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David Henderson is right that Edward Conard is wrong about trade deficits [2].
George Will calls on Congress to impeach the IRS Commissioner [3] – and, in doing so, help to rein in, if only a bit, the unlawful and tyrannical administrative state [4].
James Pethokoukis helps us to understand why there are so few European tech giants [5]. A slice:
One French tech entrepreneur has described [6] America’s edge this way: “The confluence of a large pool of capital, world-class talent, vibrant support infrastructure, and a risk-loving culture has bred a self-fulfilling cycle of innovation and entrepreneurship.”
Don’t skip over that bit about culture. A European Commission study [7] found Europeans more skeptical of entrepreneurship than Americans, and possessing a higher level of uncertainty avoidance. The churn of American society — companies starting and dying, workers switching firms — is also key to America’s innovative capacity. In a new analysis [8], San Francisco Federal Reserve economist John Fernald notes that America’s “economic fluidity and dynamism” helps spread ideas throughout the private sector. It’s why Europe invested a lot in computers in the 1990s but never got a tech boom that boosted productivity, Fernald explains.
Bretigne Shaffer remembers 9/11 [9].
Today is the 136 anniversary of the birth of H.L. Mencken. Mark Perry celebrates [12].