That American recession/depression. You know, it looks like the falling dollar is boosting exports, curbing imports and taking up the slack. Just like, umm, economic theory would predict.
The most important question in climate change science is, what is climate sensitivity? As several note.
Gordon Brown, our increasingly beleaguered prime minister, seems to have a rebellion on his hands over the abolition of the 10 percent starting rate of income tax.
When he announced the measure in his final budget as chancellor hardly anyone on the Labour benches noticed, so bowled over [...]
86. "We should extradite any citizen accused of crimes by overseas prosecutors."
The readiness of British governments to act at the behest of overseas prosecutors has been a disturbing development. It has included extradition to face trial abroad for actions done in the UK which are not criminal here. [...]
The ASI's annual bloggers event is coming up next week, on Wednesday 16th April. This year's theme is is 'Curbing the crap artists'. Guido Fawkes will tell us what to do with crap politicians, Tim Worstall will dish the dirt on crap journalists, and Samizdata's Perry de Havilland will deal [...]
The only reason a great many American families don't own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.
Mad Magazine
[...]
More selections of those old Tory posters mentioned above (or, erm, below, given the reverse order of blogs....). Here and here. There's some thought that the immediacy, the force, of the messages has declined over the years.
Here's the numbers on one country that has successfully dealt with climate [...]
I must say, I think this is an absolutely marvellous advance. We pay for the BBC, after all, so we really shouldn't have any of that elitist nonsense about a factual reality or anything. No, news should be presented to show the world as "you" believe it to be, not [...]
Sweden is often depicted as a Social Democratic paradise. However, her welfare state has achieved less and cost more than most believed. The point is that wealth distribution and flat income have not significantly changed after Sweden expanded her welfare programmes during the 1950s and 1960s, when workers enjoyed lower [...]
85. "Curbs on budget airlines are needed to protect the environment."
Budget air flights emit a tiny fraction of the CO2 and other 'greenhouse gases' that are put out from all sources. They are insignificant compared to the emissions of agriculture, road transport and power generation. The problem is [...]
Nigel Lawson's new book on global warming gets a great couple of write ups. The biggest concern is probably that what the science and the scientists are saying seems not to be what the politicians are listening to.
It's only April and already we have a contender for oddest [...]
I have to admit that I did something of a double take when I saw this from George Soros:
Regulators have abandoned their duty by letting markets regulate themselves. It's because a market fundamentalist ideology has come to dominate the behaviour of market participants and market regulatorsover the past 25 [...]
84. "We must bring in tougher laws and sentences against drug dealers and users."
Narcotics are evil, and sensible people should not go down that road. However, they are out there, and young people will be exposed to them. To some their very illegality adds the spice of [...]
Why not attend a free freedom seminar for UK students?
Freedom Week is a one week free seminar for thirty students about the principles of a free society based on the free market and individual liberty. It is taught by eminent academics and supported by the main UK free market think [...]
OK, so it's party political propaganda: that doesn't stop it being true in this case. Abolishing the 10p tax band means raising taxes on the working poor. A better answer would be to raise the personal allowance to take them out of tax altogether.
HMG's considered thoughts on what to do about drugs is containted in this document. It's an absolute masterpiece, quite the apotheisis of the bureacractic art. There is page after page of detailed plan, of targets to be set and met, of who is the departmental owner of this and [...]
83. "Developing nations need tariff walls to protect their fledgling industries."
The argument goes that unless developing countries protect their industries by tariffs, they will be unable to compete with mature multinationals backed by global resources. Supporters of this position usually say that America and Europe had tariff protection [...]
Yesterday morning I attended an exhibition of plans for the redevelopment of the Ram Brewery in Wandsworth, south-west London. I was impresssed – both by the plans themselves and by the amount of people the developers had there to discuss the project with local residents.
"Need" now means wanting someone else's money. "Greed" means wanting to keep your own. "Compassion" is when a politician arranges the transfer.
Joseph Sobran
[...]
According to Pierre Garello, Professor of Economics at the University Paul Cézanne Aix-Marseille, the 'Third Way' is holding back France, because the 'Third Way' is in practice socialism.
Garello shows the despondency the 'Third Way' has created in the youth of France. Among 16-29 year olds, only 39 [...]
Some people claim that competition uses more resources, producing many variants of products where only one is needed. It doesn't work that way because people have different tastes and values and prefer different products.
Producers rarely make products identical to those of their rivals, but will [...]
The proposed sale of Adam Smith's house in Edinburgh, where he spent the last twelve years of his life, has sparked international interest. The house is currently owned by the local authority, who didn't even bother to mention the connection with the great economist in their sale particulars. But it [...]
The progressives (what we are now supposed to call the socialists) do seem to have landed upon a most odd logo to go with their conference today. Really, most, most odd. If anyone has a physical copy of it, headed notepaper or the like, [...]
81. "Under capitalism the rich waste resources on luxuries."
They don't waste resources, they spend them. One of the points about being rich is that you can do nice things and buy good stuff. These goals help to inspire people to economic achievement and what Adam Smith called "the [...]
"I think the [pub] industry's right to be upset. We, and I speak as a champion of the pub trade, want the chancellor to change his mind... The next opportunity will be the pre-Budget report in November."
Oops. I bet he's not looking forward to his next meeting [...]
It can be quite depressing trying to convince paid-up members of the Aid Brigade that people will climb out of poverty by selling things, and not by being given money taken from richer people. For that matter soup kitchens are no real substitute for people selling things and being able [...]
It covers all the basics about choice, competition and entrepreneurship, and prices. But it's short, fun, anecdotal and accessible. So hopefully it will serve to spread the the understanding among the public, students – even politicians – that markets are actually a good thing. Indeed, the book's sub-title is How [...]
One of the dividing lines in the political debate is between the egalitarians and those more like myself who worry more about absolute living standards. On the one side those who say that inequality is a problem which we must use tax and redistribution to resolve, on my side those [...]
80. "We need to control movements of capital across borders to prevent funds leaving the country that are needed for investment here."
We used to have exchange controls, dating from World War II and regarded as permanent. People going abroad were only allowed to take out £50 at a [...]
The Stockholm Network released its latest policy video yesterday, this time tackling education reform and commending the Swedish model. Summing up the video's message, Helen Disney, the SN's director, said: "The State should continue to fund most primary and secondary education, but such money ought to follow pupils in [...]
We had the April meeting of our next generation group this week at our offices in Westminster. The guest speaker was Phil Booth (pictured), the national co-ordinator of the influential NO2ID campaign.
Sticking to the strict 10-minute time limit, Phil took us on a whistle stop tour of [...]
"Bringing back a bit of enjoyment to the modern day rigours of air travel - that's the main philosophy underpinning Terminal 5's launch. Whether you're skipping the country for business or pleasure, the terminal's mood is perfectly suited for a spot of pre-flight shopping..."
Indeed, enquiring minds want to know. As and when Gordon Brown announces that Cannabis will be upgraded again to a Class B drug, with 5 year potential sentences for simple possession, will those of his Cabinet who have admitted to "experimenting" (and not enjoying, giggle) be tried and jailed? [...]
Here's an idea. Give patients in Britain's state-run National Health Service (NHS) their own healthcare budgets. Then they would be able to buy in the treatment they want, from whatever source they choose, rather than having to put up with the decisions of some distant central bureaucracy. Most patients, especially [...]
79. "We should discourage use of private cars by making them more expensive to drive."
Private cars are already hit by vehicle excise duty and fuel tax, in addition to parking fees and congestion charges. The money raised from these is part of the general budget, rather than earmarked [...]
Government is force, and politics is the process of deciding who gets to use it on whom. This is not the best way to solve problems.
Richard Grant, The Incredible Bread Machine [...]
Apparently there are still one or two brave souls who are liberals on the subject of immigration.
A depressing look at the current emissions targets. For example, if the transport reductions are ten times more expensive than those from electricty and heating, wouldn't we do better to ignore the [...]
Is it me, or is someone determined to make simple stuff harder? Not long ago, when you applied to get your kid into a particular state school, you weren't always successful, but at least you got the impression that some human being had considered the application. Recently our youngest was [...]
78. "Government investment is vital to protect industry and jobs."
It puts these resources into industries for whose goods and services there is not enough private demand. Government tends to choose industries for political, not economic reasons, and to make bad choices. "Picking winners" means picking losers. For [...]
Over on the Telegraph's Brassneck blog, Alex Singleton notes the pump-advertising on Weston's Casablanca beer. Its a little hostile to the Prime Minister...
Add this to the campaign to ban the Chancellor from every pub in the land, and it's clear the government is losing the support of [...]
The Telegraph has a nice piece about the hedge funds and Brad Delong comments upon it here. All very interesting but still missing one vital point: that the current blowups amongst hedge funds are exactly the way this liberal capitalism, this market allocation of investment, is supposed to [...]
77. "We must subsidize our industries, to compete with foreigners who do the same to theirs."
We want industries that can compete on world markets. They can do that by matching the products of their rivals in both quality and price, and by learning to adapt quickly to changing [...]
I keep an eye out for web mentions of Tax Freedom Day – that day in the year when we at last stop working for the tax authorities and at last start working for ourselves. And over the last couple of weeks, I've spotted lots and lots of mentions, because [...]
It's no accident that capitalism has brought with it progress, not merely in production but also in knowledge. Egoism and competition are, alas, stronger forces than public spirit and sense of duty.
Albert Einstein [...]
Free Exchange, a blog from The Economist, looks at how to compensate those who lose their jobs as a result of a change in either the flows or restrictions upon trade. Retraining seems like a reasonable response. However, this opens up the question of whether we do in fact [...]
76. "If state industries are opened up to competition, private firms cream off the lucrative trade, leaving the poor and outlying regions without adequate service."
This argument exists only on the fiction shelves of libraries. In practice the private sector shows a remarkable ability to make profits on what [...]
Hillary now says that she just made an honest mistake when she said she had to duck sniper fire in Bosnia. There was no hostile fire of any kind. Although, ironically, while she was away, Bill Clinton did see some action.
Jay Leno [...]
The Freedom of Speech apparently nowadays means the freedom to say what the government approves of. Further details here: that enlightenment thing, so old hat, don't you think?
I'm sure there was supposed to be a massive increase in the pub trade as a result of the smoking ban. Absolutely certain of it in fact. For there was that huge pent up demand, wasn't there, all those non-smokers who were denied their right to a social pint or [...]
75. "Democracy is a sham with no real choice because all the major parties basically support the system."
This is an argument popular among those whose views find little support. They say that choice in our free elections is illusory because Conservative and Labour, Republicans and Democrats, are all [...]
the chorus against crop-derived biofuels, as Lewis Page reports.
Dr Richard Pike, chief of the Royal Society of Chemistry, has said that biofuels are a "dead end" and "extremely inefficient", and that the government was wrong to impose a requirement for 5 per cent biofuel content in motor fuel by 2010.
I am unable to accept the idea that I should be an obedient subject of a gang of corrupt, unprincipled thugs who pontificate about freedom while enslaving the population.
John Pugsley [...]
What it is like when you've got a serious amount of inflation in the economy.
Yes, many are calling for increased regulation in these difficult times. That doesn't mean that we should in fact have more regulation: for it is extremely rare that the results are those intended.
The Cato Institute's David Boaz, who seems to have been churning out a lot of good quotes lately (see here and here), had an excellent article in the Lima News earlier this month. His subject was "The Hillarys and the Huckabees", the two groups that threaten individual [...]
74. "Essential services are too important to leave to the private sector, and have to be done by the state."
The assumption here is that state provision somehow guarantees that essential services will be delivered. In reality it is the important things that we should keep out of the [...]
Globalization isn't new, points out Tim Worstall at the Globalisation Institute. He's had a preview of an upcoming paper by Prof Leslie Hannah which shows that "Most of Europe's (and Britain's) problems of restricted twentieth-century growth derive from the tariff escalations, wars, dictatorships, expropriations, partitions, nationalism and related problems [...]
I'm a little upset. You know, Hillary Clinton was supposed to be our first guest tonight, but she got pinned down by sniper fire and was not able to come in.
Jay Leno [...]
The Great Ban Darling Campaign is gathering momentum. The Telegraph, The Morning Advertiser (for those unaware, this is the publican's paper, so important in such a campaign), Guido, Guido again...please add further sightings in the comments.
Spending taxpayers' money on lawyers so that taxpayers can't find out [...]
There is a campaign afoot to ban Alistair Darling, the Chancellor of the Exchequer, from every pub in Britain. Its organizers are annoyed that he increased the duty on Alcohol in his budget, and not without reason.
58. "If people don't like the policies of their trade union, student union or local council, they have only their own apathy to blame. They should become more active and change things."
Why should they? Why should people be punished for the pursuit of their lawful interests? Why should [...]
It has been wonderful to watch Hillary Clinton getting into trouble over her 'inaccurate' claims that she had to dodge sniper fire while on a visit to Bosnia as First Lady. Next we'll be finding out that she didn't bring peace to Northern Ireland or re-open the Macedonian border [...]
, the recently published compilation of all 101 of Dr Madsen Pirie's Common Errors, is now available on Amazon for the bargain price of £4.79.
The book refutes many of the common errors of economic, political and social debate. Many of them are in daily circulation as if they were truisms. [...]
72. "Scarce resources should be allocated on the basis of need, instead of going to the highest bidder."
If scarce resources are allocated on the basis of need, they stay scarce. When allocation is other than by price for goods in short supply, nothing is done to relieve the [...]
The thing is, everyone blames the train companies (i.e. the privatized rail operators) for these sorts of problems. Yet it is actually Network Rail (the renationalized version of Railtrack) that is to blame. And the trouble with Network Rail is that it just isn't accountable to consumers. The only [...]
The date is Wednesday April 16th, and the bloggers are out in strength at the Adam Smith Institute. The evening's theme is "Curbing the Crap Artists," with three top line bloggers to show how. Tim Worstall will speak on curbing the crap journalists. Guido Fawkes will tell us how to [...]
It should be remembered that behind every ridiculous regulation stands the government's willingness to enforce it, with violence if necessary.
David Boaz [...]
As Bernard Levin predicted those years ago with his spotting of the Single Issue Fanatic, the decisive change in life has been the march of the zealots. It's led to a large fall (sad to say) in social liberalism along the way.
71. "Business is polluting the environment, which we should all enjoy, just for the benefit of the rich."
Most people pollute the environment. Some do it with sewage, some with the smoke from fires or the fumes from petrol or diesel engines. Business which uses energy tends to pollute, [...]
A New York Times article by Robert Pear reports on a US government research finding that the there is an widening socio-economic disparity in life expectancy, as well as in income levels. Not only has the income gap been widening, but the number of years that affluent people can expect [...]
ConservativeHome asks whether the government’s new found enthusiasm for electoral reform could have anything to do with the Conservatives’ poll lead (recently put as wide as 16 percent). Frankly, it had not occurred to me that there would be any other reason for it. The official line, however, is [...]
We cannot water down the European political project and turn the European Union into just a free trade area on a continental scale.
Why not, Romano Prodi? [...]
We prefer here to point you to the good and the interesting but just this once it'll to be the appalling, the near insane. Although, to be fair, it is also interesting in something of a car crash way. Possibly the worst misunderstanding of trade possible in recent times. [...]
Iain Dale's published his list of the 75 top political books. He's a UK based politician and journalist, so no surprise that most of them are indeed about the UK. It's possible that I'm quibbling a bit when I decry the list as being jam packed to the rafters [...]
70. "A sensibly planned economy is more efficient than random chaos."
But who advocates random chaos? The market economy is not random disorder; it is a spontaneous and unplanned order. The so-called "planned" society means one which is planned at the centre by one mind or a few. The [...]
The statue of Adam Smith which will soon go up in the historic heart of Edinburgh is taking shape. It's currently in the workshops of Morris Singer, the specialist art founders, where sculptor Alexander Stoddart has been adding some finishing touches. According to Stoddart it is one of the best [...]
Or, at least, how to try and replace the profit motive. One of the things that can be very hard to get across is the idea that making a profit isn't simply or solely a manifestation of human greed: it's also information. Making a loss is the market's way of [...]
69. "Britain's wealth came from exploiting its colonies, and should be repaid to some degree."
The source of this error is interesting. When the British economy neither collapsed nor produced greater poverty as Marx had predicted, communist theorists invented the imperial excuse. The British had postponed the evil day [...]
A libertarian is someone who believes in liberty, not in chaos; in the rule of law, not in lawlessness; and in a voluntary social order, not in anomie and isolation. Libertarianism is the heart and soul of the modern world. There's no reason to run away from it.
David Boaz [...]
And now for the third and final installment of the video series on the Laffer Curve. Perhaps the most important insight is that we should not be scoring tax changes statically, but dynamically.
Beware of those comparisons between today and the Great Depression. Or an alternative description, bad regulation [...]
And so it continues. The debate between those who favour tax cuts and those who say they do yet will not offer them is not leaving quietly. Should the economy worsen over the coming 18 months there is little doubt that between now and the next election this debate [...]
68. "Great inequalities of income cannot be justified."
Inequalities of income do not need to be justified. The economic rewards in market-oriented societies are not supposed to be just. They reflect the economic worth of the goods and services provided, and in no sense correspond to our notion of [...]
With the news that the Green Party’s London mayoral candidate Sian Berry has urged her backers to give their second preference votes for the current mayor Ken Livingstone and visa versa, it is worth taking a look at what the Green Party is offering London.
Britain has a severe shortage of good school places, which means children frequently have no option but to be assigned to a school by their Local Education Authority (LEA), even if its quality is low.
There are two reasons for this shortage. The first is the 'surplus-places [...]
67. "Some things, such as health, should not be provided for gain."
Why not? If gain will motivate people to supply necessary goods and services, then it can be a useful way of ensuring supply. All goods and services cost something, and the prospect of gain is a good [...]
Wednesday's Times carried the news that Ilja Gort, a Dutch wine producer, had managed to insure his nose and sense of smell for £4 million with Lloyd's of London. The article revealed that Ken Dodd's teeth are insured for the same amount, while Bruce Springsteen's voice is valued at [...]
This week I attended the launch of Saving the Health of the Nation, an excellent short film from the Stockholm Network which looks at the failings of the National Health Service and introduces the idea of Health Savings Accounts as the most promising route for reform. The film features [...]
Speaking at the launch of the Conservative Report, A Light But Effective Touch, David Cameron claimed: "We will only get tax and regulation down... if business plays its role in being responsible... I want low taxes and a low regulation economy, but we won't get that unless we [...]
