Sunday , August 18 2019
Home / Tag Archives: Virginia Political Economy

Tag Archives: Virginia Political Economy

Quotation of the Day…

… is from page 334 of George Will’s 2019 book, The Conservative Sensibility: The now normal practice of running enormous [budget] deficits in all economic conditions is additional evidence that American democracy is fully susceptible to the descent of democracy into looting. It is looting future generations. DBx: This reality is most distressing. Ordinary looters – those who, for example, rob convenience stores, pick pedestrians’ pockets, and steal purses from little old ladies – at...

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Bonus Quotation of the Day…

… is from page 32 of my late Nobel-laureate colleague Jim Buchanan’s 1997 paper “There Is a Science of Economics,” as this paper is reprinted in Economic Inquiry and Its Logic (2000), which is volume 12 of the Collected Works of James M. Buchanan (original emphasis): If economics is to be compared with natural science, economists should be able to define what can and cannot be done with the human materials and potential that exist. Economists, and economic science, should generate a...

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Quotation of the Day…

… is from pages 258-259 of my late Nobel-laureate colleague James Buchanan’s 1991 paper “The Minimal Politics of Market Order,” as it is reprinted in Choice, Contract, and Constitutions (2001), which is volume 16 of The Collected Works of James M. Buchanan: Bureaucrats who possess discretionary authority to allocate or distribute access to economic value will, of course, have opportunities for pecuniarily beneficial trades for the simple reason that the allocative-distributive authority...

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Quotation of the Day…

… is from page 262 of the 1975 HarperPerennial printing of the third (1950) edition of Joseph Schumpeter’s profound 1942 volume, Capitalism, Socialism, and Democracy (footnote deleted): First, even if there were no political groups trying to influence him, the typical citizen would in political matters tend to yield to extra-rational or irrational prejudice and impulse. The weakness of the rational processes he applies to politics and the absence of effective logical control over the...

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Quotation of the Day…

… is from page 269 of George Will’s 2019 book, The Conservative Sensibility: Gresham’s Law (bad money drives out good money) has a political corollary: Competition to capture government favoritism tends to supplant competition as the way to prosper amid the welter of market uncertainties. DBx: ’tis true. A society in which everyone attempts through government coercion to live at the expense of everyone else cannot possibly be either prosperous or free – not to the extent that such...

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Bonus Quotation of the Day…

… is from page 281 of David Friedman’s excellent 1996 book, Hidden Order: The U.S. government does not exist; there is no benevolent elderly gentleman watching over us. What we call “government action” is not the act of a person but the outcome of a political marketplace. In that market as in others, rational individuals act to pursue their own ends – under a set of rules rather different from the rules governing the private market. DBx: Quite so. Those who wish to turn ever-more...

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Quotation of the Day…

… is from pages 269-270 of my former professor Randy Holcombe’s 2018 book, Political Capitalism: How Economic and Political Power is Made and Maintained: When governments are given more discretion, this opens the door for those who hold government power to use it for their own interests. This is true whether power is seized by force and the population is held down by fear or whether power is purposely given to government by a citizenry who believes it will be used to further the public...

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Some Links

My intrepid Mercatus Center colleague Veronique de Rugy rightly applauds the timelessness and importance of the work of the late GMU economist Don Lavoie. A slice: In [his 1985 book] National Economic Planning, Lavoie explains how the knowledge problem — that is, the inability of government planners to access the detailed and decentralized bits of economic information whose use is required for an economy to achieve anything remotely close to an efficient allocation of resources and,...

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Quotation of the Day…

… is from page 46 of the 2000 Liberty Fund edition of Geoffrey Brennan’s and James M. Buchanan’s 1985 volume, The Reason of Rules: The “politics as science” or “politics as truth judgment” conceptualization of the social interaction process is both authoritarian and antiindividualistic. These terms are intended to be descriptive rather than pejorative. The authoritarian imperative emerges directly from the extraindividual source of valuation of “public good.” If “public good” exists...

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Some Links

Here’s Jeffrey Tucker on his new book – one that I’m especially eager to read – The Market Loves You: Why You Should Love It Back. George Will sides – rightly – with the Institute for Justice against those who oppose expanded school choice. Daniel Moore reveals some of many costs of Trump’s trade war on American consumers. (HT Walter Grinder) Pierre Lemieux ponders how to recognize a tyrant. My intrepid Mercatus Center colleague Veronique de Rugy calls for an end to Trump’s trade war on...

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