Economics

Obamacare, Stimulus, and Other Disasters

"John Lott is best known to the public for his outstanding analysis of gun control legislation, but his research as an economist extends far beyond that topic; and he here gives us a devastating account that covers the full range of the Obama Administration’s economic policy. One would expect a book by John Lott to say something informative about gun control, and our author does not disappoint us. It transpires that he met President Obama when both of them served on the law school faculty of the University of Chicago." Continue reading →

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Scientists: Legalize horn sales to save endangered rhinoceroses

"Attempts to discourage the use of rhino horn have failed, the scientists said, and, without a legal avenue to obtain the ingredient, the black market has stepped in. 'Rhino horn is now worth more than gold,' the scientists noted, saying that a kilogram that cost $4,700 in 1993 would fetch around $65,000 in 2012. Poachers, enticed by the high price tag, have swarmed, and 'poaching in South Africa has, on average, more than doubled each year over the past 5 years.' They liken their proposal to the legal trade in farmed crocodile skins, which has saved the endangered reptiles from over-hunting. A similar proposal for the rhinoceros was rejected 20 years ago." Continue reading →

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The war on African poaching: is militarization doomed to fail?

"Governments have given game rangers better weapons, engaged intelligence analysts, and put spotter planes, helicopters, and unmanned drones into the air. Some have deployed their national defense forces into national parks. Private wildlife custodians have spent millions on their own armed anti-poaching guards, sniffer dogs, mini-drones, and informants. The continental-scale slaughter of rhinos and elephants continues to intensify, despite rising arrests and killings of poachers and increasing interdiction of illegal shipments of rhino horn and ivory. Some drug policy experts liken the uphill battle against African poaching to the war on drugs, an extraordinarily expensive, bloody failure." Continue reading →

Continue ReadingThe war on African poaching: is militarization doomed to fail?

Taxes Even Impact When We’re Born and When We Die

"Let's look at some truly remarkable examples of how taxes influence things that – at first glance – seem completely impervious to fiscal policy. Would anyone think, for instance, that taxes could impact the day people are born? This study isn’t an outlier. Other research has reached similar conclusions. Indeed, in some case the impact of taxation is found to be much larger. Let’s close by recycling some research that shows how taxes even influence when people die. When Australia repealed the death tax back in the 1970s, researchers found that people lived longer in order to protect family assets." Continue reading →

Continue ReadingTaxes Even Impact When We’re Born and When We Die

Baby Boomers Put Retirement on the Back Burner

"Demographics continue to define conflict in the Middle East. Here’s Egypt’s population by age group. In Western history, we showed in Financial Reckoning Day, the French and Russian revolutions also corresponded with epochs during which large cohorts of young people marauded about the countryside with nothing to do. Even here in the U.S., a restless band of baby boomers wreaked havoc in the 1960s… at least until the draft was abolished. If, as Auguste Comte suggested, 'demography is destiny,' we continue to wonder today what will happen to the West when hordes of those baby boomers, now old, have nothing to do… and no savings?" Continue reading →

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Mark Thornton on Skyscrapers in ‘Le Monde’

"In a feature from the business section entitled 'Les villes chinoises veulent toutes leurs gratte-ciel géants,' Le Monde takes note of the phenomenon that is the skyscraper-dense Chinese city, and specifically, the completion of Shanghai Tower, now one of the tallest buildings in Asia. Mark Thornton, economist at the Mises Institute in Auburn (United States), and author of research on the correlation between the race skyward and the advent of large crises, warns: 'The construction of skyscrapers is a precursor to economic disorders'…'The skyscrapers are just one symptom of the government’s extravagant economic policies.'" Continue reading →

Continue ReadingMark Thornton on Skyscrapers in ‘Le Monde’

Henry Hazlitt at The New York Times

"Hazlitt was the top man in economics at the most influential newspaper in the world during the most important period of revolution in the history of the United States. This is not a story that the American Left is aware of. Hazlitt was the most prominent disciple of Ludwig von Mises in the United States during these years. He was by far the most effective voice of liberty in the country, both in his ability to write and the influence of his position. The American Right forgets this. In an era of neoconservative dominance, Hazlitt’s libertarianism is not part of an intellectual legacy that the leadership of the conservative political movement chooses to highlight." Continue reading →

Continue ReadingHenry Hazlitt at The New York Times

The Economic Philosopher’s Outcast: Mises

"SS Gestapo Chief Henrich Himmler's agents sped through the streets of Vienna on an early morning, March 11, 1938, to capture and eliminate Nazi Germany's enemies. One of his prime targets lived in a middle-class Jewish neighborhood at 28 Weihoffen St. Apartment 7. Ludwig Von Mises, a 58-year-old political philosopher, was Jewish and defenseless. Hitler deemed this man an enemy of the state and one of the top targets to be seized during the Nazi takeover of Austria. Fleeing from the city the day before, Professor Mises narrowly escaped to Switzerland. Despite attempts on his life, Mises spent the 92 years of his life fighting totalitarianism." Continue reading →

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Obamanomics, as Captured by Cartoonists

"As evidenced by my political cartoon contest, I’m a big fan of that form of satire. And if I’m looking at cartoons specifically about statist economic policy, my favorites include Chuck Asay’s dead pig cartoon, as well as his cartoon about the big bad wolf. And this Michael Ramirez headwinds cartoon is one of the most-viewed posts in the history of my blog, though I personally prefer his European lemming cartoon. Now let’s add some more cartoons to the collection, beginning with a Michael Ramirez gem about Detroit." Continue reading →

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Analysts: Muni-Bond Selloff Looks Like Lehman All Over Again

"It's wrong to just take to periods and look at empirical data to forecast out. You need theory to explain the moves and any similarities. The similarities come about based on Austrian Business Cycle Theory, which says a slowdown in money printing results in a shrinking in the capital structure of the economy. As a result there is upward pressure on interest rates, as those seeking funds must bid up rates to entice investors. It such a slowdown in money growth occurring? It sure is. Just like it did in 1929, 1987 and 2008." Continue reading →

Continue ReadingAnalysts: Muni-Bond Selloff Looks Like Lehman All Over Again