Donald J. Boudreaux is a senior fellow with American Institute for Economic Research and with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University; a Mercatus Center Board Member; and a professor of economics and former economics-department chair at George Mason University. He is the author of the books The Essential Hayek, Globalization, Hypocrites and Half-Wits, and his articles appear in such publications as the Wall Street Journal, New York Times, US News & World Report as well as numerous scholarly journals. He writes a blog called Cafe Hayek and a regular column on economics for the Pittsburgh Tribune-Review. Boudreaux earned a PhD in economics from Auburn University and a law degree from the University of Virginia.
Donald J. Boudreaux
Articles from Donald J. Boudreaux
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.
Governments should treat each others’ economic policies as given, if only because almost all government interventions artificially help some producers and hurt others. Because every government is forever grasping for excuses to protect politically powerful domestic producers from foreign competition, each government can find such excuses in even the most mundane actions of foreign governments.
While there are imperfections in today’s economy in general and its system of corporate governance in particular, these are nowhere as extensive and threatening as Sen. Warren thinks them to be. And these imperfections are certainly not so serious as to justify any militant and wholesale restructuring of corporate law of the sort that Sen. Warren — with her mix of extraordinary arrogance, ignorance, and recklessness — proposes.
The very best system of national defense is one that reduces the prospect of war. It is one that diminishes the need to actually send into battle war machines and manpower. So anyone sincerely committed to a program of using trade policy as a means of strengthening national defense supports as an indispensable cornerstone of that policy free trade.
These foreign-government interventions supply no good ethical excuse for “retaliation.” In fact, losing nothing to which they are entitled, home-country producers themselves act unethically when they demand that the home government inflict upon fellow citizens the same unjust depravations that foreign governments inflict upon their citizens.