Tag: Free markets
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The Mystery of Capital
The problem with most third world countries, Mr. De Soto tells us, is not that there is no capital, it’s that the capital is dead. Dead in the sense that it can’t be used to its full economic potential. It can’t be mortgaged, it can’t be divided into shares, and it simply can’t be used…
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Political Decision Making Increases Conflict
A column by economist Walter E. Williams (Why we’re a divided nation) strongly makes the case for more decision making by free markets rather than by the government through the political process. When decisions are made through free markets, Dr. Williams says, both parties win, because in a free market, parties voluntarily enter into only…
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Catastrophe in Big Easy demonstrates big government’s failure
An excellent article by David Boaz of the Cato Institute titled “Catastrophe in Big Easy Demonstrates Big Government’s Failure” (available here: http://www.cato.org/pub_display.php?pub_id=4819) explains how miserably the government at all levels performed before and after Hurricane Katrina.
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Local economic development in Wichita
There is an interesting academic paper titled “The Failures of Economic Development Incentives,” published in Journal of the American Planning Association, and which can be read here: www.planning.org/japa/pdf/04winterecondev.pdf. A few quotes from the study: Given the weak effects of incentives on the location choices of businesses at the interstate level, state governments and their local…
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How government insurance destroyed New Orleans
In the September 3, 2005 New York Times, columnist John Tierney educates us on the difference between private insurance and government insurance. Currently, the flood insurance that’s available through the federal government, because the premiums are so low, doesn’t fully reflect the costs of assuming that risk. And even as cheap as the flood insurance…
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Employer-paid health insurance
A Harvard study (Illness And Injury As Contributors To Bankruptcy) concluded that of families that declared bankruptcy, about half cited medical bills as the reason. Of those, 76% had medical insurance at the time they became sick. Some of the problem is that when people become seriously ill, they can’t work. After they lose their…
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Prices ration scarce goods
As the price for gasoline rises, politicians hear increased calls for regulation of gas prices. We hear news stories of hotels increasing prices for victims of hurricane Katrina, and prices for needed goods in the destructed area could rise, too.
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How to decide arts funding
In an editorial in The Wichita Eagle on August 9, 2005, Randy Schofield wrote, explaining why government should support culture: “Because cultural amenities make Wichita a more desirable place to live, work and visit, and thus help realize Wichita’s quality of life and economic development goals.” We might examine some of the ideas and reasoning…
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Let profits save (or sink) Exploration Place
Government leaders and newspaper editorial writers tell us that we cannot afford to lose such a wonderful place. But if it’s so wonderful, why won’t its customers pay what it really costs?
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The Mississippi beef plant has a lesson for us
Jackson, Mississippi has a lively talk radio station, WJNT, featuring both local shows and national shows. The hot topic of discussion on my trip to this city was what to do with the MCI settlement money, as the state had just negotiated a settlement with MCI of $100 million, for taxes MCI owed.
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I, Pencil
Do you think there exists a single person who knows how to make a lead pencil? In this article, Mr. Read shows us how there is no one who knows even a small fraction of what is necessary to produce even this simple, everyday item. How, then, does a lead pencil come to be manufactured?…
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The miracle and morality of the market
In this short article we learn the simple mechanism that makes our economy work so well. Interference with that mechanism is not only harmful, it is immoral.