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Liberty and Power

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  • The Question of Value

    by Sheldon Richman

    Labor (including mental labor) does not bestow utility on an automobile; consumers do that. Rather, labor bestows utility on the disparate factors of production by transforming them into an automobile.

  • Can Mutually Beneficial Exchanges Be Exploitative?

    by Sheldon Richman

    The great thing about competitive markets is not that marginal utility sets prices, but that rivalry among sellers drives prices below the level that approximates many people’s marginal utility. This produces a consumer surplus. (How far below is governed by producers’ subjective opportunity costs, including workers’ preference for leisure.) We all have bought things at a price below that which we were prepared to pay. . . . In a manner of speaking, competition socializes consumer surplus.On the other hand, in the absence of competition a coercive monopolist is able to charge more than in a freed market, capturing some of the surplus that would have gone to consumers. That’s a form of exploitation via government privilege.

    Read the rest of TGIF here.  


  • Fellow Anarchists – Prepare to Be Stabbed, Shot, and Bataranged

    by Roderick T. Long

     I always start by reminding people that what happens all over the world is our business. Every aspect of [our] lives is directly impacted by global events. The security of our cities is connected to the security of small hamlets in Afghanistan, Pakistan, Yemen and Somalia.


  • The Old Rugged Cross

    by Roderick T. Long

    12

    Genius. Billionaire. Playboy. Philanthropist.

    For some reason I’m on the mailing list of an outfit called “Conservative Action Alerts.” (They seem more libertarian than the conservative mainstream, so that’s probably the connection.) Their latest missive complains that the word “individualism” has been “poisoned by deceptive propaganda that disparaged it as ‘rugged.’”


  • Tornado Recovery: How Joplin Is Beating Tuscaloosa (My Wall Street Journal Article)

    by David T. Beito

     Last April 27, one of the worst tornadoes in American history tore through Tuscaloosa, Ala., killing 52 people and damaging or destroying 2,000 buildings. In six minutes, it put nearly one-tenth of the city's population into the unemployment line. A month later, Joplin, Mo., suffered an even more devastating blow. In a city with half the population of Tuscaloosa, a tornado killed 161 and damaged or destroyed more than 6,000 buildings.

    More than 100,000 volunteers mobilized to help the stricken cities recover. A "can-do" spirit took hold, with churches, college fraternities and talk-radio stations leading the way. But a year after the tragedies, that spirit lives on far more in Joplin than in Tuscaloosa. Joplin is enjoying a renaissance while Tuscaloosa's recovery has stalled.

    In Joplin, eight of 10 affected businesses have reopened, according to the city's Chamber of Commerce, while less than half in Tuscaloosa have even applied for building permits, according to city data we reviewed. Walgreens revived its Joplin store in what it calls a "record-setting" three months. In Tuscaloosa, a destroyed CVS still festers, undemolished.


  • Was Trayvon Martin Standing HIS Ground?

    by Sheldon Richman

     Trayvon Martin's champions should be careful what they say about the "stand your ground" law. It's possible that Martin felt threatened by George Zimmerman and, in fear for his life, countered the threat rather than retreat.  Of course Martin had no gun, but what if he had managed to kill Zimmerman by, say, slamming his head on the pavement? He might have reasonably invoked "stand your ground."

    Be careful.


  • Deir Yassin Day

    by Sheldon Richman

    Today is Deir Yassin Day. Anyone who seeks understanding about the unending conflict in Palestine/Israel ought to know about this massacre of 254 innocent Palestinians by the Zionist paramilitary forces Irgun (headed by future Israeli Prime Minister Menachem Begin) and the Stern Gang in 1948, a month before the Jewish state declared independence. Deir Yassin was among the worst incidents of the Nakba, the ethnic-cleansing catastrophe that befell the Palestinians in the creation of the state of Israel. Some 750,000 people were driven from their homes (which were then destroyed or expropriated) and were not allowed to return.

    The best brief introduction to the Nakba is Jeremy Hammond’s The Rejection of Palestinian Self-Determination.


  • Trademarking Trayvon, Manufacturing racism

    by Wendy McElroy

    [First published at the highly recommended Future of Freedom Foundation site. Visit in order to access the many links embedded in the original article.]

    On February 26, a 17-year-old black youth named Trayvon Martin was walking at night in an area where he had every right to be. A self-appointed captain of the neighborhood watch named George Zimmerman found the unarmed Trayvon “suspicious” even though the youth was not engaged in criminal activity and none has since been alleged.

    Zimmerman tailed Trayvon, calling the 911 operator as he did. The operator advised him to stop following the youth. From this point, versions differ but two facts remain constant: Minutes later Trayvon lay on the pavement, dead from a gun shot wound; and Zimmerman admits to shooting him.

    Was it self-defense? Confusion and contradictory accounts obscure the answer. Zimmerman was taken into custody by the police but not arrested, even though the lead investigator reportedly wanted to charge him with manslaughter. Instead, he was released after the state attorney's office found insufficient evidence to proceed.


  • Cordial and Sanguine, Part 21: War Among the Bleeding Hearts

    by Roderick T. Long

    Greetings from Las Vegas! Our two panels went well, and I’ve been having a great time hanging out with my Molinari/C4SS/ALL comrades. This is the first Vegas conference where I’ve actually stayed at the conference hotel (I got a special deal, half the conference rate) rather than my usual venue, three miles up the strip at the Mohamed Atta EconoLodge; that’s certainly an improvement.


  • Response to The Horrors of an Ayn Rand World

    by Wendy McElroy

    Friend and blog reader Robert M. gives an excellent response to a third party who queried him about an anti-Rand article written by Gary Weiss entitled "The Horrors of an Ayn Rand World." Excerpt: "In an Objectivist world, roads would go unplowed in the snows of winter, and bridges would fall as the government withdrew from the business of maintaining them. Public parks and land, from the tiniest vest-pocket patch of green to vast expanses of the West, would be sold off to the newly liberated megacorporations. Airplane traffic would be grounded unless a profit-making capitalist found it in his own selfish interests to fund the air traffic control system. If it could be made profitable, fine. If not, tough luck. The market had spoken. Fires would rage in the remnants of silent forests, vegetation and wildlife no longer protected by rangers and coercive environmental laws, swept clean of timber, their streams polluted in a rational, self-interested manner by bold, imaginative entrepreneurs." The third party asked, "The author of this article below seems to think her thought has gone into Libertarian beliefs. Has it?"

    Robert's response...


  • Three Felonies a Day by Harvey A. Silverglate, a Review

    by Wendy McElroy

    If you are an average American, then you are a repeat felon. In his stunning book, Three Felonies a Day: How the Feds Target the Innocent (2009), civil-liberties attorney Harvey A. Silverglate estimates that the average person unknowingly breaks at least three criminal laws each and every day. Federal statutes and regulations have become so voluminous and vague that over-reaching prosecutors can target anyone at any time. They may think you are guilty, they could want leverage to force your co-operation, they may be vengeful, or they could be building their own careers; the motives are secondary. What's primary is the clout and, in this, the federal bureacracy of the United States now rivals the Soviet Union at the zenith of its power.

    Even if you are ultimately proven innocent, the 'vindication' will come after years of abusive prosecution during which your assets will be frozen, your family interrogated and, perhaps, threatened, your reputation smeared, your life left in shambles.

    How did this happen in the Land of the Free? How did America drift so far from common law roots that preserved peace and property?Step by step.


  • Selgin on Bernanke

    by Jeffrey Rogers Hummel

    Some of you have probably already seen Roger Lowenstein's overly laudatory, but still useful and interesting, article on Ben Bernanke in the March 2012 Atlantic. As a good antidote, you should check out George Selgin's thorough and informed critique of Bernanke's first of four lectures on the Federal Reserve. Bernake seemingly unreflectively repeats many gross myths about the history of banking. Although these myths are widely believed by mainstream economists who who are abysmally ignorant of history, Bernanke has specialized in monetary history and should really know better.


  • Understanding Your Ground

    by Roderick T. Long

    Lawrence O’Donnell, Ed Schultz. Rachel Maddow, et hoc genus omne are desperately trying to have it both ways.

    On the one hand, they want it to be the case that George Zimmerman’s shooting of Trayvon Martin was unlawful, so that they can blame the authorities for not arresting and prosecuting him.

    Trayvon Martin and George Zimmerman

    On the other hand, they want it to be the case that the shooting was lawful, so that they can blame the law (specifically, Florida’s stand-your-ground law) for allowing the shooting.

    So the establishment lapdogs at MSNBC are inconsistent; no surprise there. But which way should they resolve this inconsistency?

    Well, here’s the actual text of the stand-your-ground provision, which actually seems pretty reasonable to me:


  • "The Current Models Have Nothing to Say"

    by Robert Higgs

    In the 2011 annual report of the Federal Reserve Bank of Dallas’s Globalization and Monetary Policy Institute, we find a report on the 10th annual Advances in Econometrics Conference, sponsored jointly by the institute and the department of economics at Southern Methodist University. This conference focused on dynamic stochastic general-equilibrium (DSGE) modeling.

    As the report notes,

    DSGE models have become an essential part of economists’ empirical toolkit in recent years. These models have their origins in the seminal contributions of Kydland and Prescott (1982) and Long and Plosser (1983), which revolutionized empirical econometrics. . . . Subsequent work by Christiano, Eichenbaum and Evans (2005) and Smets and Wouters (2007) laid the foundations for these models to become the workhorse frameworks for policy analysis in most central banks.

    After describing the papers presented at the conference, the report concludes:

    The conference confirmed that New Keynesian DSGE models are useful tools for understanding business fluctuations in closed and open economies and also for thinking about important monetary policy questions.

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