Thursday , February 22 2018
Home / Tag Archives: Virginia Political Economy

Tag Archives: Virginia Political Economy

Quotation of the Day…

… is from page 405 of my late Nobel-laureate colleague Jim Buchanan‘s and Yong Yoon’s insightful Winter 2002 Independent Review article, “Globalization as Framed by the Two Logics of Trade“: If our mind-set allows for equality among all persons in their ultimate competencies as citizens, should not our mind-set also allow for equality among all persons in their ultimate competencies as creators of economic value? DBx: The answer, of course, is yes. Or, at the very least, a heavy burden...

Read More »

Some Links

My intrepid Mercatus Center colleague Veronique de Rugy is rightly critical of the reach and rapacity of Uncle Sam’s greedy hand. Elaine Schwartz explains the increased supply of roses in the United States over the past quarter-century. Gary Hoover celebrates the entrepreneurship of Estée Lauder.  (HT Gonzalo Schwarz) Michael Strain is not buying the proposed plan to fund paid family leave with Social Security ‘funds.‘ Chris Edwards reveals the awful logic of the growth of government...

Read More »

Some Links

GMU Econ alum Ninos Malek says “Let the market give discrimination its just desserts.” Speaking of discrimination – or at least of allegations of discrimination – Christina Hoff Sommers continues to bust myths. Sam Staley reviews five recent movies that deal with race relations in the United States. George Will isn’t moved by animal spirits. Here’s David Henderson on the plausible claim – made by me and others – that ordinary Americans today are indeed richer than Rockefeller was 100...

Read More »

Quotation of the Day…

… is from page 128 of the American jurist James Coolidge Carter’s posthumously published and unfortunately neglected 1907 volume, Law: Its Origin, Growth and Function: How poor the conclusions of the wisest of lawyers gathered from their own original reflections when compared with those garnered up in the actual customs of life!  And how wretchedly poor in comparison are the written commands of the Sovereign State so far as they relate to conduct and manners, coloured and affected as...

Read More »

Are the Choices Made by Members of the United States’ Electoral College Illegitimate?

Here’s a letter to a new correspondent who does not all like the fact that I recently linked to this column by Walter Williams. Mr. Jeremy Norris Mr. Norris: Thanks for your e-mail, in which you express strong disapproval of my colleague Walter Williams’s defense of the Electoral College. Whatever arguments might be leveled against the Electoral College as a means of choosing the head of the executive branch of the U.S. national government, your argument that it “removes Americans from...

Read More »

Freeman Essay #73: “Sound Bites and Unsound Decisions”

In the February 2002 Freeman I imagined what the business world would be like if decision-makers there made decisions in the same way that decisions are typically made in the political world.  My imagining is beneath the fold. Place: an executive meeting room at Boeing’s headquarters. Background: a meeting is about to commence between Boeing’s chairman and CEO, Phil Condit, and a team of Boeing engineers. The engineers asked for the meeting to explain to Mr. Condit a new method they’ve...

Read More »

Quotation of the Day…

… is from page 356-357 of Vol. 19 (Ideas, Persons, and Events [2001]) of The Collected Works of James M. Buchanan; specifically, it’s from Jim’s 1997 essay “Reform without Romance”: In many countries, decades (even centuries) have passed with far too much intellectual effort exerted in elaborating idealized or stylized constructions of how a political economy might work.  Unfortunately, analysis and examination of how political and economic interaction takes place in nonromantic or...

Read More »

Bonus Quotation of the Day…

… is from page 84 of the 2009 collection of some essays by the late, brilliant Bruno Leoni, entitled Law, Liberty and the Competitive Market (Carlo Lottieri, ed.); in particular, this quotation is from Leoni’s essay “The Myth and Reality of Monopolies”: The fight against monopolies started in the modern age as a fight against the sovereign, or better, against those acts of the sovereign that subtracted certain goods from the market to reserve their production or distribution exclusively...

Read More »

Freeman Essay #71: “The Ultimate Externality”

In the December 2001 Freeman I argued that, while in theory government is a means of reducing externalities, in practice government creates externalities.  My column is below the fold. Pick an economist at random and ask him or her, “What is government’s chief role?” The likely answer will be, “To correct market failures.” Economists have long understood that markets aren’t textbook perfect. Sometimes they fail, most notably when part of the cost of a person’s actions is shifted onto...

Read More »

Quotation of the Day…

… is from page 53 of John Cogan’s informative 2017 book, The High Cost of Good Intentions: In legislating Civil War pensions, Congress followed the same pattern it had established in expanding Revolutionary War pensions.  In doing so, Congress reaffirmed and hardened the earlier legislative precedents but on a much grander scale.  Along with this legislation came an important and powerful discovery by the Congress and the executive branch: broadly distributing cash benefits directly to a...

Read More »