Wednesday , September 19 2018
Home / Tag Archives: Reality Is Not Optional

Tag Archives: Reality Is Not Optional

Some Links

This New York Times op-ed from last month – on trade with China – is well-described by its author’s last name. (I thank my Mercatus Center colleague Christine MacDaniel for reminding me of it.) A slice: First, about 60 percent of China’s exports to the United States are produced at factories owned by non-Chinese companies. Many of them produce customized inputs for American manufacturers, such as computer routers, LED fixtures and boat motors. That means the tariffs imposed by the Trump...

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Quotation of the Day…

… is from page 6 of Deirdre McCloskey’s September 2018 manuscript “Raising Up Private Max U,” which is forthcoming in The Ethical Formation of Economists (Wilfred Dolfsma and Iona Negru, eds.): The problem is that ethics in economics has been thoughtlessly attached to Rousseau’s notion of a general will.  Deep in left-wing thought and in a good deal of right-wing thought about the economy is the premise, as Isaiah Berlin once put it, that government can accomplish whatever it rationally...

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Sen. Warren’s Tragedy of the Commons

Here’s a letter to Project Syndicate: Simon Johnson praises Sen. Elizabeth Warren’s proposed legislation, which is titled “Accountable Capitalism Act” (“Saving Capitalism from Economics 101,” August 31). Alas, despite Sen. Warren’s intentions, passage of her bill – by giving non-owners of capital a legally enforceable say in how capital is used – would dramatically weaken, rather than strengthen, the accountability of corporate decision-makers. Accountability for using property wisely is...

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An Open Letter to Tucker Carlson

Mr. Tucker CarlsonFox News Mr. Carlson: Yesterday you agreed with Bernie Sanders that corporations that employ workers who receive government welfare benefits are subsidized by taxpayers. You are mistaken. These workers’ wages are low because they produce too little value per hour while on the job to enable them to earn enough to escape eligibility for welfare benefits. Their wages aren’t low because they receive welfare benefits. To blame Jeff Bezos and other business owners for the low...

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Some Links

My intrepid Mercatus Center colleague Veronique de Rugy – writing again in the New York Times – reveals how rent-seekers and their enablers in government conceal tariffs’ true costs. A slice: Even worse is the legislatively required bias that the United States International Trade Commission must exercise against American consumers of imports when deciding whether or not to impose duties on foreign producers accused of selling their goods for less than they should or selling unduly...

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Protectionism is Predation, Pure and Simple

Here’s a letter to the Wall Street Journal: What the Trump administration celebrates as its accomplishments in renegotiating NAFTA are nothing other than special privileges granted to select domestic producers that will necessarily come at the larger expense of all American consumers and of those many American producers who aren’t among the select to be favored (“Trump Hails U.S.-Mexico Trade Pact, Says ‘We’ll See’ With Canada,” August 27). It’s a damn shame that such government actions...

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Shameless Self-Promotion

My latest column at AIER is on what Richard Epstein accurately calls Elizabeth Warren’s “surreptitious socialism.” A slice: Sen. Warren is also disturbingly naïve about the reality of legal processes. Nowhere is this naïvete more evident than in her silence on just what are the “stakeholder interests” she wants corporations to consider. It’s easy to say “stakeholder interests.” But unlike one’s status as a shareholder, which is clear and objective, one’s status as a stakeholder is hazy...

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Some Links

My intrepid Mercatus Center colleague Veronique de Rugy exposes the realities of democratic socialism. A slice: The bottom line is that none of us can afford the true budgetary costs of the Democrat Socialist dream. And that’s just the financial costs. It says nothing about the stifling of innovation, of entrepreneurship, and of work under such plan. Speaking of socialism, here’s a great cartoon by way of Mark Perry. Also speaking of socialism – or of socialist twitchings – James Copland...

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Quotation of the Day…

… is from an e-mail sent to me yesterday by my emeritus GMU Econ colleague and Nobel laureate Vernon Smith; Vernon’s e-mail was prompted by this letter of mine in which I criticized Matt Yglesias’s assertion that Sen. Elizabeth Warren’s economically calamitous and grotesquely unethical scheme to radically restructure corporate governance in the U.S. – a scheme that would effectively seize massive amounts of property from investors – would not cost us “a dime”: And why would anyone work...

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Quotation of the Day…

… is from George Will’s most recent column, “Another epic economic collapse is coming“: Another hardy perennial among economic debates concerns the point at which the ratio of debt to GDP suppresses growth. The (sort of) good news — in that it will satisfy intellectual curiosity — is that we are going to find out where that point is: Within a decade, the national debt probably will be 100 percent of GDP and rising. As Irwin M. Stelzer of the Hudson Institute says, “If unlimited...

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