Regulation of the Day 59: Pharmacy Interns in Colorado

Posted on October 13, 2009 | Comments Off on Regulation of the Day 59: Pharmacy Interns in Colorado

pharmacist
It is illegal to intern for a pharmacist in Colorado without a license. You can apply for one here.

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Posted in Economics, Regulation of the Day

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Almost True

Posted on October 13, 2009 | Comments Off on Almost True

Steve Wynn raised a kerfuffle when he recently said that “Government has never increased the standard of living of one single human being in civilization’s history.”

This isn’t quite true. Former Rep. William Jefferson has at least 90,000 reasons to disagree.

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Posted in General Foolishness, Political Animals

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Good People Do Good Things

Posted on October 13, 2009 | Comments Off on Good People Do Good Things

Such as my friend and former colleague Joey Coon.

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Posted in Immigration

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Markets and Special Interests

Posted on October 12, 2009 | Comments Off on Markets and Special Interests

ludwig-von-mises
Detractors of capitalism decry that it caters to special interests. The opposite is actually true. Just look at what’s happened in the last year.

Most of Wall Street came to government asking for a bailout when the government-created housing bubble popped.

The Big Three automakers also went to Washington for largesse when their customers came to prefer Toyotas and Hondas.

Health insurance companies stand to make a killing if Obamacare passes.

T. Boone Pickens and Al Gore would make millions from environmental legislation.

Ludwig von Mises explained the reason for all of this corrupt behavior with a single sentence back in 1949: “It is precisely the fact that the market does not respect vested interests that makes the people concerned ask for government interference.”
–Human Action, 4th Edition, p. 337.

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Posted in Economics, Great Thinkers

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This Year’s Economics Nobel Winners

Posted on October 12, 2009 | Comments Off on This Year’s Economics Nobel Winners

ostrom

Congratulations to Elinor Ostrom and Oliver Williamson. Both are highly deserving.

Ostrom’s work shows that market behavior emerges in settings not usually thought of as markets (condo associations, within government  etc.).

Williamson has made brilliant contributions to the New Institutional Economics (NIE), which says that changing the rules of the game (the existing institutions) will alter the behavior of the people affected. Williamson’s work applies the economic way of thinking to deduce exactly how, with an emphasis on how transaction costs affect the interplay between individuals and firms.

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Posted in Economics

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President Obama Wins Nobel Peace Prize

Posted on October 9, 2009 | Comments Off on President Obama Wins Nobel Peace Prize

obama-smile_1107663i

It is ironic that the winner of the Nobel Peace Prize wants to send more troops to Afghanistan. Even so, President Obama is in a prime position to work wonders for the cause of peace. He can institute free trade in America.

Trade is the ultimate act of peace. If someone has something you covet, you are faced with a choice. You could take it from him by force. Or you could trade for it. The first option is the root of all war. The second is the root of all peace.

Trading with people instead of stealing from them is a sign of respect. It says you honor their rights as an individual. It says you reject the use of force. It says you choose persuasion over coercion.

If he wants to earn the prize he has been given, President Obama should scrap those tire tariffs against China. Publicly retract his blustery campaign statements about renegotiating NAFTA. Repeal every tariff, every antidumping duty, and every last restraint on trade in the books.

Nothing promotes peace and civility more than commerce. After all, killing the customer is very bad for business.

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Posted in Economics, Trade

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Hernando de Soto Documentary on PBS

Posted on October 8, 2009 | Comments Off on Hernando de Soto Documentary on PBS

radicals_desoto

Hernando de Soto, one of the world’s top development economists, has a documentary airing on PBS tonight. If it’s anything like his books, it is well worth watching.

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Posted in Economics

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Regulation of the Day 58: Banning Children from Playgrounds

Posted on October 8, 2009 | Comments Off on Regulation of the Day 58: Banning Children from Playgrounds

A new regulation in Kensington, Maryland bans children over five years old from using a local playground between 9:00 am and 4:00 pm.

Officials are upset that children from a nearby private school were using the public playground during recess.

(Hat tip: Drudge)

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Precisely Backwards

Posted on October 8, 2009 | Comments Off on Precisely Backwards

People buy less of something when it becomes more expensive. That’s what economists call the law of demand. It is one of the key drivers of every facet of human behavior. And it’s a simple concept. Easy to understand. Easy to apply.

Or maybe it only seems that way. 366 members of Congress just voted to attract tourists to the U.S. by taxing them $10 when they enter the country.

That noise you hear may well be Adam Smith rolling over in his grave.

Few things are more taxing than our elected officials’ economic illiteracy. How sad that visiting a wonderful country like America may soon be one of them.

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Posted in Economics, International, Taxation, Trade

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Regulation of the Day 57: Minimum Price Agreements

Posted on October 7, 2009 | Comments Off on Regulation of the Day 57: Minimum Price Agreements

A new Maryland law makes it illegal for manufacturers to set a minimum retail price for their products in sales contracts. The law is meant to increase competition. Unfortunately, it will have the opposite effect.

As Wayne Crews and I explain in the The American Spectator, it could prevent retailers from competing with each other on non-price grounds, such as customer service, product demonstrations, and advertising.

Some products, such as televisions or cars, have high information costs. Customers want to know a lot about these products before they commit to a purchase. They want to know what they’re getting. Try before they buy.

By forcing retailers to compete against each other to give customers more and better information and service, minimum price agreements can help consumers get what they want and boost sales at the same time.

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Posted in Economics, Regulation of the Day

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