What 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.”
For 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: (more…)
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.
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?”
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!
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.”
• 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: (more…)
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.