Adam Smith on the New Tone

“The furious behavior of an angry man is more likely to exasperate us against himself than against his enemies.”

-Adam Smith, Theory of Moral Sentiments

Are Profits Moral?

Tom Palmer from Atlas thinks they are – provided they are earned honestly through voluntary exchange.

Regulation of the Day 174: Lying about the Size of the Fish You Caught

If you live in Texas, look over your shoulder before you tell a tall tale about your last fishing trip. The state legislature there just voted to make lying about the size of your catches in fishing tournaments a class A misdemeanor. And if the prize money is over $10,000, you could spend up to ten years in jail as a convicted felon.

In 2009, an especially devious fisherman in the Bud Light Trails Big Bass Ray Hubbard tournament “put a one-pound lead weight inside the stomach of the 10.49-pound bass he had entered to win the grand prize, a $55,000 fishing boat,” according to the New York Times.

Fishing tournaments, just like other competitive sports, have their own rules. Violators are punished. The NFL reserves the right to fine and suspend players for misconduct. Major League Baseball hands out 50 and 100-game suspensions for players caught using steroids. Pete Rose was banned from baseball for life for betting on his team.

The tournament organizers foolishly couldn’t punish their own cheater because they didn’t have a rule for it. But submitting a leaden fish is a kind of fraud, especially when the prize is $55,000. And in fact, the man was charged with felony theft. He served 15 days in jail, was hit with a $3,000 fine, plus five years of probation. His fishing license was also taken away for five years.

That’s precisely why the bill on Governor Rick Perry’s desk is unnecessary. One, theft is already illegal. Two, if the Bud Light Trail tournaments are competently run, they now have specific rules and punishments for cheaters. Seems like a classic “do something” bill that doesn’t do much at all.

There Is No More Fat to Trim from Government Budgets, Part 3

The USDA is spending $2 million to take pictures of what San Antonio school children eat for lunch.

Regulation of the Day 173: Yellow Pages

It’s creative destruction in action. San Francisco is phasing out the distribution of hard-copy Yellow Pages. About 1.6 million of the doorstops are delivered to San Francisco homes every year. Most people no longer use them. Between YellowPages.com, Google, Craigslist, and other online tools, consumers now have better options for finding what they need.

Next week, San Francisco’s city council will hold a vote to ban delivery of hard copy Yellow Pages to anyone who doesn’t specifically request one.

This issue doesn’t really need a regulatory solution, though. The books depend on ad sales to be profitable. As people use them less and less, advertisers become more reluctant to pay for ads. When revenues drop enough, it will no longer be worthwhile to print hard copies. This transition will happen just fine on its own.

Sitting Down: Mankind’s Doom!

This is quite possibly the least subtle chart I have ever seen. See the original here. Expect OSHA and HHS to issue new regulations in 3… 2…

Sitting is Killing You
Via: Medical Billing And Coding

TSA Pats Down Infant

Apparently its stroller failed an explosives screening. Surprisingly, no explosives were found during extra screening, including what a TSA  official describes as a “modified pat-down” of the suspicious infant.

On the Radio: Congressional Economics

Tomorrow morning at 8:30 am, I’ll be on the Talk of Connecticut to talk about Congress’ economic illiteracy and why good intentions don’t necessarily bring good results.

Obama Needs to Do More to Liberalize Immigration

CEI just put out this press release:

Obama Gives Half-Hearted Speech on Immigration Reform

President Needs to Do More to Loosen Job-Killing Immigration Restrictions

Washington, D.C., May 10, 2011 — The Competitive Enterprise Institute is cautiously optimistic about President Obama’s call for comprehensive immigration reform. Some of his proposals would make small steps in helping economic recovery. But they cannot accurately be called comprehensive.

“Law enforcement only has so many resources to go around. Going after non-criminal undocumented immigrants wastes those resources. They should be put to better use, such as going after dangerous criminals,” explained Ryan Young, CEI’s Fellow in Regulatory Studies. “President Obama’s call to re-prioritize border enforcement on actual criminals is sound policy. Peaceful immigrants who are here to work deserve a warmer welcome than either party seems willing to give them.”

“Comprehensive immigration reform would reduce dangerous immigration black markets by making the path to citizenship easier. Black markets and undocumented immigration are real problems. But they only exist because they are cheaper than the legal option, which is multi-year, multi-thousand dollar, and multi-lawyer. There is a better way, and President Obama is doing little more than pointing in that general direction.”

Young and Immigration Policy Analyst Alex Nowrasteh have written for The American Spectator about how loosening immigration restrictions can reduce the problem of illegal immigration. In “The Nobel Case for Immigration,” which also appeared in The American Spectator, Young and Nowrasteh point out that liberalizing restrictions on high-skilled immigrants can kick-start job creation, especially in high-tech sectors.

“The average high-skilled immigrant on an H-1B visa creates about 5 American jobs,” Young continued. “Despite their obvious economic benefits, so few are allowed in the country, that in most years, all 85,000 available slots are filled in a single day. President Obama can speed up economic recovery by raising or eliminating the cap on H-1B visas.”

Congressional Economics

Some people think that the only reason poverty still exists is because Congress hasn’t passed laws guaranteeing the right to decent housing, health, and education.

Some of these people are in Congress. Over at The American Spectator, my colleague Jacqueline Otto and I explain why their hearts are in the right place, but their heads aren’t:

Suppose that poverty really can be abolished by passing a few laws. Jackson isn’t going nearly far enough, then. The Constitution should guarantee everyone not just a decent home, but a mansion filled with servants to take care of every need.

Everyone should have the right to not just a doctor’s visit every 6 months, but a cadre of specialists with access to the latest technologies and tests. This would be a boon for life expectancy.

And why only an iPod and a laptop for children? They deserve supercomputers! And the right to a Harvard Ph.D. Such a law would give America the most educated population in the world; though it would probably know the least.

Congress might as well pass a law guaranteeing an above-average lifestyle for all Americans.