Acton Institute Powerblog Archives

Post Tagged 'Public choice theory'

Just how bad is crony capitalism?

The Bosses of the Senate, a cartoon by Joseph Keppler. First published in Puck 1889. Cronyism is ugly. It hurts the economy, it’s unjust, and corrupts the core of democracy.  “The damage that cronyism has inflicted on the economy is considerable,” Samuel Gregg writes in a new piece for Public Discourse. Continue Reading...

How to Turn Corn into Cars

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. Continue Reading...

Why Bootleggers and Baptists Align on Regulation

“Politics makes strange bedfellows,” said Charles Dudley Warner. And nowhere is that more true than in the political alliances that form around regulation. In a 1983 paper, regulatory economist Bruce Yandle coined the catch-phrase “Bootleggers and Baptists” for the observation that regulations are often supported by peculiar alliances who have very different end-goals in mind. Continue Reading...

Crony Capitalism’s Favorite Trick

Many who reject capitalism in favor of some “third way” do so because they often mistake it for government-corporate cronyism, says Jonathan Witt in this week’s Acton Commentary. But in countries that have begun extending true economic freedom to the masses, capitalist activity has already lifted hundreds of millions of people out of extreme poverty. Continue Reading...

Why Do the Wicked Prosper?

Why do the wicked prosper? This plaintive query is a consistent cry from the psalmist and the prophets. As Jeremiah puts it, “Why does the way of the wicked prosper? Why do all the faithless live at ease?” The concern in large part has to do with injustice; why do those who are so morally and spiritually bankrupt enjoy such great temporal blessings? Continue Reading...