At last night’s plenary dinner at the Association of Private Enterprise Education (APEE) conference, William Easterly of New York University was awarded the association’s highest honor, the Adam Smith Prize.
In a powerful speech, Easterly juxtaposed the contrary visions of economic development represented by the two laureates of the Nobel Prize in economics in 1974, Friedrich Hayek and Gunnar Myrdal.
The second-hand clothing industry in parts of Africa is big business. In fact, many charities receive substantial revenue from the sale of these clothes. Why buy a t-shirt for 10 dollars when you can buy one for 32 cents? These trends should come as no surprise to Americans because consignment shops and thrift stores are plentiful. However, the difference is that in many parts of Africa second-hand clothing is the primary means of buying clothes and is, therefore, inadvertently stifling the growth of local African economies. Sadly, charities are playing a role in killing this growth.
For example, CNN just ran a story about how Americans sending over old clothes is killing Africa’s economy:
Read more on Second-Hand Clothing Undermines Africa’s Economy…
We’ve had some intriguing discussion about Bitcoin at the Acton Institute offices today. It is certainly a phenomenon worth greater attention, and something of significant cultural, social and economic import. But I’m not buying Bitcoin, at least not yet.
Margaret Thatcher once told an interviewer, “Of course, I am obstinate in defending our liberties and our law. That is why I carry a big handbag.” During her time as Prime Minister, Thatcher’s handbag became an iconic symbol of her ability to handle opponents. The term “handbagging” even entered the Oxford English Dictionary (the verb “to handbag” is defined as: (of a woman politician), treat (a person, idea etc) ruthlessly or insensitively) to describe her rhetorical style.
Thatcher’s handbagging usually occurred during Question Time, the hour every day when members of the parliament ask questions of government ministers—including the prime minister—which they are obliged to answer. A prime example is in her last appearance as Prime Minister in the House of Commons, on November 22, 1990. Liberal Democrat MP Simon Hughes taunts her on the subject of income inequality.
Read more on What Margaret Thatcher Understood About Income Inequality…
The best show on TV over the past five years has, in my not-so-humble-opinion, been AMC’s Breaking Bad. This is one over-hyped show that lives up to all of it (and more). .
While the on-air sage of Walter White concludes this summer, Breaking Bad‘s pop-culture legacy may take a back-seat to it’s legislative and fiscal ones.
From The Hollywood Reporter:
New Mexico Gov. Susana Martinez signed into law Thursday the state’s “Breaking Bad” bill, which will increase subsidies on film and TV productions shot in the state now famous for the AMC drama.
The law increases New Mexico’s rebate for series television production to 30 percent of a producer’s total qualified spend in the state. Feature films will get 30 percent back on resident labor if using a qualified production facility. They will also get 25 percent back on all other expenses. In addition, a roll-over of $10 million in unused credits per fiscal year will be allowed.
The news comes after Martinez, a Republican who previously has tried to rein in production subsidies, vetoed the bill March 15. The state previously offered a 25 percent tax refund on qualifying productions, with a cap of $50 million per year. Martinez put the cap in place in 2011, with members of the film and TV industry blaming it for a drop in New Mexico productions.
As a recent transplant to Los Angeles with many friends currently working at various levels of the entertainment industry, I’ve seen and heard about the effects of studios taking their film and television projects to other states (and countries) first-hand. Read more on New Mexico Wisely Breaks With Bad California Tax Policies…
1. “Pennies don’t fall from heaven, they have to be earned here on earth.” (Speech at Lord Mayor’s Banquet, 11/12/79)
2. “If a Tory does not believe that private property is one of the main bulwarks of individual freedom, then he had better become a socialist and have done with it.” (Article for Daily Telegraph, “My Kind of Tory Party,” 01/30/1975)
3. “I came to office with one deliberate intent: to change Britain from a dependent to a self-reliant society – from a give-it-to-me to a do-it-yourself nation. A get-up-and-go, instead of a sit-back-and-wait-for-it Britain.” (Speech, 1984)
4. “My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day’s work for an honest day’s pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police.” (The News of the World, 9/20/81)
5. “The choice facing the nation is between two totally different ways of life. And what a prize we have to fight for: no less than the chance to banish from our land the dark, divisive clouds of Marxist socialism and bring together men and women from all walks of life who share a belief in freedom.” (Speech, 1983)
Read more on 10 Memorable Thatcher Quotes on Economics and Freedom…
More interesting archival video and quotes here, including:
“No one would have remembered the Good Samaritan if he’d only had good intentions. He had money as well” — Television interview, 1980.
Ronald Reagan & Margaret Thatcher
Margaret Thatcher (1925-2013) provided the West with many morally courageous moments. The moniker, “The Iron Lady” was bestowed upon her by the Soviet Army newspaper Red Star in 1976 because of her piercing denouncement of communism. Thatcher, of course, adored the unofficial title.
How free is your state? The Mercatus Center at George Mason University recently released its third edition of Freedom in the 50 States, a ranking of the states in the U.S. based on how their policies “promote freedom in the fiscal, regulatory, and personal realms.” Here’s a short, humorous video promoting the report.
While there are reasons to disagree with their overly individualistic definition of “freedom,” lets assume that most conservatives and libertarians (and even a few liberals) would broadly agree with their assessment and consider a different question: What are we to do with such information? If we live in a low-freedom state should we move to a high-freedom state? Should we, as many advocates of liberty suggest, “vote with our feet?”
While some people may choose to do just that, the majority of us will not. In fact, I suspect if you polled the staff of the Mercatus Center, which is located in #8 ranked Virginia, not a one of them will say that they plan to move to the state with the most personal and economic freedom—North Dakota. Even the most hard-core committed libertarians in places like New York (#50) aren’t likely to load up the U-Haul and head west to the Dakotas or even east to New Hampshire (#4). As Eric Crampton says,
Read more on Freedom and the Insufficiency of Federalism…
John Mackey, the well-known CEO of Whole Foods, sat down for an interview with Reason TV’s Nick Gillespie this week and I found a few quotes from their exchange particularly interesting. You can watch the full interview here: John Mackey Video
When asked what the original “higher purposes” of his business were when Whole Foods began, Mackey responded:
“Sell healthy food to people. Make a living for ourselves. Have fun. But our purposes have evolved over time…I would say one of our higher purposes now is to heal America.”
Mr. Mackey writes all about such things in his recently-released Conscious Capitalism. Citing familiar statistics regarding the millions of Americans who are overweight and suffering from diseases that “correlate directly with diet and lifestyle choices,” he feels that his chain of high-end groceries are a very real contribution to the betterment of the nation.
I applaud much of what Mackey says publicly when it comes to free enterprise and the moral case for capitalism (more on that in a minute), but the idea that ultra-expensive, cage-free items – in a store that is primarily frequented by already-healthy (and wealthy) patrons – will “heal America” is a bit over-the-top. Read more on John Mackey: Is Conscious Capitalism Enough?…
