Category Archives: Economics
Venezuela
It wants to spread the suffering:
As with the old lady and the fly, Venezuela’s government may be running out of encores. It can crack down on black-market activity, but that won’t make the shortages go away. It might redistribute the suffering a bit, but that’s not all it will do. The black market is often a sort of release valve for bad policy; shut it down, and you turn the formerly annoying into the totally intolerable.
There is, as Adam Smith once observed, “a lot of ruin in a nation.” President Nicolas Maduro seems determined to find out exactly how much Venezuela has left.
This is always how socialism ends. They’ve run out of other peoples’ money down there.
Those 7M “Sign Ups”
Why yesterday’s champagne-cork popping in the Rose Garden was meaningless propaganda.
[Update a few minutes later]
Want medical insurance? Get in line:
The first thing we thought of when we saw the pictures was the photos we’ve recently seen on Twitter of Venezuelans waiting in bread lines. Waiting in line to purchase necessities is a characteristic not of a prosperous free society but of command economies under repressive regimes. Closer to home, one doubts even the Transportation Security Administration would be so tone-deaf as to advertise long airport lines as an indication it’s doing a great job.
So what in the world could the White House have been thinking? Here’s a guess: They look at the ObamaCare lines and think not of communist subjects queuing up for bread or toilet paper, or Americans for driver’s licenses, but something more like the lines of consumers eager to be the first to get the new iPhone or the latest Harry Potter book. Affluent people often wait in line for things about which they have a particular enthusiasm–or for special experiences, like an amusement park ride, concert or meal at a favorite restaurant.
One obvious difference is that whereas the iPhone and Harry Potter queuers are eager to get the new thing first, the ObamaCare ones are presumably anxious not to miss the deadline (even if it’s not rigorously enforced). ObamaCare lines might have been impressive if they’d begun to form in the last days of September. At the end of open enrollment, the White House boast is akin to the IRS’s citing a “surge” in filing of tax returns two weeks from now as evidence that the income tax system is popular and well designed.
Command economies under repressive regimes seems to be the goal.
No, Mr. Tito
SLS/Orion is not only not a “spaceship to everywhere,” it’s really is a spaceship to nowhere.
I really don’t understand what he’s thinking.
The New Space Race
Crowdfunding Is Not A Scam
It’s market research. She makes a good point, that it’s a quick, inexpensive way to identify products with no market, relative to actually putting them in the market. On the other hand, sometimes products that don’t do well in the market as their primary function find some other killer app that no one anticipated. If it dies in crowdfunding, no one would get the chance to discover that sort of thing.
The Democrats’ Scandals
They’re all rooted in the evil of unlimited government:
Adam Smith’s formula for prosperity — “peace, easy taxes, and a tolerable administration of justice” — is the very modest ambition that conservatives aim for. Limited government is the tool by which government can be made to do good without necessarily being good, or being composed of good men.
The progressive state, on the other hand, is a state infused with moral purpose. If politics is to be a jihad, then the state must be invested with extraordinary power to achieve its moral mission. There is no way to invest the state with extraordinary power without also investing those powers in the men who hold its offices and staff its bureaucracies, which hold ever more nearly absolute power over our property and our lives. (And given that the Obama administration has made a policy of assassinating U.S. citizens without legal process, we might as well call that power “absolute.”) But if those elective offices and regulatory fortresses are to be staffed with men who are corrupt and corruptible, then the progressive vision of the morality-infused state must falter.
And they — we — are all corruptible.
Lord Acton was right, once again, about the power of power to corrupt.
Asimov’s Laws Of Robotics
Why they can’t protect us.
Unfortunately.
Government Ranges
We can’t rely on them for commercial spaceflight. It’s truly appalling that we’re going to have a multi-week delay at the Cape because the infrastructure lacks robustness. Unfortunately, the incentive structure for government expenditures allows this to happen.
Ariane 6
The Germans want ESA to rethink it.
SpaceX is being very disruptive.