Posted: May 8, 2017 Filed under: Economics, Education, History, Think Tank | Tags: American exceptionalism, American Israel Public Affairs Committee, American nationalism, Applied economics, Basic income, Donald Trump, Middle East, Milton Friedman, The New York Times, United States
Today is the 116th anniversary of the birth of F. A. Hayek, one of the greatest scholars of the 20th century.
David Boaz writes: Back in 2010, as the tea party movement was on the verge of delivering an electoral rebuke to President Obama’s big-government policies, the New York Times derided the movement for reviving “long-dormant ideas [found in] once-obscure texts by dead writers.” They meant Hayek especially. But a more astute journalist might not have regarded Hayek as obscure.
Who was Hayek? He was an economist born and educated in Vienna. After the Nazi conquest of Austria, he became a British citizen and taught there and at the University of Chicago for most of his career. He was awarded the Nobel Prize in Economics in 1974. President Ronald Reagan called him one of the two or three people who had most influenced him, and so did some of the dissidents behind the Iron Curtain. President George H. W. Bush awarded him the Medal of Freedom. Margaret Thatcher banged his great book “The Constitution of Liberty” on the table at Conservative Party headquarters and declared “This is what we believe.” Milton Friedman described him as “the most important social thinker of the 20th century.”
But respect for Hayek extended far beyond libertarians and conservatives. Lawrence H. Summers, former president of Harvard and a top economic adviser to Presidents Clinton and Obama, called him the author of “the single most important thing to learn from an economics course today” — that markets mostly work without plans or direction. He is the hero of “The Commanding Heights,” the book and PBS series on the battle of economic ideas in the 20th century. His most popular book, “The Road to Serfdom,” has never gone out of print and saw its sales explode during the financial crisis and Wall Street bailouts. John Cassidy wrote in the New Yorker that “on the biggest issue of all, the vitality of capitalism, he was vindicated to such an extent that it is hardly an exaggeration to refer to the 20th century as the Hayek century.”
In much of his work Hayek explored how society can best make use of “the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess.” Read the rest of this entry »
Posted: November 24, 2016 Filed under: Economics, Education, History, Think Tank | Tags: American middle class, Economist, Federal Reserve, Great Depression, Milton Friedman, Nobel Memorial Prize in Economic Sciences, Wall Street
Milton Friedman corrects the record on the cause of the Great Depression. Debunking the myth that is what from high speculation on wall street. Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences.
16 Nov 1930, Chicago, Illinois, USA — Notorious gangster Al Capone attempts to help unemployed men with his soup kitchen “Big Al’s Kitchen for the Needy.” The kitchen provides three meals a day consisting of soup with meat, bread, coffee, and doughnuts, feeding about 3500 people daily at a cost of $300 per day. — Image by © Bettmann/CORBIS
Posted: June 30, 2016 Filed under: Economics, Mediasphere, Think Tank | Tags: Abraham Lincoln, Alex Tabarrok, Capitalism, Free market, Free to Choose, Milton Friedman, Nobel Memorial Prize in Economic Sciences, Ronald Reagan, Thomas Sowell, United Kingdom withdrawal from the European Union, United States
Mark J. Perry writes: Two of my all-time most favorite economists — Thomas Sowell and Frederic Bastiat – share the same birthday — they were both born on June 30. To recognize Bastiat’s birthday today I posted some of his quotes on CD yesterday, and I’ll now do the same for Thomas Sowell, who turned 86 today. Here is Thomas Sowell’s webpageand here is his Wikipedia entry. Milton Friedman once said, “The word ‘genius’ is thrown around so much that it’s becoming meaningless, but nevertheless I think Tom Sowell is close to being one.”
In my opinion, there is no economist alive today who has done more to eloquently, articulately, and persuasively advance the principles of economic freedom, limited government, individual liberty, and a free society than Thomas Sowell. In terms of both his quantity of work (at least 40 books and several thousand newspaper columns) and the consistently excellent and crystal-clear quality of his writing, I don’t think any living free-market economist even comes close to matching Sowell’s prolific record of writing about economics. Even at 86 years old, Thomas Sowell is still active and writes two syndicated newspaper columns almost every week (one column in some weeks) and recently released his 40th book last fall Wealth, Poverty and Politics: An International Perspective — which amazingly was his 13th book in the last decade! To honor Thomas Sowell’s 86 birthday today, I present here 15 of my favorite quotations from Dr. Thomas Sowell and a bonus video:
1. Knowledge. The cavemen had the same natural resources at their disposal as we have today, and the difference between their standard of living and ours is a difference between the knowledge they could bring to bear on those resources and the knowledge used today.
2. Obamacare. If we cannot afford to pay for doctors, hospitals and pharmaceutical drugs now, how can we afford to pay for doctors, hospitals and pharmaceutical drugs, in addition to a new federal bureaucracy to administer a government-run medical system?
[Read the full story here, at Carpe Diem Blog » AEIdeas]
3. Economics vs. Politics I. Economics and politics confront the same fundamental problem: What everyone wants adds up to more than there is. Market economies deal with this problem by confronting individuals with the costs of producing what they want, and letting those individuals make their own trade-offs when presented with prices that convey those costs. That leads to self-rationing, in the light of each individual’s own circumstances and preferences.
4. Economics vs. Politics II. The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” Read the rest of this entry »
Posted: July 31, 2015 Filed under: Economics, Education, Mediasphere, Think Tank | Tags: Cato Institute, Chicago School, Free market, Individual Freedom, Libertarian, Milton Friedman, Nobel Prize, Public policy
Today is the birthday of prominent free-market economist Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science.
Friedman, who passed away in 2006 at the age of 94, was widely regarded as the leader of the Chicago School of monetary economics.
Friedman also wrote extensively on public policy, always with primary emphasis on the preservation and extension of individual freedom.
Friedman’s ideas on economic freedom hugely influenced both the Reagan administration and the Thatcher government in the early 1980s, revolutionized establishment economic thinking across the globe, and have been employed extensively by emerging economies for decades.
In the picture above, Friedman is all smiles with Cato Institute founder, Ed Crane and Vice President for Monetary Studies, Jim Dorn.
Learn more about Milton Friedman and his ties to Cato…
Posted: July 17, 2015 Filed under: History, Think Tank, White House | Tags: America's Newsroom, Arms control, Barack Obama, Bashar al-Assad, Berlin Wall, Chris Christie, Earned Income Tax Credit, Hillary Clinton, Iran, Margaret Thatcher, Mikhail Gorbachev, Milton Friedman, Neoliberalism, Privatization, Ronald Reagan, Tear down this wall!, United States
The Ronald Reagan Foreign Policy Legacy Distorted
Peter Wehner writes: One of the more amusing things to see in journalism is for committed liberals who didn’t work for Ronald Reagan, who didn’t vote for Ronald Reagan and who were fiercely critical of Ronald Reagan to invoke his name in order to instruct conservatives on how to better understand Ronald Reagan.
“J. Dionne, Jr. of the Washington Post…argues in his column that Barack Obama’s Iran strategy parallels Reagan’s approach to Mikhail Gorbachev in the 1980s. In fact, the lessons are exactly the opposite.”
The most recent example of this is E. J. Dionne, Jr. of the Washington Post, who argues in his column that Barack Obama’s Iran strategy parallels Reagan’s approach to Mikhail Gorbachev in the 1980s. In fact, the lessons are exactly the opposite.
“Both Reagan nor Thatcher were able to revise their assumptions based on new facts, new actors on the world stage, and new opportunities. They were not dogmatists. Mr. Obama, on the other hand, most assuredly is.”
For all the criticisms of the left against Reagan that he was a rigid ideologue, he was, in fact, a man who was quite willing and able to adjust his views in light of shifting circumstances. That is precisely what he and Margaret Thatcher did in the case of Mr. Gorbachev.
“Barack Obama is all about trust and completely indifferent to verify. The president was determined to strike a deal with Iran, any deal, for the sake of a deal. The Iranians, knowing this, were able to win one concession after another from the president.”
To their credit, both Reagan and Thatcher were dedicated anti-Communists. They understood the evil nature of the Soviet regime and they took a hard-line stance against it for most of their careers. But equally to their credit, they saw that Gorbachev was someone with whom, in Thatcher’s words in 1984, “We can do business together.” And they did. Both Reagan nor Thatcher were able to revise their assumptions based on new facts, new actors on the world stage, and new opportunities. They were not dogmatists.
“Mr. Reagan negotiated from a position of strength and operated within the four corners of reality; Mr. Obama negotiates from a position of weakness and operates in a world of his own imagination.”
Mr. Obama, on the other hand, most assuredly is. He has been ideologically committed to a rapprochement with Iran even before he was elected president; it has been his foreign policy holy grail for his entire tenure. Nothing was going to keep him from striking a bargain with which he was obsessed. (It explains in part why the president was so passive during the Green Revolution in 2009, essentially siding with the Iranian regime over the democratic movement seeking to topple it.)
[Read the full text here, at Commentary]
And here’s a key difference between Reagan and Thatcher and Obama. The former revised their approach based on an accurate assessment of Gorbachev and, therefore, the Soviet regime he ruled. Read the rest of this entry »
Posted: May 20, 2015 Filed under: History, Mediasphere, Politics, The Butcher's Notebook, Think Tank | Tags: 2003 invasion of Iraq, Andrew Breitbart, Ann Coulter, Friedrich Hayek, George Nash, George Will, Gore Vidal, Jonah Goldberg, Kevin D. Williamson, Leo Strauss, Milton Friedman, Richard M. Weaver, riedrich von Hayek, Russell Kirk, satire, Thomas Sowell, Whittaker Chambers, William F. Buckley, Yale University
Bin Laden’s Right-Wing Reading List Goes Viral
The list includes an archive of radical right wing books, history books, humor texts, and conservative philosophy belonging to the former al-Qaeda chief, some of which are still being withheld by the U.S. government, but leaked online this afternoon.
Among the volumes of books on law and military strategy that were publicly released this week, are a not-yet-declassified list of books by popular conservative authors such as Ann Coulter, Jonah Goldberg, and Andrew Breitbart, as well as scholarly texts by Ludwig von Mises, Milton Friedman, and Friedrich von Hayek. The collection includes:
The End Is Near and It’s Going to Be Awesome by Kevin D. Williamson
Ideas Have Consequences by Richard M. Weaver
Liberal Fascism: The Secret History of the American Left, From Mussolini to the Politics of Change by Jonah Goldberg
Mugged: Racial Demagoguery from the Seventies to Obama by Ann Coulter
The Road to Serfdom by Friedrich von Hayek
Capitalism and Freedom by Milton Friedman
God and Man at Yale: The Superstitions of ‘Academic Freedom‘ by William F. Buckley, Jr.
Righteous Indignation: Excuse Me While I Save the World! by Andrew Breitbart
On Liberty by John Stuart Mill
Human Action, The Scholar’s Edition by Ludwig von Mises
The Conservative Intellectual Movement in America Since 1945 by George Nash
Witness by Whittaker Chambers
The Conservative Mind: From Burke to Eliot by Russell Kirk
Ethnic America: A History by Thomas Sowell
Natural Right and History by Leo Strauss
The leak comes shortly after the fourth anniversary of Bin Laden’s death at the hands of US special forces…
Posted: July 28, 2014 Filed under: Asia, China, Economics | Tags: Clement Attlee, Economic Freedom Index, Economic Freedom of the World, Hong Kong, Industrial Revolution, John James Cowperthwaite, John Maynard Keynes, Merchiston Castle School, Milton Friedman
Some of us just write about libertarian ideas. This guy actually made them public policy for millions.
[Also see our EXCLUSIVE companion article “UNDERNEATH the “Hong Kong Miracle”]
For The Freeman, Lawrence W. Reed writes: Three cheers for Hong Kong, that tiny chunk of Southeast Asian rock. For the twentieth consecutive year, the Index of Economic Freedom—compiled by The Wall Street Journal and the Heritage Foundation—ranks Hong Kong (HK) as the freest economy in the world.
“Maybe this is why socialists don’t like to talk about Hong Kong: It’s not only the freest economy, it’s also one of the richest.”
Though part of mainland China since the British ceded it in 1997, HK is governed locally on a daily basis. So far, the Chinese have remained reasonably faithful to their promise to leave the HK economy alone. What makes it so free is music to the ears of everyone who loves liberty: Relatively little corruption. An efficient and independent judiciary. Respect for the rule of law and property rights. An uncomplicated tax system with low rates on both individuals and business and an overall tax burden that’s a mere 14 percent of GDP (half the U.S. rate). No taxes on capital gains or interest income or even on earnings from outside of HK. No sales tax or VAT either. A very light regulatory touch. No government budget deficit and almost nonexistent public debt. Oh, and don’t forget its average tariff rate of near zero. That’s right—zero!
“Over a wide field of our economy it is still the better course to rely on the nineteenth century’s ‘hidden hand’ than to thrust clumsy bureaucratic fingers into its sensitive mechanism.”
— Sir John James Cowperthwaite, 1962
This latest ranking in the WSJ/Heritage report confirms what Canada’s Fraser Institute found in its latest Economic Freedom of the World Index, which also ranked HK as the world’s freest. The World Bank rates the “ease of doing business” in HK as just about the best on the planet. Read the rest of this entry »
Posted: February 10, 2014 Filed under: Reading Room, Think Tank | Tags: Friedrich Hayek, Hayek, James Callaghan, John Maynard Keynes, Karl Popper, Ludwig von Mises, Margaret Thatcher, Milton Friedman, Princeton University Press, Tim Barker
Margaret Thatcher arrives in Washington, November 1988 (courtesy Ronald Reagan Library)
Spontaneous Order: Looking Back at Neoliberalism
Tim Barker writes: “The owl of Minerva,” Hegel famously wrote, “flies only at dusk”: historical events can be theoretically comprehended only in retrospect. Is this the case with neoliberalism? A term ubiquitous in the academy but scarcely used outside it, the concept is difficult to define with precision. A common shorthand identifies it as the economic and philosophical ideology behind the Reagan-Thatcher revolution; it is also often agreed that this ideology contributed somehow to the financial crisis of 2008. Now, with the recession technically over but recovery still ambiguous, two recent books attempt to describe neoliberalism’s historical origins and explore its current political implications.
Markets in the Name of Socialism: The Left-Wing Origins of Neoliberalism
by Johanna Bockman
Stanford University Press, 2011, 352 pp.
Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics
by Daniel Stedman Jones
Princeton University Press, 2012, 432 pp.
In Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics, Daniel Stedman Jones charts the rise of neoliberalism, which he defines as the “coherent, if loose, body of ideas” that underwrite our contemporary “market-driven society.” He begins with the intellectual biographies of three exiled Central European thinkers—Ludwig von Mises, Friedrich Hayek, and Karl Popper—who challenged the industrial West’s consensus around social welfare programs, full employment, labor unions, and state intervention. This first, émigré generation (joined by kindred Americans and West Germans) were “neoliberal” in their opposition to central planning, but also “neoliberal” because they sought a reformed liberalism for the middle of the twentieth century, not a simple return to the laissez-faire of the nineteenth. Hayek’s Road to Serfdom, for example, countenanced significant departures from laissez-faire, including universal health care.
Read the rest of this entry »
Posted: October 27, 2013 Filed under: Asia, China, Education | Tags: Beijing, China, Communist Party of China, Liu Xiaobo, London School of Economics, Milton Friedman, Nobel Peace Prize, Peking University, Xi Jinping, Xia
Illustration: Ken Fallin
David Feith writes: The 21st-century romance between America’s universities and China continues to blossom, with New York University opening a Shanghai campus last month and Duke to follow next year. Nearly 100 U.S. campuses host “Confucius Institutes” funded by the Chinese government, and President Obama has set a goal for next year of seeing 100,000 American students studying in the Middle Kingdom. Meanwhile, Peking University last week purged economics professor Xia Yeliang, an outspoken liberal, with hardly a peep of protest from American academics.
“During more than 30 years, no single faculty member has been driven out like this,” Mr. Xia says the day after his sacking from the university, known as China’s best, where he has taught economics since 2000. He’ll be out at the end of the semester. The professor’s case is a window into the Chinese academic world that America’s elite institutions are so eager to join—a world governed not by respect for free inquiry but by the political imperatives of a one-party state. Call it higher education with Chinese characteristics.
“All universities are under the party’s leadership,” Mr. Xia says by telephone from his Beijing home. “In Peking University, the No. 1 leader is not the president. It’s the party secretary of Peking University.”
Which is problematic for a professor loudly advocating political change. In 2008, Mr. Xia was among the original 303 signatories of the Charter 08 manifesto calling for democracy, civil liberties and the rule of law in China. “Our political system continues to produce human rights disasters and social crises,” declared the charter, written primarily by Mr. Xia’s friend Liu Xiaobo, the 2010 Nobel Peace laureate who is currently serving an 11-year prison term for “inciting subversion of state power.”
Read the rest of this entry »
Posted: August 2, 2013 Filed under: Mediasphere | Tags: Ayn Rand, Declaration of Independents, GOP, Milton Friedman, Nick Gillespie, Rand Paul, Republican, Ron Wyden
Five myths about libertarians
By Nick Gillespie
Nick Gillespie, editor of Reason.com and a columnist for the Daily Beast, is a co-author of “The Declaration of Independents: How Libertarian Politics Can Fix What’s Wrong With America.”
by Nick Gillespie The specter of libertarianism is haunting America. Advocates of sharply reducing the government’s size, scope and spending are raising big bucks from GOP donors, trying to steal the mantle of populism, being blamed for the demise of Detroit and even getting caught in the middle of a battle for the Republican Party. Yet libertarians are among the most misunderstood forces in today’s politics. Let’s clear up some of the biggest misconceptions.
1. Libertarians are a fringe band of “hippies of the right.”
In 1971, the controversial and influential author Ayn Rand denounced right-wing anarchists as “hippies of the right,” a charge still leveled against libertarians, who push for a minimal state and maximal individual freedom.
Libertarians are often dismissed as a mutant subspecies of conservatives: pot smokers who are soft on defense and support marriage equality. But depending on their views, libertarians often match up equally well with right- and left-wingers.
The earliest example of libertarian principles in partisan politics might have come in the late 19th and early 20th centuries,when Anti-Imperialist League Democrats rejected empire and war — and believed in free trade and racial equality at a time when none of that was popular. More recently, civil libertarians such as Sen. Ron Wyden (D-Ore.) supported Sen. Rand Paul (R-Ky.) in his filibuster on domestic drones and government surveillance.
Libertarians are found across the political spectrum and in both major parties. In September 2012, the Reason-Rupe Poll found that about one-quarter of Americans fall into the roughly libertarian category of wanting to reduce the government’s roles in economic and social affairs. That’s in the same ballpark as what other surveys have found and more than enough to swing an election.
2. Libertarians don’t care about minorities or the poor.
As the recent discovery of neo-Confederate writings by a former senior aide to Sen. Paul shows, there sometimes is a connection between libertarians and creepy, racist elements in American politics. And given the influence of Ayn Rand among many libertarians, it’s easy to think that they care only about themselves. “I will never live for the sake of another man,” runs a characteristic line from Rand’s 1957 novel, “Atlas Shrugged.”
But at least two of the libertarian movement’s signature causes, school choice and drug legalization, are aimed at creating a better life for poor people, who disproportionately are also minorities. The primary goal of school choice — a movement essentially born out of a 1955 essay about vouchers by libertarian and Nobel Prize-winning economist Milton Friedman — is to give lower-income Americans better educational options. Friedman also persuasively argued that the drug war concentrates violence and law enforcement abuses in poor neighborhoods.
Libertarians believe that economic deregulation helps the poor because it ultimately reduces costs and barriers to start new businesses. The leading libertarian public-interest law firm, the Institute for Justice, which has argued Supreme Court cases for free speech and against eminent-domain abuse, got its start defending African American hair-braiders in Washington from licensing laws that shut down home businesses.
Read the rest of this entry »