Tag Archives: Hayek

Podcasts

MUST-LISTEN: Dr. Jennifer Roback Morse explains basic economics!

4 Comments

Wow, I thought that her earlier podcast on marriage and family was good.

This new podcast is a MUST for social-conservatives who nevertheless like big government, taxing the rich, public schools, and single-payer health care. I listened to this twice already, and it’s going to become one of my favorites for sure!

The MP3 file is here.

Topics:

  • The study of economics is anti-postmodern – there is objective truth independent of what people think
  • The study of economics believes in fixed principles of human nature
  • Economics studies the allocation of scarce resources that have alternative uses
  • Economics studies how people exchange resources
  • How both people who engage in a voluntary trade always believe that they will be better off
  • How both people who engage in a voluntary trade both benefit from the exchange
  • How incentives motivate people to act
  • Understanding supply and demand
  • Understanding how “free” government services are rationed
  • Understanding opportunity costs
  • How prices signal producers to produce more or less, and consumers to buy or not buy
  • Market-driven prices versus price controls
  • The role of substitution
  • The necessity of allowing failure in a free market

The requirements of economic growth:

  • private property
  • contracts
  • the profit motive
  • competition
  • free trade
  • entrepreneurship, creativity and innovation
  • the rule of law

DOWNLOAD THE PODCAST. LISTEN TO THE PODCAST. REPEAT.

The Ruth Institute accepts donations. I sent her TWO already this year. She does on-campus events, just like William Lane Craig. If you want to have an impact on the university, she should be considered for funding.

You can find more economics lectures at the Acton Institute.

News

Canada signs free trade deal with Panama, tracks Russian subs on east coast

2 Comments

Two pieces of good news for our neighbor to the North.

First, while Obama has been embracing protectionism, Canada has signed yet another free trade deal.

CTV News reports:

Canada has signed off on a free-trade agreement with Panama, which will immediately slash tariffs on a number of Canadian exports.

Excerpt:

[…]The new agreement with Panama will cut more than 90 per cent of tariffs on various Canadian exports, including agricultural exports and high-tech machinery. Any remaining tariffs will be eliminated within 10 years under the terms of the deal.

Beef producers will also benefit, as Panama will lift a six-year-old ban on Canadian beef as part of the deal, CTV’s Roger Smith said Tuesday.

[…]Beyond reducing tariffs on export goods, the deal will help Canadian businesses gain greater access to the Panamanian market, Smith said.

[…]Panama is the eighth country to reach a trade pact with Canada in the past year. Canada has also reached trade deals with four European countries and Peru. Similar deals with Colombia and Jordan have been signed, but not implemented.

Previously, I wrote about Obama’s naive protectionism. Anti-free-trade policies (= protectionism) is the kind of policy favored by people who do not know the first thing about economics. Being anti-free-trade is right up their with being pro rent-control. We are talking about amazing levels of economic ignorance, coupled with pandering to his ignorant special interest groups.

CTV also reports that Canada’s anti-submarine warfare (ASW) aircraft detected nuclear-powered (= quiet) Russian attack submarines patroling off the east coast.

Frankly, I am surprised that Canada was able to detect Akula class SSNs by using airborne ASW aircraft. I’ve used the S-3 Viking and the P-3 Orion fixed-wing platforms before, (as well as helicopters), and this CP-140 doesn’t look much different. If I had to bet, I would bet that they got the contact on the SOSUS network and that this press release is fudging things to make the Canadian forces look more effective than they really are.

Excerpt:

It’s unclear whether Canada took the initiative to have a CP-140 Aurora patrol plane watch the vessels, or whether there was a request from the U.S. Northern Command which tracks submarines.

My guess is that this is a SOSUS contact that was delegated to the Canadians for PR purposes. I just don’t believe that you are going to get a contact cold on an Akula-class attack submarine from a fixed wing aircraft. Akulas are quiet. These are not SSBNs like a Typhoon class – they much smaller. ASW aircraft are usually brought in after a sonar contact – otherwise you’re just wasting sonobuoys looking for a needle in a haystack.

Did you guys miss the story from earlier this year about Canada chasing off Russian bear aircraft?

Podcasts

Milt Rosenberg interviews libertarian Richard Epstein on Obama’s policies

Leave a comment

Epstein is a law professor from the University of Chicago.

Here is the MP3.

He covers all of Obama’s major economic policies.