, making it even more forceful than it was in the original text. My book, Priceless: Curing the Healthcare Crisis, offers...
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Armen Alchian (April 12, 1914—February 19, 2013) »

Arline Alchian Hoel reports that her father, Armen Alchian, “passed away peacefully in his sleep early this morning at his home in Los Angeles.” He was 98 years old. Armen Alchian was a major figure in the economics profession for more than half a century. At UCLA, where he spent his academic career as...
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