Writing in the Financial Times, my GMU Econ and Law colleague Tom Hazlett discusses the F.T.C.’s antitrust investigation of Google.

Rare Earths elements newly discovered in the Pacific.  (HT Tim Lord)  Julian Simon wouldn’t be surprised.  Nor, I’m sure, is Tim Worstall.

Economic freedom is good for your health. (HT Mark Perry)

Further evidence that the market can and does – when left sufficiently free and undistorted – supply health care…. (HT Mark Perry again)

and evidence on the dreary reality of socialized medicine.  (HT Nicolas Martin)

Thomas Sowell on politics versus reality.

Arnold Kling holds forth again – and, as always, compellingly so – on Patterns of Sustainable Specialization and Trade (PSST).

At Forbes.com, Art Carden asks what the ‘drug war’ is good for.

Finally, here’s more evidence of the truth that taxes reduce supplies brought to market.  (HT Henri Hein)

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{ 10 comments }

Daniel Kuehn July 6, 2011 at 10:49 am

This recent event at the Urban Institute might also be of interest to people here: http://www.urban.org/events/versus/Private-Community-Associations.cfm

I didn’t attend and haven’t had the chance to listen to it yet.

Don Boudreaux July 6, 2011 at 10:50 am

Yikes! I meant to blog this event and forgot. My sincere apologies. I’ll put it also in my next “Some Links”.

vidyohs July 6, 2011 at 7:58 pm

I could get video but no audio out of that link. First time that has ever happened, especially when all settings looked good.

Daniel Kuehn July 6, 2011 at 10:56 am

The rare earths news was exciting to hear. In a lot of cases when new resources are found the deposits are less rich than previously known deposits. These rare earth deposits are often apparently comparable to or even richer than existing Chinese mines.

Of course it probably won’t be feasible to extract until prices go up (or extraction technology gets cheaper), but it’s good to know it’s there.

Bjartur July 6, 2011 at 11:35 am

Thanks for the tip on Anylabtestnow; it’s just 5 min from my house but I hadn’t heard of it until your post. Plus the website has a $10 coupon! Now for some price comparisons with my clinic…

yet another Dave July 6, 2011 at 12:11 pm

From the BBC NHS story:

The NHS Confederation said this was because of increased rationing of services – there have been reports of restrictions being placed on everything from fertility treatment to hip and knee operations – and longer waiting times for treatment.
Speaking ahead of the NHS Confederation’s annual conference which is starting in Manchester on Wednesday, Mr Farrar admitted there was a danger this could compromise the 18-week hospital waiting time limit.

No surprise here, but will The Obama let this temper His enthusiasm for such foolishness?

It’s a great comfort, I’m sure, to know that if you need hospital today you won’t have to wait any later (on average) than November 9th to be admitted. Unless of course the 18 WEEK hospital waiting time limit (!) is compromised.

tdp July 6, 2011 at 5:31 pm

Because if you’re sick enough to need to go to the hospital, you can wait four months with no medical treatment just fine, right?

Imagine when this happens in the USA, where people are so fat and unhealthy that demand for most services and procedures will be WAY higher than the demand in any country that currently has single payer.

tdp July 6, 2011 at 5:39 pm

Also, the first response to the Thomas Sowell column is disturbingly bad.

muirgeo July 7, 2011 at 4:03 am

On the silliness of Mr Sowell promoting reality.

Mr Sowell is using the Coolidge economy as an example of successful tax policy. Does he remember what happened the October after Mr Coolidge left office… it was kinda a big event and not a particuliarly good one.

That’s a fact… it’s reality. Now again after Bush got us to record low taxes how did that work out? We ARE living the reality Mr Sowell.

Here is some more reality for Mr Sowell…..
http://3.bp.blogspot.com/-JHTw3sdoX7E/ThGrKkY5DxI/AAAAAAAAAp0/w2tJLA_w64A/s1600/kimel1.bmp

tdp July 7, 2011 at 10:17 am

Bush didn’t get us to record low taxes. Not even close. Look up the history of federal income tax brackets. How exactly are you placing the blame on Coolidge for the stock market crash? The cause of that was an over extension of easy credit and people trying to live beyond their means. The rise in credit fueled overproduction that glutted the markets with products, causing companies to stop profiting. Then, Hoover choked out the money supply and Congress raised the highest tariff in history, causing a recession to turn into the Great Depression. FDR ran up enormous debts and his make-work policies and 90% tax rates caused unemployment to stay at a whopping 20% by 1939, far higher than it would have ordinarily been.

As for the current crisis, look no further than your buddies in Congress like Dodd and Frank and the folks at HUD, who convinced the Fed to manipulate interest rates so that poor people and people with bad credit could own their own homes. This lending an easy extension of credit soon spread from Fannie Mae and Freddie Mac to the private sector, where mortgage lenders worked under the correct assumption that if they were to start losing money, they would be bailed out by Uncle Sam and the American taxpayers. Extension of credit to those with poor credit histories, artificially low interest rates, and speculation bubbles that never would have been profitable without government machinations…sounds like the 1920s all over again.

Also, your boy Slick Willie, who seems to be the poster boy for higher taxes and economic growth, cut capital gains and dividend taxes while raising income taxes, meaning people stopped reporting income as income and instead reported it as capital gains, freeing up more money to spend and invest. In addition, a GOP-controlled Congress forced Clinton to cut spending to 18% of GDP, which is what tax revenues were, resulting in a balanced budget.

Finally, under your arch-nemesis Ronald Reagan, the average per capita income tax revenue collected by the federal government, in 2011 dollars, rose form $3,845.54 in 1980 to $3,883.54 in 1990, meaning that in addition to higher GDP and higher annual growth, the government was also raking in more cash per person. The deficit increased because spending ballooned due to Star Wars and all the other defense programs he put in place. I’d also like to mention that from 2000-2009, the per capita PPP in the US went from $33,900 to $46,300, and here is a chart beginning in 1981, when Reagan took office. http://www.tradingeconomics.com/united-states/gdp-per-capita-ppp. Keep in mind this is purchasing power parity, which takes into account cost of living to provide a measure of standard of living rather than nominal income.

As a matter of fact, government spending and debt, which you seem to love, are horrible for the economy. America’s huge budget deficits and national debts are leading to a profound lack of confidence in world financial markets, and as HRH President Obama and his lefty pals seem hell-bent on punishing America’s taxpayers for the government’s spending problem impose giant new spending programs and regulations that make it nearly impossible to start a business, hire workers, or make money, the government will continue to wreck the economy, confiscate more money from the dwindling number of people who have any, and continue on its Keynesian bender until the whole country comes crashing down around them. For every dollar the government spends, $1.50 are not spent in the private sector.

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