Category Archives: Economics

Business, Economics, Media Criticism, Political Commentary

Broken Government

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Laws have gotten far too detailed:

Until recent decades, law based on principles was the structure of most public law. The Constitution is 10 pages long and provides basic precepts—say, the Fourth Amendment prohibition on “unreasonable searches and seizures”—without trying to define every situation. The recent Volcker Rule regulating proprietary trading, by contrast, is 950 pages, and, in the words of one banker, is “incoherent any way you look at it.”

Legal principles have the supreme virtue of activating individual responsibility. Law is still supreme. The goals of law are centralized, but implementation is decentralized. Every successful regulatory program works this way. New airplanes, for example, must be certified as “airworthy” by the FAA. There are no detailed regulations that set forth how many rivets per square foot are required. It’s up to the judgment of FAA officials. This system works pretty well. Which would you trust more, a plane approved by experts at the FAA or a plane that was allowed to fly merely because it satisfied a bunch of rules, many outdated?

The health-care law exemplifies this problem.

Business, Economics, History, Media Criticism, Political Commentary, Science And Society, Social Commentary

“Marching Against Climate Change”

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The most futile march ever:

It was the usual post-communist leftie march. That is, it was a petit-bourgeois re-enactment of meaningless ritual that passes for serious politics among those too inexperienced, too emotionally excited or too poorly read and too unpracticed at self-reflection or political analysis to know or perhaps care how futile and tired the conventional march has become. Crazed grouplets of anti-capitalist movements trying to fan the embers of Marxism back to life, gender and transgender groups with their own spin on climate, earnest eco-warriors, publicity-seeking hucksters, adrenalin junkies, college kids wanting a taste of the venerable tradition of public protest, and, as always, a great many people who don’t think that burning marijuana adds to the world’s CO2 load, marched down Manhattan’s streets. The chants echoed through the skyscraper canyons, the drums rolled, participants were caught up in a sense of unity and togetherness that some of them had never known. It was almost like politics, almost like the epochal marches that have toppled governments and changed history ever since the Paris mob stormed the Bastille.

Almost. Except street marches today are to real politics what street mime is to Shakespeare. This was an ersatz event: no laws will change, no political balance will tip, no UN delegate will have a change of heart. The world will roll on as if this march had never happened. And the marchers would have emitted less carbon and done more good for the world if they had all stayed home and studied books on economics, politics, science, religion and law. Marches like this create an illusion of politics and an illusion of meaningful activity to fill the void of postmodern life; the tribal ritual matters more than the political result.