Tag: Free Market

U.S. War on Poverty Failed While Global Poverty Declined 80%: Economic Liberalization Begets Prosperity and Equality »

50 years after LBJ declared a “War on Poverty,” the U.S. would do well to take a page from the global playbook—whereby economic liberalization and more open trade has resulted in an 80% decline in abject poverty since 1976. The graphs below, taken from the National Bureau of Economic Research Working Paper, “Parametric Estimations...
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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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Private Exchanges: Getting Ready For Individual Health Insurance To Be The Standard »

Professor John H. Cochrane of the University of Chicago had an op-ed in the Wall Street Journal on December 25, in which he gave a brief description of (among other things) a market in which individuals buy our own health insurance—and not from an Obamacare exchange. According to Professor Cochrane: “...we should transition to...
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Immigrants and Poor Kids Aren’t to Blame for Poor PISA Performance »

Recently I wrote about the latest PISA results for American 15-year-olds in reading, math, and science. (See PISA Results Show We’re No. 1...in Spending, Not Performance.) One commenter stated that she saw “very little control for demographics” with international assessments such as PISA. In particular, the commenter objected that while other countries may surpass...
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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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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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The Pilgrims’ Real Thanksgiving Lesson »

With Thanksgiving upon us once again, we offer a reminder of the economic lesson that made our first Thanksgiving possible: The Pilgrims’ Real Thanksgiving Lesson by Benjamin Powell Feast and football. That’s what many of us think about at Thanksgiving. Most people identify the origin of the holiday with the Pilgrims’ first bountiful harvest....
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Shocker: Common Core Is about Politics, Not Academic Standards »

In what should be a surprise to no one, once we let Washington determine what schoolchildren should study in school, the curriculum is going to be politicized. It is already well publicized that the latest federal push, Common Core, has resulted in standards that are mediocre, costly, unconstitutional, and yes—highly politicized. Controversy erupted in...
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Markets versus Government: Real Alternatives versus Possibilities »

One difference between choice in markets versus choice in government is that in markets, people choose among alternatives that already exist, whereas with government, people choose among alternatives that might exist in the future. When people cast their dollar votes, sellers in markets already have the products available, whereas when they vote at the...
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