Category Archives: Economics

The Latest Take-Down Of Piketty

It’s long, and too much there to pick out a quote, but worth the read.

As I’ve noted before, Marxism is not a discipline, or even an ideology, really. It’s an attitude founded in envy and a grasping for power. Simply put, if you believe your judgment of someone else’s need to be superior to their own, and are willing to enforce it at the point of a gun, you are a Marxist. And that attitude describes a large majority of Democrats, and far too many Republicans.

Speed Limits

A great piece on the general irrationality about them, and the history. I find most interesting (and new) the point that the main benefit of posting a speed limit was not to slow the fastest down, but to speed the slowest up. More people need to understand that it is not absolute speed that is dangerous, but relative speed. When I was young, in Michigan, before Nixon’s double-nickle stupidity, the freeway signs had both a maximum and a minimum: 70/45. That was back in the days when older cars weren’t as safe or reliable at higher speeds. Today, I’d make it more like 80/60.

I’m also glad that they (as I always do) pointed out what a problem a lack of lane discipline is. If they’d give tickets for hogging the left lane, instead of speeding, traffic would flow both more smoothly and more safely.

The List Of ObamaCare Disasters

Add fraud:

It sounds like the systems that are supposed to check identity, immigration status and income simply aren’t working at all; the system just assumes that you are who you say you are.

Gosh, it’s almost like they don’t care.

Of course, I’m not sure that “add” is the right word. The whole thing has always been pretty much fraud all the way down.

Infinity Aerospace

Announcing tools to utilize ISS. Ardulab, is an Arduino modified with features to work on the station. Developed with NASA and Nanoracks. Enabled an 8th-grade class to do a plant-growth experiment for different light conditions in space, ready to fly. Takes up only ten percent of allowed volume, leaving remainder for experiments. Completely open source, hardware and software. Will be opening web site right after talk today.

Jurvetson

Need competition in space industry, and known prices, to allow non-insiders to enter and put together business plans. #NewSpaceCon

Citing Arthur Clarke’s suggestion that vehicles need to be reusable fo make space affordable, from 45 years ago as Apollo 11 went to the moon.

Skeptics in the industry have scoffed at SpaceX goal of retroburning, entering, flying back to site and reflying. Both attempts would have been fine if they’d been on land, instead of in the ocean. Most amazing things was that it worked the first time, demonstrating the power of modern simulations.

When you start with a founding vision so far beyond the industry you have to invent a lot of new things (e.g., vertical landing on a planet, manufacturing propellant on another planet). Challenge is to see what is necessary to achieve vision, but come up with intermediate solutions that generate revenue. If you’re an incumbent not being disrupted, you’ll just incrementally improve, not go after revolutionary solution.

[Update a few minutes later]

For other info on the talk, follow @jeff_foust.

ObamaCare Is Slowly Dying

from its birth defects.

A great analogy.

Congress has no authority to grant bureaucrats such discretion either way. It cannot simply hand over its powers to another branch of the government. That is the subject of a recent book by Columbia Law School professor Philip Hamburger, Is Administrative Law Unlawful? Hamburger’s thesis is that federal agencies are under the control of the executive branch and, by definition, have no power to create regulations that legally bind anyone. That is, of course, precisely what HHS attempted when it drew up its list of “must cover” contraceptives.

During oral arguments in Burwell v Hobby Lobby, Justice Kennedy was obviously interested in this issue and its implications for the separation of powers. Among his questions to the government lawyers was the following: “Now, what kind of constitutional structure do we have if the Congress can give an agency the power to grant or not grant a religious exemption based on what the agency determined?” According to Hamburger, it gives us a structure more like that which England’s James I presided over than anything envisioned by the framers.

The latter favored a very weak executive branch. In fact, according to Hamburger, they didn’t want it “bringing matters to the courts or … physically carrying out their binding acts.” This is why the Constitution is so specific about the separation of powers. The framers must have been spinning in their graves when the government lawyers were arguing Burwell v. Hobby Lobby and Halbig v. Burwell. But shady deals like the cornhusker kickback and violations of the separation of powers doctrine are but two of the birth defects with which Obamacare was born.

And, as he notes, the Origination problem will be potentially fatal as well.

Halbig

The appeals court has ruled against the administration. This really guts ObamaCare.

[Update a few minuts later]

Jonathan Adler has some initial thoughts:

If this decision is upheld, it will present some three-dozen states with a choice: Establish exchanges so as to authorize tax credits for state citizens while also triggering penalties on employers and individuals who do not wish to purchase qualifying health insurance. As my co-author Michael Cannon notes, the implications of this decision go beyond its effect on tax credits. How will states respond? Time will tell. As with the Medicaid expansion, it is not entirely clear how states will react now that so much of PPACA implementation is clearly in their hands.

A lot of dominoes could fall from this.

[Update early afternoon]

Thoughts from John Hinderaker:

If the D.C. Circuit does re-hear the case en banc, it may reverse today’s panel decision. If that happens, there will no longer be a split between the circuits, but one would think the Supreme Court will take the case regardless. In that event, we may be back in familiar territory, with Justice Anthony Kennedy deciding what Congress had in mind. If you think that discerning Congress’s intent is, in this case, a fool’s errand, since no one in Congress had read the law before voting on it, you are probably right. Which is one reason why courts look to the words of a statute rather than to the subjective intentions of 535 legislators. Given that Justice Kennedy was willing to deal Obamacare what he thought was a death blow under the Commerce Clause, Democrats cannot view their ultimate prospects with much confidence.

Especially after the election.