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Jonathan J. Bean (∞); David T. Beito (∞); Brad Birzer (∞); Mark Brady (∞); Burton Folsom (∞); Anthony Gregory (∞); Keith Halderman (∞); Robert Higgs (∞); Steven Horwitz (∞); Jeffrey Rogers Hummel (∞); Lester Hunt (∞); Troy Kickler (∞); Roderick T. Long (∞); C.J. Maloney (∞); Wendy McElroy (∞); Paul Moreno (∞); Charles W. Nuckolls (∞); James Otteson (∞); Ralph Raico (∞); Sheldon Richman (∞); Chris Matthew Sciabarra (∞); Jane S. Shaw (∞); Aeon J. Skoble (∞); Amy H. Sturgis (∞)

Friday, November 20, 2009

Aeon J. Skoble

Dan Klein on the Invisible Hand

GMU economist Daniel Klein and GMU grad student Brandon Lucas have an interesting piece here on the centrality to Adam Smith of the "invisible hand" notion. Here's the abstract:

"We explore the conjecture, first hinted at by Peter Minowitz, that Smith deliberately placed his central idea, as represented by the phrase “led by an invisible hand,” at the physical center of his masterworks. The four most significant points developed are as follows: (1) The expression “led by an invisible hand” occurs pretty much dead center of the 1st and 2nd editions of Wealth of Nations, and of the final edition of the volumes containing Theory of Moral Sentiments. (2) The expression in WN drifted only a bit from the center, only about 5 percent from the center in the final edition (and even less if the index is excluded). (3) The rhetoric lectures show that Smith not only was conscious of deliberate placement of potent words at the center, but thought it significant enough to remark on to his pupils, noting that Thucydides “often expresses all that he labours so much in a word or two, sometimes placed in the middle of the narration.” (4) There are numerous and rich ways in which centrality and middle-ness hold special and positive significance in Smith’s thought."

Posted on Friday, November 20, 2009 at 10:14 AM | Comments (0) | Top

Sheldon Richman

TGIF: The Mandated Health Insurance Outrage

Want to know how the politicians justify forcing us to buy health insurance? I discuss their screwball grounds in this week's TGIF.

Posted on Friday, November 20, 2009 at 10:10 AM | Comments (0) | Top

Thursday, November 19, 2009

David T. Beito

The Two Most Corrupt Countries in the World

Jim Bovard has their names here.

Posted on Thursday, November 19, 2009 at 9:24 PM | Comments (0) | Top

Tuesday, November 17, 2009

Keith Halderman

A Portent of Things to Come

Many individuals, including myself, believe that the true goal of Barack Obama and the Democratic leadership in Congress is a single payer government run health care system. So it is vital that we all understand exactly what that would mean for the American people. A most important question is would the availability and quality of care improve or decline with such a change?

Those who argue that there would be a significant change for the worse are ignored, ridiculed, and labeled as enemies of the state, especially when they point out that a decrease in the accessibility of care would result in an increase in the mortality rate, after all the government would never kill anyone. An overwhelming amount of publicity highlighted a study which claimed that the American system of private insurance led to an extra 45,000 deaths per annum. However, a British report,which argued that the state controlled system in place there caused 17,000 unnecessary fatalities each year in that much smaller country, received very little attention from our biased media. It is essential to determine the creditability of each assertion.

In the article on the American research linked to above they describe the inquiry’s methodology this way: “The researchers examined government health surveys from more than 9,000 people aged 17 to 64, taken from 1986-1994, and then followed up through 2000. They determined that the uninsured have a 40 percent higher risk of death than those with private health insurance as a result of being unable to obtain necessary medical care. The researchers then extrapolated the results to census data from 2005 and calculated there were 44,789 deaths associated with lack of health insurance.” Now, if this description is complete there are two very obvious serious problems with this research. First there does not seem to be consideration of the fact that those without insurance are going have as a group less financial resources and it is a well documented fact that being poor includes all kinds of negative consequences, such as worse food, for ones health that have nothing to do with access to medical care. Many of their deaths can be attributed to factors other than lack of coverage. Secondly, the uninsured includes persons with medical savings accounts, income enough to pay for care themselves, and brother in laws who are doctors they do not have insurance but they have access to medical services. Their deaths can not be attributed to lack of health care but it seems in this analysis they are.

The British data pointing to government caused casualties is more in line with the truth because we can already see the mechanism at work here in America. The U.S. Preventative Services Task Force has just recommended that women wait until they are fifty years old before beginning yearly mammograms. This new pronouncement supersedes the government’s old advice that these procedures start when women turn forty. This latest guideline will result in two things, the overall cost of medical care will significantly decrease while the number of women who die of breast cancer will increase.

This afternoon I heard a telephone interview on CNN with one of the members of the panel who asserted that monetary expense played no role in the determination that women wait until fifty before being tested. I find this extremely difficult to believe since both conclusions were reached with the same data set. The only thing that changed between the earlier finding and this latest one is that financial burden of health care has become of intense concern.

The government has always been willing to trade lives for money, why do you think that in the beginning our soldiers were riding around Iraq in vehicles with no armor on the bottom? With the incredibly sorry state of our economy and its prospects the pressure to make this exchange in the medical field will be irresistible.

Posted on Tuesday, November 17, 2009 at 8:07 PM | Comments (0) | Top

Monday, November 16, 2009

David T. Beito

The Neocons Favorite "Maverick"

Sarah Palin once said a kind word or two about Ron Paul but that was then. The self-described maverick can now claim enthusiastic support from the reiging heads of the two main ancestral branches of neoconservativism. Now joining William Kristol (son of Irving) in the Palin brigade is his ideological first cousin, John Podhoritz (son of Norman).

Posted on Monday, November 16, 2009 at 9:42 PM | Comments (0) | Top

Anthony Gregory

Rewriting the Success of Iraq

In 2004 and 2005, I recall a broad agreement among establishment voices that the Afghanistan war had been a grand, quick success, and the occupation of that country was going well, compared to Iraq. Now, post-"surge," a common narrative is emerging that Iraq is the setting of true success, something to aspire to in Afghanistan. Since Obama has long conceded the effectiveness of the "surge," the idea that Iraq is a better model for U.S. nation-building than Afghanistan has been -- and remember, the Democrats have for years said Bush "neglected" Afghanistan -- I wonder what the common view of Iraq will be years from now. Will the hopeless quagmire in Afghanistan, which I always believed was an even more Sisyphean ordeal than Iraq, make Americans nostalgic for Iraq in comparison? Is Afghanistan a new foil for the neocons' project in Mesopotamia? Will Obama's principal foreign policy accomplishment succeed in vindicating Bush's most conspicuous foreign policy effort? So far, by making Bush's "surge" seem wise, prudent and effective relative to his own troubles in Afghanistan, Obama risks salvaging the Bush administration in future public opinion.

Posted on Monday, November 16, 2009 at 12:45 PM | Comments (0) | Top

Sunday, November 15, 2009

C.J. Maloney

Done As Done Can Be

Despite the back and the forth and all the public fireworks, every member of Congress can barely keep themselves from openly drooling on national TV at the thought of all the money and power they are going to vote themselves once they nationalize the health care industry.

Despite the entire manufactured furor , socialized medicine is a done deal.

Posted on Sunday, November 15, 2009 at 6:48 PM | Comments (0) | Top

Jane S. Shaw

Eric Holder's Choice

I am interested in comment by members of this blog on the Justice Department's decision to try five accused Sept. 11 co-conspirators in federal court in Manhattan. In terms of liberty, is this an advance over military commissions or does it spell disaster?

Posted on Sunday, November 15, 2009 at 5:28 PM | Comments (1) | Top

Saturday, November 14, 2009

Keith Halderman

Controversial Firing in Great Britain

In America as well as Great Britain drug policy is most decidedly political policy with scientific evidence playing a very inadequate role. Stating such an elementary truth can get you fired as British psychopharmacologist Professor David Nutt head of the Advisory Council on the Misuse of Drugs (ACMD) found out two weeks ago when he lost his job for criticizing the Home Office’s decision to reclassify cannabis from a class C drug, the least harmful, to class B. In a lecture given at the Center for Crime and Justice Studies at King's College London Professor Nutt accused then Home Secretary Jacqui Smith of basing the move to change the marijuana classification on a willful "distorting and devaluing" of the scientific evidence. He stated that "we have to accept young people like to experiment -- with drugs and other potentially harmful activities -- and what we should be doing in all of this is to protect them from harm at this stage of their lives. We therefore have to provide more accurate and credible information. If you think that scaring kids will stop them using, you are probably wrong."

Needless to say, the sacking of the head of the ACMD has caused a great deal of controversy with two members of the drug council, chemist Les King and clinical director Marion Walker resigning in protest. This week current Home Secretary Alan Johnson, who is responsible for Nutt’s dismissal, agreed to meet with the remaining members of the ACMD. The session described as tense by The Independent led to the resignations of three more council members, chemist Dr Simon Campbell, psychologist Dr John Marsden and scientific consultant Ian Ragan. Science spokesman for the opposition Liberal Democrats, Evan Harris, contended that "the latest resignations represent a deepening in the crisis of confidence of scientists in the Government – in particular in the Home Secretary. That they come after Alan Johnson met the ACMD demonstrates that he just doesn't get it when it comes to the importance of respecting the academic freedom and integrity of independent, unpaid science advisers."

Cross posted on The Trebach Report

Posted on Saturday, November 14, 2009 at 2:23 AM | Comments (0) | Top

David T. Beito

Two Cheers for Obama (Hiroshima and Nagasaki)

Many conservatives have lambasted Obama's evasive refusal to defend the dropping of the atomic bombs on Japan when asked whether Truman was right to do it. Of course, it would have been better if had taken a firm stand against Truman's tragic decision but this is still pretty good for a politician.

Posted on Saturday, November 14, 2009 at 12:24 AM | Comments (0) | Top

Friday, November 13, 2009

Wendy McElroy

UK's total surveillance society...North America next?

How long before this comes to North America? [Hat tip to David K.]

A November 10th headline from the UK Telegraph: State to 'spy' on every phone call, email and web search. Excerpt:

All telecoms companies and internet service providers will be required by law to keep a record of every customer’s personal communications, showing who they have contacted, when and where, as well as the websites they have visited.

Despite widespread opposition to the increasing amount of surveillance in Britain, 653 public bodies will be given access to the information, including police, local councils, the Financial Services Authority, the ambulance service, fire authorities and even prison governors. They will not require the permission of a judge or a magistrate to obtain the information, but simply the authorisation of a senior police officer or the equivalent of a deputy head of department at a local authority.

For more commentary, please visit www.wendymcelroy.com.

Posted on Friday, November 13, 2009 at 11:27 AM | Comments (0) | Top

Wednesday, November 11, 2009

Jonathan J. Bean

Classical Liberalism Is All in Our Heads? Responding to Paul Harvey on Race

In the current issue of Books & Culture, Professor Paul Harvey (not to be confused with the late radio icon) takes aim at my “imagined” (read: invented) tradition of classical liberalism on race. You can read his full review here.

Harvey concedes that Race and Liberty in America rediscovers “understudied authors.” Then he quickly moves on to the usual academic dismissal of any classical liberal “tradition” on race (academics love scare quotes to let the reader know that there really is no such thing).

Since the 1950s, if not earlier, left-liberal academics have argued that classical liberalism ended in the early 20th century. Left-liberals used to argue that there was no conservatism in U.S. history but they have rediscovered a tradition that they find useful to dredge up in contemporary debates. In short, all good things come from the Left.

My Latest Blog Post at PBS's Nightly Business Report

It's on unemployment, health care and regime uncertainty and can be found here .

Posted on Wednesday, November 11, 2009 at 5:36 PM | Comments (0) | Top

Tuesday, November 10, 2009

Mark Brady

No Surprise

Why Thatcher Defended the Berlin Wall.

Posted on Tuesday, November 10, 2009 at 10:02 PM | Comments (0) | Top

Robert Higgs

More Evidence of Current Regime Uncertainty?

In a November 3 article, the Wall Street Journal reports that corporate cash holdings have reached extraordinary levels:

Stung by the financial crisis, companies are holding more cash — and a greater percentage of assets in cash — than at any time in the past 40 years.
In the second quarter, the 500 largest nonfinancial U.S. firms, by total assets, held about $994 billion in cash and short-term investments, or 9.8% of their assets, according a Wall Street Journal analysis of corporate filings. That is up from $846 billion, or 7.9% of assets, a year earlier.
The trend appears to have continued in the third quarter, despite an improving economy. Of those 500 companies, 248 have reported third-quarter results. Their cash increased to 11.1% of assets, from 10.1% in the second quarter. Companies as diverse as Alcoa Inc.., Google Inc. and Texas Instruments Inc. all reported big third-quarter increases in cash holdings.
“Everyone is hoarding cash,” says Carsten Stendevad, head of Citigroup Inc.’s financial-strategy group.

Sunday, November 8, 2009

David T. Beito

Mike Church Interviews L and P'S Robert Higgs

Posted on Sunday, November 8, 2009 at 9:21 PM | Comments (0) | Top

Saturday, November 7, 2009

Amy H. Sturgis

Intersection of Fantasy & Native America

I am very pleased to announce the release of my latest book project, The Intersection of Fantasy and Native America: From H.P. Lovecraft to Leslie Marmon Silko.

A number of contemporary Native American authors incorporate elements of fantasy into their fiction, while several non-Native fantasy authors utilize elements of Native America in their storytelling. Nevertheless, few experts on fantasy consider American Indian works, and few experts on Native American studies explore the fantastic in literature. Now an international, multi-ethnic, and cross-disciplinary group of scholars investigates the meaningful ways in which fantasy and Native America intersect, examining classics by American Indian authors such as Louise Erdrich, Gerald Vizenor, and Leslie Marmon Silko, as well as non-Native fantasists such as H.P. Lovecraft, J.R.R. Tolkien, and J.K. Rowling. Thus these essayists pioneer new ways of thinking about fantasy texts by Native and non-Native authors, and challenge other academics, writers, and readers to do the same.

Hillary Clinton Go Pakistan

She went, she saw, she insulted. Hillary takes the grrrrrrrrr in her grrl too far.

Posted on Saturday, November 7, 2009 at 12:22 AM | Comments (0) | Top

Friday, November 6, 2009

Keith Halderman

Severity of Punishment Not a Factor

The most recent information on marijuana arrests verifies many facts that argue for a repeal of prohibition. A new report, Marijuana Arrests in the United States posted on The Bulletin of Cannabis Reform contains a wealth of significant data including state by state breakdowns.

The account tells us that from 1991 to 2009 the number of marijuana arrests doubled while the number of users has remained consistent. Also, punishment for infractions falls disproportionately on young people and African-Americans and most tellingly that strictness of the law has almost no effect on usage rates. In his executive summary author Jon Gettman points out that “there are wide disparities between states in both marijuana arrest rates and the severity of penalties. These differences bear little relationship to rates of use, while the penalty structure actually serves as a price support for the illicit market.”

Cross posted on The Trebach Report

Posted on Friday, November 6, 2009 at 4:02 PM | Comments (0) | Top

Thursday, November 5, 2009

Keith Halderman

Prohibition Hurts Prosperity

The human costs, including loss of liberty and the direct monetary support of drug prohibition are widely recognized, however, hidden economic damage also occurs. Take the case of Mexico which seemed poised to take off economically in the 1990s but failed to achieve the expected results. In his analysis of the Mexican disappointment Alvaro Vargas Llosa suggests that that country’s so vigorous pursuit of drug control could be a partial reason for their financial shortfall. He contends that Mexican President Felipe Calderon “made what a large number of his Mexican supporters think was a colossal mistake in devoting to the drug war the energy and resources that he should have committed to completing the truncated reforms. The evidence indicates that the drug cartels are simply shifting some of their operations to Central America while continuing to corrupt the Mexican institutions and suck the blood out of an administration consumed by the struggle with the enemy it has picked.”

Whatever the true economic costs of the Mexican drug war, it is clear that human costs have become enormous. In its weekly update of the situation, which includes an astonishing day by day accounting, the Drug War Chronicle reports that death toll for 2009 has just surpassed 6000.

Cross posted on The Trebach Report

Posted on Thursday, November 5, 2009 at 11:37 AM | Comments (0) | Top

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