Forty years ago, on October 9, 1974, the Nobel Prize committee announced that the co-recipient of that year’s award for economics was the Austrian economist, Friedrich A. Hayek. Never was there a more deserving recognition for one of the truly great free market thinkers of modern times.
Tagged: free market
Writing in The Orange County Register, the distinguished urbanologist Joel Kotkin notes that many conservatives are now “waging a war on middle-class America” through their support for trendy progressive “smart growth” policies. Such policies are the stock in trade of an urban planning movement that has been in power for about a quarter-century now, promoted by certain business interests (aka rent-seekers) in a coalition with elitist progressive politicians and upper-class and aspiring-upper-class cultural snobs.
Apple Corp. last night announced that it is implementing a new security protocol that will make it impossible for the firm to turn over users’ personal information to government agencies, or anyone else. This is great news for users of Apple products, and one hopes that the other major phone and tablet operating system providers—notably, Google and Microsoft—will quickly follow suit.
One of the great fallacies arrogantly believed in by those in political power is the notion that they can know enough to manage and command the lives of everyone in society with better results than if people are left to live their own lives as they freely choose.
The ongoing conflict in Ukraine has laid bare the woeful state of European defense. For decades Europe has been reliant on an American security blanket, one that has put Europe’s various defense departments to sleep. Putin’s recent belligerence has given them a loud wake-up call. What they will do about the aggression on their frontier remains to be seen.
Political rhetoric in the United States, particularly on the right, has a strong tendency to focus on the incomparable economic freedom of Americans and American businesses. They portray the rest of the world as more socialistic and the American system as the closest thing to a free market economy operating in the world. Yet that is far from the truth. In fact, America is swiftly being supplanted as a preferred place of business by many other countries in the rich world.
Penn Jillette, the world-famous magician (and fellow of the Cato Institute), has a saying: “Everybody got a gris-gris.” By that, Jillette means everyone has some irrational belief or superstition, something one believes even when knowing it is an unreasonable. We carry these superstitions through life like talismans, and we defend them when confronted with the cold light of reason. My gris-gris is NASA.
In yet another uninspiring performance by our unengaged and unengaging president, this time a press conference at the end of a three-day U.S.-Africa Leaders Summit in Washington, D.C., Barack Obama discussed, among other things, the ceasefire between Israel and Hamas which, according to The One, “we” have achieved.
The Daily Record reports that the Maryland Public Service Commission ruled that Uber is a common carrier subject to its regulatory jurisdiction. The PSC stated: “[W]hen viewed in their totality, the undisputed facts and circumstances in this case make it clear that Uber is engaged in the public transportation of persons for hire. Thus, Uber is a common carrier and a public service company over whom the Commission has jurisdiction…”
We recently discussed a bipartisan group of Senators and House members who correctly identified a global trade problem and its negative domestic ramifications. 57 Senators and 152 House members…sign(ed) letters to Barack Obama Administration Secretary of Commerce Penny Pritzker. In which they expressed concern about inexpensive Korean steel being in mass quantities imported here….
Nikola Tesla, the Serbian-American inventor, while not a household name, has been recognized by the scientific community many times over the years. The metric system unit for magnetic field strength, for example, is known as the tesla. Tesla made many contributions to various sciences over the years, including pioneering work in magnetic fields, induction motors, and electricity. In recent years, various communities on the Internet have sought to lionize Tesla’s life and to expand knowledge of his scientific achievements. This goal is a noble one, as Tesla’s life is frequently reduced to the position of footnote in science histories. But these communities have also engaged in a very wrong-headed pursuit: trashing the reputation of Thomas Edison.
Google has privacy clay feet. The NSA and Big Data may also, since they are relying on many of the same outdated legal assumptions as Google. In the last few months, both the U.S. Supreme Court and European authorities have made new baseline privacy decisions that have greatly strengthened individuals’ right to privacy. As a result, they’ve also exposed and heightened Google’s massive privacy liabilities.
It seems that when Chief Justice John Marshall was preparing the opinion for McCulloch v. Maryland he tapped into an eternal truth. “The power to tax is the power to destroy,” he wrote on behalf of a unanimous Supreme Court. Those words are no less true in 2014 than they were in 1819. Taxation appropriates money from one person or group of people in order to give it to others. There is no way to escape taxes. But there is a way to make taxes somewhat fairer. One way is to make taxes flatter and expand the tax base.
Want to know why capitalism will always triumph over collectivism? It responds to people’s desires, even those who would consider themselves enemies of capitalism. A case-in-point is the ubiquitous Che Guevara t-shirt. Anyone who has spent any time walking down a city street will have come across at least one young person wearing Che’s famous likeness. Some leftists have argued that the sheer pervasiveness and popularity of the image is proof of the enduring principles of which Che has sometimes been seen as a symbol. Yet that is not the case.
The United States is a political anomaly. Throughout time there has never been a nation so politically, culturally, and militarily dominant. Rome, even at its height, had rivals. So too did the British Empire, which at its apex made pretense to the rule of the waves, in spite of near constant challenges to its power from forces seeking to upset or supplant it. The international stability and peace created by these great empires, the Pax Romana and Pax Britannica, the Roman Peace and the British Peace, served in their times to guarantee security and relative prosperity within their spheres of influence. Yet they could never do so unchallenged.
All over the world, advocates of the free market are looking askance at Pope Francis. Since succeeding Benedict XVI in 2013, Pope Francis has mounted a vocal challenge to what he sees as the now dominant global ideology of capitalism.
The subject of tax inversion, in which American firms avail of lower tax rates in foreign countries by merging companies in those countries, has become very topical in the last couple weeks thanks to a decision by Abbvie, a drug company, to merger with Shire, an Ireland-based firm and move its headquarters overseas. One of at least 47 tax inversions in the last decade, the Abbvie-Shire deal is the largest such action yet, worth $54 billion. Perhaps unsurprisingly, President Obama and Democrats in Congress have become apoplectic with rage at the audacity of a business making a prudent decision to escape bloodsucking taxes.
The U.S. Environmental Protection Agency announced on Monday, June 1, a power-plant proposal that seeks a 30% carbon dioxide emissions cut by 2030 from existing power plant, based on emission levels from 2005. With this proposal, the main piece of President Obama’s Climate Change Agenda has been set in motion. Although the rule is scheduled to be completed one year from now and will give flexibility to the states, it will regulate carbon emissions from hundreds of fossil-fuel power plants across the U.S. The 600 U.S. coal plants will be hardest hit by the standard.
According to data released this week, Samsung and Apple make up the majority of the top 20 global smartphone models sold in the first quarter of 2014. While that success demonstrates the robust market prowess of these smartphone manufacturers, the real winners are the customers, getting more services, better products and lower prices. Almost the exact opposite happens when companies resort to lawsuits to gain market advantage, a sort of rent seeking via the courts.
A cautionary tale about the pitfalls of bureaucratic incompetence played out in Ireland over the last several days. American country music star Garth Brooks was scheduled to play five concerts in the Croke Park arena, one of the largest venues in the country. In all, 400,000 tickets were sold. That is an astonishing number, considering Ireland’s population is just under 4.6 million. Close to one in ten citizens was planning to attend!