Free Markets and Small Government vs. Redistributionism and State Planning

Dan Mitchell's avatarInternational Liberty

Over the years, I’ve repeatedly tied to explain why socialism is a terrible system while also explaining that we should be careful not to label people as socialists if it’s more accurate to refer to them as statists, redistributionists, cronyists, or fascists.

To help illuminate this issue, here’s a four-quadrant matrix. Free markets are on the left and state planning is on the right. And small government is on the top with redistribution is on the bottom.

So it’s a very good idea to be in the top-left quadrant, hopefully close to the corner, sort of like Hong Kong and Singapore. And it’s a big mistake to be in the bottom-right quadrant, sort of like Cuba, North Korea, and Venezuela.

Notice, by the way, that Denmark and Sweden are more free market than the United States (i.e., further to the left), but…

View original post 539 more words

Black Lives [Pins] Matter: Ohio Attorney Jailed For Refusing To Take Off Pin In Court

jonathanturley's avatarJONATHAN TURLEY

Screen Shot 2016-07-26 at 1.00.14 PMThere is an interesting controversy out of Youngstown, Ohio where attorney Andrea Burton have been jailed for five days for contempt in refusing to take off her Black Lives Matter pin. Youngstown Municipal Court Judge Robert Milich ruled that such pins are a distraction and inappropriate for the courtroom, but Burton refused to yield.

View original post 239 more words

The Unseen of Pet Ownership

Jon Murphy's avatarA Force for Good

In the Pittsburgh Tribune-Review, Don Boudreaux has an excellent article on the insights of Frederic Bastiat on the “unseen” aspects of economics.  The whole thing is worth a read.  But Don focuses very much on negative unseen consequences.  I want to share a positive case:

I have a cat.  And, like every other cat owner in the world, I think my cat is the absolute best.  She is the first “real” pet I ever had (I had a few fish growing up and a gecko my first year living away from my parents).  So, until I was 25, I never knew the joy of life with a pet.

I can honestly say my life is better off with my cat in it.  She has been a constant companion to me since the first day I adopted her, bringing me comfort when my grandparents died and cheering me up when I…

View original post 176 more words

Brown University Under Fire In Documentary On the Denial of Free Speech On Campus

jonathanturley's avatarJONATHAN TURLEY

imagesBrown university is the subject of intense criticism in the wake of a documentary from one of its graduates on the evisceration of free speech on campus. The elite school has followed the same course of other schools in declaring speech or symbols “micro aggressions” and allowing students to prevent speakers from appearing on campus or addressing other students. The film by Rob Montz is scathing and embarrassing as he shows students successfully barring people from uttering opposing views or shouting down a man because he is a white heterosexual.

View original post 83 more words

Are tobacco shares a good investment?

There was a bit of a hiatus in the mid-20th century but since then, Ben Bernanke’s decision to invest only in tobacco shares was a wise choice.

During the transition period, 1947-1965, shares in the tobacco industry underperformed by 3 percent per year in the USA.

Still, it was a temporary trend and the decades from the 1960s to the 2000s, when the health impact of tobacco was well known, saw tobacco companies outperforming comparable firms by over +3 percent per year. 

Source: Responsible Investing: Does It Pay to Be “Bad”?  – Credit Suisse.

Big dog scared by tiny kitten

@metiria house prices won’t drop 40% by raising taxes, banning foreigners

Just increase the supply of land. Extending the capital gains tax and banning foreigners from buying land will do no good. An average house price 10 times the average income in Auckland is not a demand-side problem.

Source: Is Your Town Building Enough Housing? – Trulia’s Blog.

There are plenty of examples of US cities with different land supply restrictions but common national surges in demand for housing such as prior to the GFC. Cities with liberal land supply experienced only small increases in house prices.

Source: Regionally, Housing Rebound Depends on Jobs, Local Supply Tightness – The Long-Awaited Housing Recovery – 2013 Annual Report – Dallas Fed from Federal Housing Finance Agency; Bureau of Economic Analysis; “The Geographic Determinants of Housing Supply,” by Albert Saiz, Quarterly Journal of Economics, vol. 125, no. 3, 2010, pp. 1253–96.

The Greens should follow ACT and the Labour Party in calling for the abolition of the Auckland urban limit and changes in council finances so they can fund the necessary infrastructure quickly.

libertarians should not pander to conservatives or anyone else for that matter

fabiorojas's avatarorgtheory.net

Over at National Review, I’ve seen some puzzling articles about Gary Johnson, the libertarian candidate for president. First, there was an article that argued that Johnson was not truly libertarian. This strikes me as odd since politicians, especially successful ones like Johnson, are usually pragmatists, not college professors and it is strange for a conservative magazine to judge who is libertarian enough. Second, there was an article urging Johnson to court the right. This is also odd in that, aside from taxes and gun rights, libertarians have opposite beliefs from conservatives on issues ranging from migration, war, and cultural issues. These aren’t small differences. They’re YUGE.

Ultimately, though, libertarians should not court the right for practical and moral reasons. In practical terms, the libertarian-conservative alliance has been a complete failure. When libertarian candidates run for office within the GOP, they rarely get any support. In the last…

View original post 385 more words

Fewer Nukes Could Make the World Less Safe

Noah Smith wrote an excellent defence of mutually assured destruction as a force for peace today. A key step towards deterring nuclear war is making sure no one can survive it so there is no point in starting one.

Source: Fewer Nukes Could Make the World Less Safe – Noah Smith.

Disarmament is impossible unless there is universal brain surgery to eliminate all knowledge of nuclear weapons and the principles of physics behind their development as Tom Schelling argued in 1962

A sharp distinction is often drawn between arms control and disarmament. The former seeks to reshape military incentives and capabilities; the latter, it is alleged, eliminates them. But the success of either depends on mutual deterrence. Short of universal brain surgery, nothing can erase the memory of weapons and how to build them.

If “total disarmament” is to make war unlikely, it must reduce the incentives. It cannot eliminate the potential for destruction; the most primitive war can be modernized by rearmament as it goes along.

Schelling wrote a fine essay in 1985 about what went wrong with the arms control. One of the things that went wrong was the obsession with reducing the number of nuclear weapons rather than manging the incentives to use them.

Nobody ever offers a convincing reason for preferring smaller numbers (I may exaggerate: saving money is a legitimate reason…). And some people think that with fewer numbers there is less likelihood that one will fall into mischievous hands or be launched by mechanical error; this I think is incorrect, but may not be worth refuting because it is in no one’s main motivation.

For the most part, people simply think that smaller numbers are better than bigger… If people really believe that zero is the ultimate goal it is easy to see that downward is the direction they should go. But hardly anyone who takes arms control seriously believes that zero is the goal.

Always beware of the man with one nuclear bomb, not the man with 1000. Schelling argues for force postures consisting of

economical and reliable retaliatory weapons that are neither susceptible to preemption nor capable of preemption.

Schelling went on to argue that stabilising, offsetting nuclear force postures share three “crucial elements:” an assured retaliatory capability, “restrained targeting and some capacity for war termination.” Counterforce targeting, the enemy of stabilizing deterrence and arms control, was ignored once these capabilities were in reach while the ability to terminate a war is hardly discussed.

The hotline was developed at the suggestion of Thomas Schelling in the aftermath of the Cuban missile crisis because Washington and Moscow lacked any quick way of communicating.

Radio Moscow broadcast the Russian acceptance of the American offer that resolved the crisis because there is no faster way of communicating the message in the final hours of the crisis before it went out of control. Quick thinking by the Russians.

Schelling had a good point when he said brinkmanship is not a cliff, but a curve slope that you can fall down unwillingly. In the Cuban missile crisis that was possible simply through the lack of quick communications to terminate a crisis.

HTWhat Went Wrong with Arms Control?

Gary Johnson pretends to have a heart attack over pot

HT: Lars Christensen

Gary Johnson and William Weld on Hillary, Trump, and Why You Should Vote Libertarian

Milton Friedman Speaks – Free Trade: Producer vs. Consumer

Europe since 1000 AD

Bassett, Brash & Hide

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Truth on the Market

Scholarly commentary on law, economics, and more

The Undercover Historian

Beatrice Cherrier's blog

Matua Kahurangi

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Temple of Sociology

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Velvet Glove, Iron Fist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Why Evolution Is True

Why Evolution is True is a blog written by Jerry Coyne, centered on evolution and biology but also dealing with diverse topics like politics, culture, and cats.

Down to Earth Kiwi

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

NoTricksZone

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Homepaddock

A rural perspective with a blue tint by Ele Ludemann

Kiwiblog

DPF's Kiwiblog - Fomenting Happy Mischief since 2003

The Dangerous Economist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Watts Up With That?

The world's most viewed site on global warming and climate change

The Logical Place

Tim Harding's writings on rationality, informal logic and skepticism

Doc's Books

A window into Doc Freiberger's library

The Risk-Monger

Let's examine hard decisions!

Uneasy Money

Commentary on monetary policy in the spirit of R. G. Hawtrey

Barrie Saunders

Thoughts on public policy and the media

Liberty Scott

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Point of Order

Politics and the economy

James Bowden's Blog

A blog (primarily) on Canadian and Commonwealth political history and institutions

Science Matters

Reading between the lines, and underneath the hype.

Peter Winsley

Economics, and such stuff as dreams are made on

A Venerable Puzzle

"The British constitution has always been puzzling, and always will be." --Queen Elizabeth II

The Antiplanner

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Bet On It

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

History of Sorts

WORLD WAR II, MUSIC, HISTORY, HOLOCAUST

Roger Pielke Jr.

Undisciplined scholar, recovering academic

Offsetting Behaviour

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

JONATHAN TURLEY

Res ipsa loquitur - The thing itself speaks

Conversable Economist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

The Victorian Commons

Researching the House of Commons, 1832-1868

The History of Parliament

Articles and research from the History of Parliament Trust

Books & Boots

Reflections on books and art

Legal History Miscellany

Posts on the History of Law, Crime, and Justice

Sex, Drugs and Economics

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

European Royal History

Exploring the Monarchs of Europe

Tallbloke's Talkshop

Cutting edge science you can dice with

Marginal REVOLUTION

Small Steps Toward A Much Better World

NOT A LOT OF PEOPLE KNOW THAT

“We do not believe any group of men adequate enough or wise enough to operate without scrutiny or without criticism. We know that the only way to avoid error is to detect it, that the only way to detect it is to be free to inquire. We know that in secrecy error undetected will flourish and subvert”. - J Robert Oppenheimer.

STOP THESE THINGS

The truth about the great wind power fraud - we're not here to debate the wind industry, we're here to destroy it.

Lindsay Mitchell

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Alt-M

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

croaking cassandra

Economics, public policy, monetary policy, financial regulation, with a New Zealand perspective

The Grumpy Economist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

International Liberty

Restraining Government in America and Around the World