Tag: Entrepreneurship

How to Spur Innovation, Advance Human Progress, and Make Yourself Smarter »

Pundits of late have been lamenting the decline of technological innovation. Has the rate of innovation in fact slowed down? And if so, how can we best revive it and speed up the rate of economic progress? Independent Institute Research Director Alex Tabarrok offers his penetrating insights on this hot topic in his new...
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The State of the U.S. Economy »

According to the latest Kauffman Foundation survey of “top” economics bloggers. (I participate, so it’s not that exclusive a club.) Regular Beacon readers will not be surprised by the biggest word in the cloud. The full report is available here. As Kauffman’s Tim Kane notes, “The economics blogging community has proven to be very...
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Beyond Politics Exposes the Roots of Government Failure »

Economic “stimulus” packages that don’t revive the economy and that increase federal deficits and undermine private investment and job growth? Check. Laws meant to protect endangered species but which incentivize landowners who have them on their property to “shoot, shovel, and shut-up”? Check. Anti-poverty programs that foster dependency and hinder participation in the job...
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Steve Jobs and John Kenneth Galbraith on the Dependence Effect »

John Kenneth Galbraith coined the term “dependence effect” in his 1958 book, The Affluent Society. Galbraith argues against satisfying a person’s demands for goods that are “...contrived for him. And above all, they must not be contrived by the process of production by which they are satisfied. ... One cannot defend production as satisfying...
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Steve Jobs: Innovator »

Joseph Schumpeter, in his book, The Theory of Economic Development, makes the distinction between invention and innovation. Inventions are scientific and technical discoveries whereas innovations are the result of entrepreneurial actions that bring new products and production processes into the economy. You can’t use an invention. But you can use the innovations that are...
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Did Hubris or Ideological Blindness Inspire Obama on His Solyndra Visit? »

In May 2010, President Obama visited California’s solar-panels manufacturer Solyndra, touting it as an “engine of economic growth” and a model of his stimulus spending schemes. Dedicated to government-financed “green energy jobs,” this administration saw the company as encapsulating everything right about the state’s collusion with the environmental-industrial complex. Just last month the business...
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The Stagnant U.S. Economy: A Graphical Complement to Higgs’s Contributions »

Financial markets and analysts fear a new global recession. Data point to a growth slow-down that might eventually lead to a fall in production. Some pundits, who bought the idea of a recovery in previous years, seem to be surprised by the negative data of the latest months. The stock market probably shared this...
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Jobs Program Video: “How to Create a Job, Not Just Work” »

I recently recorded a short video on “jobs” programs. Here it is:

Don’t Trust Anything Bipartisan »

If both sides in Washington agree on something, it is almost surely a bad deal for taxpayers and a disaster for freedom. A common theme in the media is on Obama’s jobs proposal and the GOP reaction. While the president is being assertive, pushing hard for a huge spending spree aimed at expanding employment,...
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One More Time: Consumption Spending HAS Already Recovered »

Commentators and pundits, some of whom ought to know better, continue to harp on the idea that the recession persists because consumers are not spending. Every Keynesian seems to believe that because consumers are in a dreadful funk, only government stimulus spending can rescue the moribund economy, given (to them, at least) that investors...
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