Robert Higgs’ wonderful book, Crisis and Leviathan, says that government grows in response to crises. A crisis comes along and government responds by expanding, both in size and in scope. After the crisis passes, government shrinks, but not back to its former level. Government grows by ratcheting up in response to crises. Rahm Emanuel,...
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The U.S. military is increasingly putting a feminine face forward in its ads and PR (for example, the bright smiling faces flanking Mrs. Obama at the Oscars). The Navy’s outreach to women proclaims: What’s it like being a woman in today’s Navy? Challenging. Exciting. Rewarding. But above all, it’s incredibly empowering. That’s because the...
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This year, litigation proceeds about the ObamaCare requirement dealing with health insurance and abortion drugs. The mandate requires employers to provide health insurance coverage that includes abortion-inducing drugs, contraception, and sterilization. Employers are compelled to provide these in spite of religious beliefs about abortion. Failure to comply results in fines of $100 per employee per day....
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Which articles on the Independent Institute’s websites and blogs received the most views last year? We thought you might be wondering! To satisfy your curiosity, we’ve put together two lists—each one shedding light on what most attracts the attention of our Internet audience. The first list of “articles” includes blog posts from The Beacon...
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A venerable guide in political analysis is “follow the money.” Not many people need to be taught this idea; indeed, in popular journalism and political discourse, it is taken for granted. So, the standard way to discredit one’s political enemy is to expose that he is being bankrolled by a nefarious interest group or...
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“Democracy is two wolves and a sheep voting on what to have for dinner.” That quotation, often (but probably incorrectly) attributed to Benjamin Franklin, sums up the ethics of democracy. Democratic outcomes are used to justify a majority claiming the right to impose their will on the minority. To prevent the unethical exploitation of...
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With his latest ad, “Your First Time,” President Barack Obama has now completed his trifecta on the the 3 Biggest Lies in the World. You remember those, don’t you? #1: The check is in the mail. #2: I’m from the government and I’m here to help you. #3: Of course I’ll still respect you...
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One of Nobel Laureate George Stigler’s best-known articles is his “The Theory of Economic Regulation,” in which he argues that over time, regulatory agencies that are designed to regulate industries for the public interest become “captured” by the industries they are supposed to regulate. Stigler’s “capture theory of regulation” concludes that regulators end up...
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Yesterday on The Beacon I noted that the Federal Reserve’s new “quantitative easing” measure, QE3, is an example of crony capitalism: the use of public policy to increase the profitability of specific firms and industries. Today I want to compare QE3 with another example of crony capitalism to reinforce the point. General Motors provides...
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I’ve been teaching economics for decades, and until 2008 I taught my students that the Federal Reserve Bank (Fed) engages in monetary policy through open market operations by buying and selling government securities. (They have other policy tools too.) They dealt in government securities partly because their operations would alter the money supply without...
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