Death by Regulation

I had the opportunity to hear Competitive Enterprise Institute’s Greg Conko talk about the “precautionary principle” today. The precautionary principle was enshrined by the Rio Declaration on Development and Environment in 1992: “Where there are threats of serious or irreversible damage, lack of full scientific certainty shall not be used as a reason for postponing […] Read more

Without a Prayer: Vatican Calls for Deity to Run Global Economy

Reuters is reporting that Vatican, in its infinite wisdom, is calling for a “global authority on the economy” in an official document from the papacy’s creepily named “Justice and Peace Department.” It condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic […] Read more

Charles Darwin the Economist?

Re: “Charles Darwin the Economist,” LA Times: Opinion, October 18 Robert Frank argues that “Darwin’s understanding of competition makes clear there can be no presumption it promotes the common good” since it often “provokes wasteful, mutually offsetting arms races.” Frank confuses the goals of evolutionary competition with those of market competition. Market actors compete to […] Read more

Infrastructure Banks

Now that the Senate has rejected Obama’s American Jobs Act, it’s worth reflecting on what they passed up. A major proposal was an “infrustructure bank.” Competitive Enterprise Institute’s Wayne Crews has commented on this proposal over at Forbes.com: I stopped by our bank Friday to get something notorized, and, damn, they were all out of free […] Read more