Wednesday , April 8 2020
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Mises Institute USA

Rory Sutherland: How The Austrian Approach Helps Entrepreneurs Multiply Value

Key Takeaways And Actionable Insights In episode 60, we are joined by Rory Sutherland, Vice Chairman of Ogilvy, one of the world’s largest advertising and marketing agencies, one with a long tradition of customer insights. His latest book is titled Alchemy, which explores how a deep understanding of subjective value can lead to outstandingly effective creative marketing. But he doesn’t use the term subjective value ​— instead, he calls it psycho-logic. One of the key planks in Rory’s argument...

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The COVID-19 “Lockdowns” Are What Twenty-First-Century Mob Rule Looks Like

As of April 6, forty-one states have statewide "stay-at-home" decrees in place. These orders vary widely from place to place. In some states, there are long lists of exempted industries including marijuana dispensaries, liquor stores, hardware stores, and of course, grocery stores. In some states with these edicts, public lands, state parks, and beaches remain open. In some states, city parks are more crowded than ever as local residents, with little else to do, attempt to recreate. In...

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Life and Health Are at Stake as the Economy Grinds to a Halt

As a data professional with a data governance and data analytics background in multibillion dollar industries, I understand that the messy task of aggregating data from numerous and disparate sources ensures a cloudy data pool, at best. The adage "Garbage in, garbage out" holds true, and anywhere we have human touch points, we have the potential for errors in our data. This is true for all data types, whether medical, automotive, financial, or otherwise. The WHO and the CDC are still trying...

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Freedom Still Matters, Even in the Midst of a Virus

On Friday, Pope Francis delivered a special sermon to pray for an end to the COVID-19 pandemic. Indeed, the depressing scenery of the deserted St. Peter’s Square on the rainy night matched the words of the Holy Father: Thick darkness has gathered over our squares, our streets and our cities; it has taken over our lives, filling everything with a deafening silence and a distressing void, that stops everything as it passes by; we feel it in the air, we notice in people’s gestures, their...

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Airline Bailouts Destabilize the Economy and Inflate Asset Prices

In the end, after all of the political posturing and all of the speeches and exhortations for Congress to “do something,” a $2 trillion “coronavirus stimulus” bill landed on the president’s desk for The Donald to sign. And sign he did, uttering all of the platitudes and everything else that comes with “historic” spending legislation that never should have seen the light of day. Although COVID-19 has helped expose vast weaknesses in public health systems in the USA, it also has shown that...

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Italy’s Healthcare Sector Badly Needs Deregulation and More Private Spending

As of the week of April 1, there have been 11,591 fatalities due to COVID-19 reported in Italy. This is as the number of cases in the country has skyrocketed to 101,739. Of those affected, 29,761 have been hospitalized, 3,732 of whom are in an ICU. These numbers are only expected to climb, as experts fear a rapid rise in cases in southern Italy. This will only continue to cause strain on an already strained healthcare system with filling hospitals and rationing of care, a problem created by...

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Yes, There Are Tradeoffs between Disease Prevention and Economic Destruction

The COVID-19 pandemic has really highlighted how differently economists and noneconomists think. All over the world, variations of the same discussion have taken place over the last week or so. It goes as follows. An economist discusses the cost of the governmental responses to the pandemic and is quickly met with accusations of cynically trying to "put a price on a life." The economist camp tries to explain its reasoning while the noneconomist camp is horrified that anyone would "let old...

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Égalité, Fraternité, Captivité

“Nothing is so permanent as a temporary government program.” So goes the well-traveled quote by economist Milton Friedman. This could be applied to certain laws enacted by governments over the years under the guise of keeping its citizens “safe.” One such law that springs to mind is the USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001), signed into law by President George W. Bush on October 26, 2001,...

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All Crises Are Local

"South Dakota is not New York City."  A seemingly innocuous statement, made last Wednesday by Governor Kristi Noem in response to calls for her to issue a coronavirus shutdown across a state with the motto "Under God the People Rule." South Dakota, after all, is one of the least densely populated states in the vast American West. Surely local circumstances should inform local responses to a communicable disease?  Not so, according to Noem's scolds at Change.org. They want the same "theory"...

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In March, US Deaths From COVID-19 Totaled Less Than 2 Percent of All Deaths

About 2.9 million people die in the United States each year from all causes. Monthly this total ranges from around 220,000 in the summertime to more than 280,000 in winter.  In recent decades, flu season has often peaked sometime from January to March, and this is a major driver in total deaths. The average daily number of deaths from December through March is over eight thousand. So far, total death data is too preliminary to know if there has been any significant increase in total deaths as...

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