Posts tagged with: Business/Finance

government-regulation-in-business-red-tapeWhat is the annual cost of regulations for America?

The short answer is that no one knows for sure. The officially reported regulatory costs as reported by the Office of Management and Budget (OMB) total up to $128.7 billion. But the real costs of regulation is impossible since, as the Nobel-winning economist James Buchanan said, “Cost cannot be measured by someone other than the decision-maker because there is no way that subjective experience can be directly observed.”

Still, we can attempt to estimate the costs based on factors that can be measured. Clyde Wayne Crews Jr. of the Competitive Enterprise Institute provides an example of such an estimate. His findings:
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china-christiansFor the past three decades China has been the world’s fastest-growing major economy, with growth rates averaging 10 percent a year for 30 years. As Brian J. Grim, founder and president of the Religious Freedom & Business Foundation, notes, there are many reasons for the growth, such as market mechanisms, modern technology and Western management practices. But one factor that is often overlooked is the role of Christianity:
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Friedrich Hayek once called intellectuals “professional secondhand dealers in ideas.” And the Preacher proclaimed, “There is nothing new under the sun.” So perhaps it shouldn’t be surprising when ideas, memes, and other cultural phenomena pop up again and again.

There is, however, a notable correspondence between an Acton Commentary that I wrote earlier this month, “The Worst Christmas Song Ever,” and a piece that appeared weeks earlier at The Federalist. In “‘Do They Know It’s Christmas’ Is The Worst Christmas Song Ever,” Leslie Loftis takes down this miserable tune in devastating fashion. Loftis points out that the song “has a little of everything to loathe. Condescension. Inane inaccuracies. Smugness. Mullets.”

Whether or not you have read my commentary, you should go check out her case against the song now.

I first noticed the song, which heretofore had been background Christmas muzak, when we screened the new documentary Poverty, Inc. earlier this year at the Acton Institute offices. That film includes a section discussing “Do They Know It’s Christmas?”

Matthea Brandenburg helpfully points out some further commentary by Magatte Wade and others about the song over at the PovertyCure blog.

When Christmas rolled around, I had the idea to write something about the song, and connected it with William Easterly’s analysis of the differing perspectives on development offered by Gunnar Myrdal and Hayek. But I now think that even though I hadn’t read Loftis’ piece, I had seen the title before I wrote my piece. In fact, I checked Ben Domenech’s excellent email newsletter The Transom, to which you should subscribe, and there on December 3 is the following: ‘“Do They Know It’s Christmas” is the worst Christmas song ever. http://vlt.tc/1qf7

No doubt I saw the link, and got the idea for calling it the “worst ever” into my head. Then some days later I connected it to the Poverty, Inc. clip and wrote my piece. So the idea for calling this the worst Christmas song ever must be credited to Loftis and The Federalist. I’m sorry that I didn’t realize that Loftis’ piece had already appeared, or I would have pointed to it earlier, and given credit for the idea straight away. So in the interests of disclosure, I certainly haven’t been the only one to criticize this song or even to call it the “worst Christmas song ever.” I guess I’ve got egg(nog) on my face. The variety of voices that find the song problematic, however, should be a indication that there’s something rotten in “Do They Know It’s Christmas?” It is, after all, a song that includes a toast like this: “Here’s to them underneath that burning sun.”

“Do They Know It’s Christmas?” is like a bad earworm that won’t go away. And now I really, really hate that song!

lemonade-stand-illegal-425ds072709Entrepreneurs – those people among us who seek to serve others through business – are an optimistic bunch. So says the 2014 Amway Global Entrepreneurship Report, published annually by Amway Corporation, the world’s largest direct sales company. It’s a good thing entrepreneurs are optimistic; they have a lot of work to do. According to Amway Chairman Steve Van Andel:

Entrepreneurs play an important role in growing economies. They create jobs, encourage competition and help communities grow and flourish. As the business environment has changed through the years, so have the reasons people decide to venture out on their own.”

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beatlesOne would think that the road to success for entrepreneurs would start with a business major. After all, you have to know marketing and business strategies and accounting and all that stuff, right?

Panos Panay gives some thoughtful rebuttal to that idea. He is a successful entrepreneur, having created Sonicbids, a platform where musicians and bands can book gigs, promote themselves and basically act as their own managers. He is also the founding manager of Berklee Institute for Creative Entrepreneurship. He believes he’s been a successful entrepreneur not in spite of his music background, but because of it. (more…)

Blog author: jcarter
Friday, October 31, 2014
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man_thinking_numbersIs the murder rate in the U.S. increasing or decreasing? What percentage of teen girls will give birth this year? What percentage of Americans are Christian or Muslim? What percentage are immigrants?

If you guess wrong, you’re not alone. A new global survey, building on work in the UK last year for the Royal Statistical Society, finds that most people in the countries surveyed were wildly wrong. For instance, Americans guess wrong on each of the following questions:

• What Percentage of Girls Age 15-19 Give Birth Each Year? (Avg. guess: 24 percent; Actual: 3 percent)

• What Percentage of People Are Muslim? (Avg. guess: 15 percent; Actual: 1 percent)

• What Percentage of People Are Christian? (Avg. guess: 56 percent; Actual: 78 percent)

• What Percentage of People Are Immigrants? (Avg. guess: 32 percent; Actual: 13 percent)

• What Percentage of People Voted in the Last Major Election? (Avg. guess: 57 percent; Actual: 67 percent)

• What Percentage of People Are Unemployed and Looking For Work? (Avg. guess: 32 percent; Actual: 6 percent)

While these examples may seem relatively trivial, they highlight that when it comes to numbers that shape policy and politics, many Americans are extremely confused. Ideally, before making a decision about how to vote or stressing about the latest health threat, we’d research the numbers to develop an informed decision. But the number of issues we face each day often prevents us from doing more than making a “best guess.”

Fortunately, there are ways we can hone our skills at guessing and estimation — guesstimation — that will help us minimize our innumeracy. Here are a few tips for making better guesses about numbers related to politics, policy, and demographics:
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Blog author: jcarter
Thursday, September 4, 2014
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Imagine if a scientist was able to create technology that turns corn into cars. As economist Bryan Caplan explains, we already have such an innovation: foreign trade.

Caplan argues that foreign trade is a form of technology that lowers our cost of living and increases our standard of living. In fact, claims Caplan, from a broader perspective trade is even better than most technology since it not only makes us better off, it makes foreigners better off too.

Sic semper tyrannis, eh?

Sic semper tyrannis, eh?

The Burger King acquisition of Tim Hortons and the resulting plans to move the corporate headquarters under the taxing authority of the Canadian government is being derided by some as unpatriotic.

This is the latest in a long string of similar phenomena over the last decade or so, as we see patriotic loyalty (or the lack thereof) becoming a political issue in the context of offshoring, globalization, outsourcing, and so on.

A response to the charge of being unpatriotic would seem to me to require at least two points.

First, the responsibilities of a business owner, CEO, or corporate board are different than those of a government politician. They have different loyalties, so to speak. So to judge the one by the standards of the other is an exercise in missing the point.

Second, I would respond with a query along these lines: Which is more unpatriotic, a greater disservice to a nation, for someone to be involved in: moving a business from one country to another or making the tax environment in a country inhospitable to businesses?

RL-logo-wit1Earlier this month, religious shareholder activists from the Interfaith Center on Corporate Responsibility, Mercy Investment Services and the Sisters of Mercy nabbed headlines by attempting to force Ralph Lauren Corp. to conduct a needless and politically driven human-rights risk assessment of offshore vendors.

The ICCR effort is another “name and shame” tactic intended to publically embarrass a company refusing to play ball with a left-leaning organization. According to the Huffington Post, the nominally religious shareholders’ proposal is …

… backed by the AFL-CIO Reserve Fund, an investment fund for the national trade union center, that urged Ralph Lauren to assess human-rights risk throughout its supply chain. The company’s board of directors told shareholders to vote the proposal down. (more…)

Blog author: jcarter
Thursday, August 21, 2014
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7figuresFeeding America is a nationwide network of 200 member food banks, the largest domestic hunger-relief charity in the United States. The Feeding America network of food banks provides food assistance to an estimated 46.5 million Americans in need each year, including 12 million children and 7 million seniors.

The report “Hunger in America” is Feeding America’s series of quadrennial studies that provide comprehensive demographic profiles of people seeking food assistance through the charitable sector.

Here are seven figures you should know from the latest report:
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