Category Archives: Media

Getting Buchanan Wrong

The New York Times obituary for James Buchanan is up. The opening paragraph contains a whopper of an error:

James M. Buchanan, a scholar and author whose analyses of economic and political decision-making won the 1986 Nobel in economic sciences and shaped a generation of conservative thinking about deficits, taxes and the size of government, died on Wednesday in Blacksburg, Va. He was 93.

The author of the piece, Robert McFadden, might be surprised to learn that in 2005 Buchanan wrote a book titled Why I, Too, Am Not a Conservative: The Normative Vision of Classical Liberalism. McFadden also might be surprised to learn that there are more than two political philosophies. Just because someone is not progressive doesn’t mean, therefore, they are conservative. Buchanan self-identified as a classical liberal, which is a philosophy distinct from both progressivism and conservatism, and has roots reaching as far back as ancient Mesopotamia.

The strict binary view of politics held by most journalists might be convenient for creating compelling election campaign stories. But it is sorely incomplete, and does readers no favors as far as imparting any actual understanding of the issues.

Slow News Day

Politico: Report: Bush takes up painting

Slow News Day

It’s the typical election-year July lull here in Washington. Here’s a small taste of newshounds’ suffering:

Obama meets with Jerry Springer

Obama likes Thin Mints best

Slow News Day

Politico: Hillary Clinton wears cat-eye sunglasses

Why Opinion Pages Are Insipid

Benjamin Constant, in 1815, presciently describes nearly every U.S. newspaper’s editorial page two centuries later, from David Brooks on the right to E.J. Dionne on the left:

The ambition of the writers of the day is at all times to seem more convinced than anyone else of the reigning opinion. They watch which way the crowd is rushing. They dash as fast as they can to overtake it. They think thereby to acquire glory for providing an inspiration they actually got from others.”

-Benjaimin Constant, Principles of Politics Applicable to All Governments, p.4.

As opposed to, say, thinking for oneself and consistently applying the basic principles one believes in.

“Politics Is Weird. And Creepy.”

I have little love for Fox News, or for cable news in general. But Shepard Smith is both hilarious and spot-on in this 30-second clip. Click here if the embedded video doesn’t work.

On the Radio – Job Creation

Just wrapped up a 20-minute interview on Jim Kearney’s Financial Spectrum show on WKXL 1450 in Concord, New Hampshire. We talked about job creation — more specifically, CEI’s 10-point job creation plan. I’ll post or link to an mp3 if I can get one.

This Is Surprising

Report: Obama top recipient of News Corp. donations

Eager to hear how partisans on both sides will spin this one.

The Deflating Quality of Economic Journalism

Cato’s Jagadeesh Gokhale with an example of the current state of economic journalism:

[NPR reporter Adam] Davidson: “Ladies and gentlemen, I have an amazing investment opportunity for you. Give me $100, just a hundred, and in one year I promise it will be worth 93 bucks. We call it the deflation special.”

My reaction: No, sir! Under deflation, $100 today would increase in value to $107 (assuming your implicit rate of deflation). Help! Stop the car! …Wait, I’m the one driving…what just happened?

Davidson: “All right, seriously, nobody is giving anybody a hundred bucks just so they can lose seven.”

My reaction: No, no, please, please take my money! I’d give you a million dollars if I had that amount. I really would!

It gets worse from there. Davidson completely misunderstands the effects of deflation — and thousands of listeners take him at his word. No wonder public understanding of economics is so poor.

People spend little time learning about economics in the first place because of rational ignorance. Compounding the problem is that in the little time they do spend learning — usually from economically untrained journalists — they get incorrect information from people who know not of what they speak.

I previously wrote about the troubled relationship between economics and journalism here and here.

The Myth of Bush the Deregulator

Here’s a letter I sent recently to The New York Times:

May 14, 2010

Editor, The New York Times
620 Eighth Avenue
New York, NY 10018

To the Editor:

Your May 12 article “With Obama, Regulations Are Back in Fashion” (page A15) asserts that the Bush administration had a “deregulatory agenda.” If that is true, then President Bush failed miserably in executing it.

His administration added 31,634 new regulations to the books, and repealed hardly any. The cost of complying with federal regulations exceeded $1 trillion for the first time on Bush’s watch. 587,321 new pages were added to Federal Register during the Bush years.*

Even the regulation-intensive Obama administration is passing new regulations at a pace nearly ten percent slower than President Bush.

Contrary to the article, the Bush administration was the best friend regulators have had in a generation or more.

Ryan Young
Warren T. Brookes Journalism Fellow
Competitive Enterprise Institute
Washington, DC

*All data from Wayne Crews, Ten Thousand Commandments.