So says a new book reviewed by Martin Wolf in the Financial Times, The Entrepreneurial State. The basic thesis is that Yes, innovation depends on bold entrepreneurship. But the entity that takes the boldest risks and achieves the biggest breakthroughs is not the private sector; it is the much-maligned state. Martin Wolf approves of this […]
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Late this afternoon Gov. Snyder of Michigan authorized Detroit’s emergency manager moving Detroit into Ch. 9 bankruptcy. I have not seen the details of this proposal (and much more is coming out tomorrow), yet what we do know is encouraging from the perspective of the people of Detroit. Detroit is an utter disaster in many […]
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Much is being made of the D.C. city council’s 8-5 decision to impose a “living wage” of $12.50 on Wal-mart. Wal-mart has announced cancellation of three planned stores and a review of 3 stores being built now. Mona Charon over on NRO correctly highlights the harm this decision will have on its citizens: Vincent Orange […]
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There is little doubt the Fed’s easy money policy, and especially the deliberate QE of buying long term instruments, has resulted in speculative flows investing in those assets. As we related last week, the Fed’s discussion of tapering has resulted in immense turmoil, as speculators are wondering if capital needs to be redeployed away from […]
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If you think Keystone XL is a risk, can you please repeat after me: Deepwater Horizon (or even Exxon Valdez)? Bret Stephens has a piece on this today in the WSJ, par excellence. Extreme environmentalists, for whom environmentalism is their religion, do not understand the inevitability of tradeoffs in the fallen world we live in. […]
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Bloomberg reports that the current Congress is on pace to produce far less legislation than previous Congress’s, and suggests the problem is due to Republican ideology. But is this a problem? Or is the Bloomberg report itself rather a reflection of a differing ideology? Brookings Scholar Thomas Mann says, The 113th Congress is on track […]
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At least that’s my take, based on this summary from Politico. Republicans get what they want, ~20,000 more border police, with 700 more miles of fence. Democrats get what they want–more democratic voters (or at least that’s what they think they’re going to get; I’m not so sure). Do we really want more of a […]
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Many critics of Austrian economic theory on the causes of business cycles suggest that the lack of significant CPI-based inflation shows the Austrians are all wrong. Yet, as I have argued earlier, CPI inflation is NOT what Austrians are concerned with. Rather the central banks artificially lowering interest rates leads to malinvestment and a distortion […]
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Over on the DC publication The Hill, we find that the head of the IMF suggests climate change is the new growth engine for jobs! Christine Lagarde, the managing director of the International Monetary Fund, said Thursday that climate change will drive job creation. “Climate change will create jobs. It will create disasters before it […]
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Federalism as Instrument for Tolerance
27 Jun 2013
Last week I was able to go to Acton University and experience a great intellectual exploration of the intersection of faith and markets. One of the best features was the diversity of the participants; we had ~850 participants from 85 countries! Most were Christians (Protestant, Catholic or Orthodox), although I enjoyed one dinner while talking […]
Bert Wheeler
Jeff Haymond
Marc Clauson
Mark Caleb Smith
Tom Mach