Monday , March 25 2019
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Tag Archives: Innovation

Quotation of the Day…

… is from page 98 of the 2007 3rd edition of Russell Roberts’s The Choice: The road to wealth for a nation is quite simple. Use your resources wisely. By resources, I don’t just mean the traditional natural resources of fertile land, oil, and minerals, but the know-how, education, ingenuity, and drive of the people. Using your resources wisely means giving the people the incentive to work hard, to innovate, and to take risks. And opening your market to trade to allow your people to...

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Charles Lane – linking to research done by my intrepid Mercatus Center colleague Veronique de Rugy – correctly argues that the evidence reveals that American exporters do just fine without the assistance of that great geyser of cronyism, the U.S. Export-Import Bank. A slice: Congratulations, Boeing! You have created jobs for workers and value for shareholders. The only losers might be your Washington lobbyists. Their argument that Boeing and other U.S. makers of big-ticket manufactured...

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Bonus Quotation of the Day…

… is from David Hume’s essay, first published in 1759 or 1760, “Of the Jealousy of Trade” (here from page 330 of the 1985 Liberty Fund collection of some of Hume’s essays, edited by the late Eugene F. Miller, Essays: Moral, Political, and Literary): If the spirit of industry be preserved, it may easily be diverted from one branch to another. DBx: Widespread and growing prosperity requires not that today’s existing industries and jobs be preserved and protected from competition – that is,...

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Phil Magness explains why a carbon tax will not work as advertised in reality. A slice: First, even though the economists declare that their proposal will be revenue-neutral (i.e., it is offset by other tax and fee reductions so that it extracts no additional revenue from the public), they offer no guarantee but their word that politicians would adhere to this promise as opposed to treating carbon taxes as yet another lucrative revenue stream for public expenditures. Indeed, several of...

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GMU Econ alum Eric Crampton blogs on Andrew Farrant’s new paper – a paper that exposes as utterly fallacious Nancy MacLean’s accusation that Jim Buchanan was an advisor to Pinochet. Richard Ebeling defends Ludwig von Mises against Quinn Slobodian’s intellectual carelessness. Here’s GMU Econ alum Wayne Crews on the current government ‘shutdown.’ Mike Rappaport writes again on the myth that unemployment insurance definitely cannot be supplied by the private sector. David Henderson shares...

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My intrepid Mercatus Center colleague Veronique de Rugy interviews Steve Moore on Moore’s and Arthur Laffer’s new book, Trumponomics. Kevin Williamson sings the praises of the division of labor – and of the institutions that make it deep and productive. (Also at work in prosperous, modern societies is innovation unleashed through the widespread acceptance of bourgeois norms.) (HT Richard Fulmer) A slice: In the 1990s, we came to believe, if only for a couple of years, that “the laws of...

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My intrepid Mercatus Center colleague Veronique de Rugy rightly ridicules Congress’s fiscal irresponsibility. A slice: In other words, even though shutdowns aren’t the wide-scale calamity that many imply, it displays yet again the incredibly irresponsible members of Congress who seem to be chronically unable to perform their No. 1 job. And I when I say “chronically,” I really mean it. While people like to talk about how “the budget process is broken” or “things are getting worse,” the...

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My intrepid Mercatus Center colleague Veronique de Rugy discussed tariffs two weeks ago on Cavuto. While I believe that most of the trade ‘violations’ that Beijing commits are committed against the Chinese people and not against Americans, Claude Barfield is correct to argue that the Trump administration’s undermining of the WTO works against many of that administration’s stated trade goals. David Henderson is right that Tucker Carlson’s objections to immigration are wrong. A slice:...

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Wall Street Journal columnist Holman Jenkins writes wisely about Huawei and U.S. trade and tensions with China. A slice: The intelligence gains that any government might expect to snatch from using its internationally successful companies as spying platforms are small potatoes next to the long-run benefits that accrue from having its companies competing and thriving and trusted in global markets. Even the China of Xi Jinping must be able to figure this out. China is making a wrong turn...

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Richard Epstein is rightly – and highly – critical of Trump’s verbal abuse (and threatened actual abuse) of General Motors. A slice: At this point, the only question that is really worth asking is whether everyone in politics has lost their senses. At the most basic level, the president once again shows his utter lack of understanding as to how a market economy does and should work. The first principle is that the government has a restricted role, which is to define property rights and...

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