It is quite true that a standard bilateral fee-for-service arrangement would fail to provide enough lighthouses — at first. But that failure would have consequences.
Producers, on average, capture a 2.2 percent of the total benefits of their successful introduction into markets of technological advances. A whopping 97.8 percent of those benefits are enjoyed by people each of whom as a consumer did nothing other than exercise his right to spend his money on those options that he judges best for himself.
Twenty years from now, people will look back at our current practices of exclusive ownership and storage with bewilderment. They will wonder what life was like before platforms made our lives richer, better, and less wasteful.
The singer should become more educated as to how the number one perpetrator of racism in her state operates. And when that day comes then perhaps she will be using her star power to be part of the call for complete criminal justice reform — an even more meaningful political revolution.
Remember when Republicans under the previous President fought for some semblance of fiscal responsibility and for a return to regular order in the budget-making process? That time is long gone.
The violent hatreds, tribalisms, acts of revenge, and never-ending escalation of the war between left and right (and between races, religions, sexes, and classes) are exactly what you would expect to get when you attempt to organize life according to the zero-sum game that is politics.
"I tried to think of anything in nature that could compare. I thought of huge animals on safaris, of glorious birds, or gigantic sea animals. I thought of huge mountains, great canyons, and terrifying bodies of water. Nothing compares. Then it dawned on me: humankind has created something truly astonishing here." ~ Jeffrey Tucker
The result of a century of coerced forms of social organization is exactly what you see and what so many decry as the fracturing of consensus in society. What’s miraculous is that we have somehow survived regardless of the nonstop attacks on liberty, property, and free association.
Bad economics can bring about or grow out of bad politics. But the question is, what are bad economics and bad politics? Unless this is clearly and correctly identified, a bad situation can be made worse, and a good situation can be turned into a bad one. So sorting this out is crucial to having a free and prosperous society.
No matter how good legislators’ intentions are, and no matter how much money government spends, government “solutions” are very likely to fall short of solving most of the problems they’re sold as solving. Indeed, often the result is disastrous.
Few defenders of free markets, not even the oft-maligned Ayn Rand, can be read as defending greed. In fact, if greed or selfishness is understood as exploiting others, then greed is impossible in a system of voluntary exchange.
Students don’t learn enough economics, neither as a subject nor as a way of thinking across the curriculum. AIER was proud to co-sponsor and partner on an event last week with two organizations working to change that fact: the Foundation for Teaching Economics (FTE), and the Economic Education Center at Lindenwood University’s School of Education in St. Charles, Missouri.
"Without entirely knowing what we were doing, that in the course of a few decades, we replaced a view of the human project that was inspired by choice, personal ambition, and individual achievement with a completely different view that insists that aspiration is utterly pointless and probably even dangerous." ~ Jeffrey Tucker
Long before governments entered the disaster scene, private citizens and entities took responsibility whenever they saw their fellow residents in trouble, oftentimes putting their own safety at risk to help save lives.