Drug Price Controls End Up Costing Patients Their Lives
24 Sep 2015 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economics of regulation, entrepreneurship, health economics, industrial organisation, law and economics, politics - USA, property rights, survivor principle Tags: creative destruction, endogenous growth theory, innovation, intellectual property rights, patents and copyrights, pharmaceutical innovation, price controls
Our research shows that when prices fall, innovation falls even more. Patients would see their lives cut short by delayed or absent drugs.
Source: Drug Price Controls End Up Costing Patients Their Health – NYTimes.com
…cutting prices by 40 to 50 percent in the United States will lead to between 30 and 60 percent fewer R and D projects being undertaken in the early stage of developing a new drug. Relatively modest price changes, such as 5 or 10 percent, are estimated to have relatively little impact on the incentives for product development – perhaps a negative 5 percent.
Source: The Effect of Price Controls on Pharmaceutical Research
Many conservationists are against effective rhino conservation
23 Sep 2015 Leave a comment
in applied price theory, development economics, entrepreneurship, environmental economics, growth disasters, growth miracles, law and economics, property rights Tags: Africa, agricultural economics, do gooders, economics of conservation, economics of endangered species, endangered species, expressive voting, Leftover Left, Twitter left, unintended consequences
https://twitter.com/ConversationUK/status/646227223716872197/photo/1
https://twitter.com/dlAfrican/status/646215227076292608
Capturing the economic value of wildlife for the benefit of wildlife. New in PERC Reports: bit.ly/1JHerwj http://t.co/yijFIChPDo—
PERC (@PERCtweets) September 13, 2015
How private ownership and trophy hunting saved the southern white rhino: bit.ly/1HhZy55 #WorldRhinoDay http://t.co/s4PudPwrrI—
PERC (@PERCtweets) September 22, 2015
Socialism is destroying the Amazon basin
19 Sep 2015 Leave a comment
in applied price theory, property rights, resource economics Tags: Amazon basin, deforestation, privatisation, public ownership
Creative destruction in taxi medallion sales
05 Sep 2015 Leave a comment
in economic history, economics of regulation, entrepreneurship, politics - USA, property rights, Public Choice, rentseeking Tags: taxi regulation, Uber
How frequent are simultaneous financial crises in one country?
04 Sep 2015 Leave a comment
in business cycles, currency unions, development economics, economic growth, economic history, Euro crisis, financial economics, global financial crisis (GFC), great depression, great recession, growth disasters, growth miracles, law and economics, macroeconomics, monetary economics, property rights Tags: bank runs, banking crises, banking panics, currency crises, current account crises, debt crises, pseudo financial crises, real financial crises, sovereign debt crises, sovereign default
The Case Against Patents By David Levine
02 Sep 2015 2 Comments
in law and economics, property rights Tags: copyright, David Levine, intellectual property law, patterns
Expulsions of Jews across Europe during the Medieval & Early Modern periods
28 Aug 2015 Leave a comment
in constitutional political economy, economic history, income redistribution, law and economics, property rights, Public Choice, rentseeking Tags: anti-semitism, European history
Expulsions of Jews across Europe during the Medieval & Early Modern periods. http://t.co/4HKGlNCjou—
History Facts 247 (@historyfacts247) July 08, 2015
Should backyard swimming pools be banned?
26 Aug 2015 Leave a comment
in applied price theory, economics of crime, economics of regulation, health and safety, law and economics, politics - USA, property rights Tags: gun control, meddlesome preferences, nanny state, risk risk trade-offs
Zimbabwe Quietly Re-Opens Lion Hunts After Outcry Over The Killing of “Cecil the Lion”
12 Aug 2015 Leave a comment
The anti-hunting choir has a lot to answer for. #auspol http://t.co/2FGgC11VZp—
David Leyonhjelm (@DavidLeyonhjelm) August 17, 2015
Zimbabwe has its ban on lion, leopard and elephant hunting that it imposed after the illegal killing of the beloved “Cecil the Lion” by Minnesota Dentist Walter Palmer. Hunting companies were told that they could start to line up wealthy trophy hunters again for bag the big game. In the meantime, conservationists have come forward to defend trophy hunting as a needed source of revenue for these parks.
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I’m worried! I’m sympathising with organic farmers over a land use conflict!
06 Aug 2015 1 Comment
in applied price theory, applied welfare economics, economics of regulation, industrial organisation, law and economics, politics - New Zealand, property rights, Public Choice, rentseeking, Richard Epstein, survivor principle Tags: common law, economics of agriculture, food snobs, green rent seeking, land use conflicts, land use planning, law of nuisance, noise pollution, nuisance, old common law, organic farming, Richard Epstein, William Blackstone, zoning
Writing this blog of sound mind and sober disposition, I still have considerable sympathy with two organic farmers over a land use conflict they have with the neighbouring gun range.
Local land use regulations allows a gun club to set up 600 m away with competitive shooting days all day for 88 days a year. That is a voluntary self restraint. They could hold shooting competitions every day of the year. The local land use regulations allow the use of guns on rural land. The gun club used this absence of a prohibition on the use of guns in the frequency of use to set up a gun range to fire guns all day long on rural land.
Now here is the rub. There something wrong with the concept of quiet enjoyment of your land if a neighbour can fire off a large amount of noises continuously. The occasional noise, the occasional gunshot yes, but all day? I live near the airport, but I knew it was there when we bought the property and the lands was a little cheaper because of that.
The organic farmers are unusually pristine and prissy about what they want by neighbours to protect the sacredness of their more expensive snob food. I’m not too sure whether they would want to grant their neighbours an equal right to unusual land uses such as opening a gun range. That said, the organic farmers do have a point about a very noisy neighbouring land use that can be heard some distance away.
The organic farmers, of course, could have negotiated with their neighbours for covenants to restrict land use that undermine there are unusually pristine requirements for quiet enjoyment of their land and their neighbours land too. Easy to do when the land is first unused, but once economic activity accumulates, not so easy in terms of transaction costs and hold-outs.
The economics of trophy hunting
03 Aug 2015 Leave a comment
in economic history, economics of media and culture, economics of regulation, environmental economics, law and economics, property rights Tags: Africa, antimarket bias, conservation, economics of conservation, endangered species, expressive voting, offsetting behaviour, rational irrationality, The fatal conceit, The pretence to knowledge, uninte
TPP – Trojan Horse in a global race to the bottom
03 Aug 2015 Leave a comment
in international economics, International law, law and economics, politics - Australia, politics - New Zealand, politics - USA, property rights, Public Choice Tags: free trade agreements, ISDS, regional trade agreements, TPPA
I can’t think of a single fact that this crank got right in this clip on the Trans-Pacific partnership agreement (TPPA).
Robert Reich, a Democratic party hack, referred to the TPPA as the biggest trade deal ever. He ignored a large number of multinational trade deals under the World Trade Organisation and the GATT such as the Uruguay round and the current Doha round.
http://www.cuts-international.org/brf-97-1.gif
Reich claims the deal is negotiated in secret and later talks about its submission to the Congress for fast track.
Robert Reich claims that investor state dispute settlement allows challenges to any regulation and compensation for unfair reductions in profits. It is a far narrow criteria than that involving discrimination against foreigners.
http://images.slideplayer.com/5/1585527/slides/slide_6.jpg
Currently, about 3000 international treaties give the ability to sue governments. Some 2700 of these are Bilateral Investment Treaties. The rest are trade treaties, including NAFTA. These treaties have spread rapidly around the world since the 1990s.
The TPP draft chapter says that the point of investment protection has long been “to encourage and promote the flow of investment…as a means to promote economic growth.”
At the same time, the TPP draft chapter specifically highlights “the inherent right to regulate…to protect legitimate public welfare objectives, such as public health, safety, the environment, the conservation of living or non-living exhaustible natural resources, and public morals.”
Robert Reich talks about the Trans Pacific Partnership and its implications especially if it is signed. It would be the largest trade deal in history representing 792 million people and accounting for 40% of the world economy. Well worth a look.
Deirdre McCloskey’s speech on ‘Bourgeois Dignity’
03 Aug 2015 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, economic history, entrepreneurship, industrial organisation, law and economics, property rights, survivor principle Tags: Deirdre McCloskey, entrepreneurial alertness, industrial revolution, The Great Enrichment, The Great Fact
The fates of two islands under constant threat from a neighbouring military colossus
01 Aug 2015 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economics of media and culture, economics of regulation, growth disasters, growth miracles, income redistribution, industrial organisation, law and economics, liberalism, Marxist economics, property rights, Public Choice, rentseeking, survivor principle Tags: anticapitalist mentality, antimarket bias, capitalism and freedom, China, Cuba, expressive voting, Hong Kong, Leftover Left, public intellectuals, rational ignorance, rational irrationality, Twitter left
Utopia, you are standing in it! 
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