A More Inconvenient Truth

Archive for the ‘Economics’ Category

News Flash: negative news for profit

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In a ground-breaking piece of investigative reporting, the Washington Post laments the public’s growing dissatisfaction with our economy. Via Carpe Diem, Drew Carey hosts a piece called “Living Large: America’s Middle Class” for reason.tv.

Despite news outlets singing the sorrows of subprime and heralding a recession, we have never been better. Among all the negativity, I have yet to hear anyone suggest they would be better off living in 1905 or even 1995.

Watch the video and start living large. And then maybe you won’t believe all the negative junk you hear day in and day out in the papers and on the news.

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Written by WithConfidence

February 6, 2008 at 3:52 pm

North Korea lives in the dark ages (literally)

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Via Strange Maps. This is a perfect picture to illustrate the difference between organizing society privately (capitalism) versus publically (socialism).

Written by WithConfidence

February 5, 2008 at 7:09 pm

Free trade is economics, fair trade is marketing

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Via Greg Mankiw, Steven Landsburg in the NY Times talks about the myth of protectionism. Interesting look at the moral side of the debate. Friedman often cited free trade as one concept that almost all economists–from Adam Smith on up–agree on. “Fair trade” makes for good marketing but doesn’t help those it intends to. It’s important to judge based on outcomes, not intentions.

Written by WithConfidence

January 28, 2008 at 9:42 pm

Cash out of Social Security

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Came across an article from 2003 (by Arnold Kling at EconoLog) about the logic behind Friedman’s proposal to transition out of Social Security. Friedman himself sums it up:

What you should do, in my opinion, is to give every person who now has a claim on Social Security bonds equal to the value of his claim, and set him free. Let him save. Let him do what he wants with it. That would not add a dollar to the debt we now have; it would just convert an unfunded debt into a funded debt.

Currently, government liabilities are hidden. We don’t let private companies account this way, why then the federal government? It isn’t privatization, it is transparency that would force debate on the issue. Unfortunately, Social Security lingers in the dark–to the tune of over $50 trillion–without resolve in Washington.

Written by WithConfidence

January 28, 2008 at 7:07 pm