Saturday , January 25 2020
Home / Tag Archives: Innovation

Tag Archives: Innovation

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My intrepid Mercatus Center colleague Veronique de Rugy gives credit where credit is due – in this case to the Trump administration for its wise roll-back of an Obama-era labor policy John O. McGinnis exposes the appalling ideology and bias of the New York Times. Have you ever heard of the genuine hero Wilson Greatbatch? Stuart Anderson gets the language right about travel bans. Kevin Williamson has fun revealing the Everestian economic ignorance now on the loose in Sacramento. Here’s a...

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The great Sheldon Richman eloquently and knowledgeably defends the Quincy Institute against the ludicrous assertions of Sen. Tom Cotton (R-AR). My intrepid Mercatus Center colleague Veronique de Rugy resists the growing support for industrial policy. A slice: What’s more, the late William Niskanen, economist and former Chairman of the Cato Institute looked at this issue in his 1997 paper “R&D and Economic Growth: Cautionary Thoughts.” He argued that the idea that R&D drives...

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Quotation of the Day…

… is from page 155 of Bas Van Der Vossen’s and Jason Brennan’s superb 2018 book, In Defense of Openness (original emphasis): Growth is what actually saves lives, actually reduces misery, and actually meets people’s basic needs over time. Past economic growth is why Bas, Jason, Peter Singer, and our readers are debating how much a duty we have to rescue distant strangers, rather than ourselves jostling for the best position in a breadline. Future growth is our best bet – possibly our only...

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Katherine Timpf rightly tears into Lindsey Graham for criticizing Rand Paul and Mike Lee for their refusal to defer, as the mindlessly hawkish Graham defers, to Trump on matters of war-making. A slice: It really is a shame, because Paul was also right about something else: There is a patriotic case for limiting the president’s war powers. In fact, to me, it’s quite clearly the patriotic case. There is, after all, a reason why the Founders gave Congress the sole power to declare war in...

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I’m Still Not the Least Worried About AI Causing Lasting Unemployment

Here’s an e-mail to an economics undergraduate who (I boast) says that his brother “is a fan of Cafe Hayek.” Mr. Chad: Thanks for your e-mail. And please pass along my thanks to your brother for his telling you about Café Hayek. You ask how worried I am “about lasting unemployment being brought on by AI and robotics making robots closer and closer to human.” For three related reasons, I’m not worried at all. First, robots are tools that conserve human labor. As Deirdre McCloskey notes,...

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Quotation of the Day…

… is from page 287 of Deirdre McCloskey’s marvelous 2019 book, Why Liberalism Works: How True Liberal Values Produce a Freer, More Equal, Prosperous World for All: Stuff, not jobs, are what we have economies for. If we can get more stuff by technological change or by trading with China and Mexico, good. Comments

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Quotation of the Day…

… is from page 142 of Frank A. Fetter’s 1927 paper “Clark’s Reformulation of the Capital Concept,” which is chapter 9 of Economic Essays Contributed in Honor of John Bates Clark (Jacob H. Hollander, ed., 1927): It has been said, perhaps extremely, that the first time a new thought is expressed or an invention is made, the world simply pays no attention to it. Not until it is repeated independently and rediscovered a hundred times, and then only under peculiarly favoring conditions, does...

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Some Links

Joakim Book rightly celebrates the reality of technology increasing people’s employment options. My amazing GMU colleague Ilya Somin, from over in the Scalia School of Law, is among the immigrants whose inspiring stories are celebrated by Stuart Anderson. Edward Lazear, John Cochrane, David Henderson, Richard Epstein, Michael J. Boskin, and Daniel Heil productively ponder taxation. Dan Ikenson justifiably is no great fan of the USMCA. And Eric Boehm justifiably is no great fan of “phase...

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Yes. Yes I Truly Do Admire J.D. Rockefeller, Sr.

Here’s a letter to someone who was directed by a friend to this Facebook post of mine. Mr. Çubiry: “Shocked and speechless” at my “scary” admission of admiration for John D. Rockefeller, Sr., you ask if I’m “unmoved by the tremendous suffering and economic damage he spread through society with his monopoly.” Simple answer: the Rockefeller in your mind is a myth. The real Rockefeller was no monopolist, and his Standard Oil Company was no monopoly. Rockefeller was a creative and driven...

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