Blog Review 913

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There's insanity and then there's law making. Under the child pornography laws have a photo of yourself naked when you were under 10 makes you a sex criminal. More here.

Disraeli's right again. That lies, damned lies and statistics thing.

Yet more proof that Naomi Klein had it wrong. It's government that uses a crisis to increase its own power.

The 95th birthday of the man who has saved more lives than any other single individual.

Ooooh, so cynical about the ability of government to perfect regulation.

Odd corners of the bureaucracy, the Department of Sensitive Words.

And finally, (naughty words alert) talking back to the Great British Public.

Obituary: R. Max Hartwell

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Friend of the ASI, active member and historian of the Mont Pelerin Society, died on March 14. Robert Higgs, Senior Fellow of The Independent Institute and close friend, has penned an obituary. To quote from it:

He was an outstanding economic historian and contributed greatly to the “Standard of Living Debate," defending the view that the Industrial Revolution, far from having been a Marxist nightmare for the working class, was the means by which they were gradually lifted from the poverty that had been their lot from time immemorial.

Blog Review 912

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Yet another set of reasons why the Geithner plan might not work: incentives matter, remember?

On that graduate premium, yes, quality does matter.

Quangoes, like all bureacracies, find things for themselves to do. Wouldn´t it be rather better if we just didn´t have them than that they wasted our money on these sorts of campaigns?

A review of Paul Collier´s new book. As incentives matter we need to improve those for African political leaders.

It looks like the lawyer/client privilege has just been abolished in the UK.

How to discuss economic matters and don´t try this at home.

And finally, the cure for that too much time on your hands problem.

Blog Review 911

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It´s not so much how much wealth flees from Africa as how much stays there: given the likelihood of its expropriation.

There´s nothing like giving a politician a right good kicking, is there?

Econ geek corner: are special drawing rights actually used to price anything?

More geekery...happiness theory butchers marginal utility theory.

For those saying we should just get on and nationalise the banks. That might not be quite so simple: it might be that some cannot be nationalised.

Well, no one said economists were entirely normal.

And finally, The Guardian appeals to your conscience.

Blog Review 910

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It appears that our Lord Chancellor doesn´t in fact understand what a Bill of Rights is. It is what is ours, not what we owe to him. He also rather misses that we already have a Bill of Rights.

Further problems in the political process. No one is overseeing the executive´s use of tax funds. Isn´t that what led to the civil war that preceded that Bill of Rights?

Indeed, power seems to be abdicated to special interest groups.

An alternative reason for rising inequality....other than bankers´greed that is.

For and against (in part) the Geithner plan for the banks.

A snarl at Paul Krugman and a conjecture: Jade Goody and Hotblack Desiato?

And finally, telling the truth with numbers or, if you prefer, gin and your daughter.

Blog Review 908

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If government is willing to violate a contract only a month after passing a law stating that government will uphold that contract, why would anyone believe promises made by government?

Such loss of faith in the word and bond of government will of course make everything worse.

Repudiating the AIG bonuses is an excellent way of killing any method of rescuing the banks. Doesn't achieve much else though.

For example, this on the face of it sensible plan will not work if investors believe that any profits will be taxed at extortionate rates.

Yes, we're in a recession. So worth asking perhaps, "What has capitalism ever done for us?"

A quote on a quote of the day: "In other words, capitalism gets the job done, other systems don't."

And finally, how health and lifestyle issues are decided these days (naughty words alert).

Blog Review 907

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If you were to look around the world and pick a country whose agricultural system you'd like to emulate: well, it wouldn't be Cuba's system, would it?

You know how so many say that if only the banks had been  mutuals, credit unions, then the disaster would not have happened? Ooops!

And Oops! again as those credit unions that did not go bust have to bail out those who did.

Blogs doing what newspapers no longer do. Long investigative pieces. Here on the NSPCC.

Some argue that the growth of the past few years was phantasmal. We recorded as GDP growth what never actually existed. Well, yes, but doesn't that mean that we're not in a recession now:  writing off GDP that was never there isn't a fall in GDP?

The utter cluelessness of the regulators in the lead up to the storm. Plus Alistair Darling is being blamed for Lehman's falling now.

And finally, spare a thought for the poor bureaucrats in their time of need.

Blog Review 906

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A short guide to the defense of liberty.

Regulators are like generals, always ready to fight the last war.

Are fat tails in a financial market a new discovery? Well, no, they aren't.

Mild mannered economist driven to paroxysms of rage by the AIG outrage.

Not mild mannered economist similarly enraged.

Another explanation of where all the money goes.

And finally, poster design competition.

Blog Review 905

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Yes, there are arguments for subsidising the production of public goods. But remember, education isn't a public good, even if it is publicly provided.

Most shocking: Ken Livingstone is actually correct on a matter more important than whether newts are cute.

The BBC definitely seems to be holding the law in contempt.

Why new regulation when the market itself just isn't going to make that mistake again?

As a little changes, some reasons for optimism.

Bankers aren't the only people getting rewards for failure you know....

And finally, meet Obama's teleprompter.

Blog Review 904

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No, we really don't want children to learn poetry. We want them to enjoy it instead.

The reason no one spoke out about the Staffordshire Hospital is because the person who did was accused of being mad.

Against the stimulus. It simply takes a long time to spend a lot of money.

And it's not as if there aren't problems with economic statistics.

On bananananas and deflation.

Regulation doesn't always achieve its aim, for people will offset their behaviour.

And finally, something is wrong when lawyers are more highly paid than bankers.