Unemployment rates are lower in MSAs with greater labor-market freedom, averaging 6.1% for the most-free group and 5.8% for the second 20%. Unemployment then rises steadily as economic freedom scores decline, reaching 7% for the least-free group.
Perhaps surprisingly, the average cost of living is nearly 35% lower in the most-free MSAs than in the least-free group, suggesting a link between economic freedom and higher living standards.
Today’s Quotation of the Day is from Philip Hamburger’s 2014 volume, Is Administrative Law Unlawful? (It’s a wonderful book.) Here’s a video of an excellent June 2014 talk that Prof. Hamburger delivered on the theme of that book.
Julian Sanchez, writing in Time, explains the great stakes of today’s battle between Apple and Uncle Sam over the privacy of the information that Apple’s customers store on their Apple devices. (HT David Shellenberger)