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Begin New Search Topic Economics Content Type Journal Article Journal The Objective Standard Publishing Institution The Objective Standard

1. Piketty's Rickety Assault on Capital

Author:
Richard M. Salsman
Publication Date:
04-2015
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Thomas Piketty's Capital in the Twenty-First Century makes an important contribution to the economic history of industrialization since the early 18th century. His collection of data on the distribution of income and wealth around the globe, drawn mainly from tax records, surveys, and national reports, is rigorous and comprehensive; no one before has collected such credible material in this important sub-field of economics. Piketty is also to be credited for presenting the data in scores of easy-to-interpret graphs and for making it available online for those wishing to verify the presentation and/or investigate alternative empirical patterns.
Topic:
Economics

2. Review: Free Market Economics

Author:
Richard M. Salsman
Publication Date:
04-2014
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Free Market Economics: An Introduction for the General Reader, by Steven Kates. Northampton, MA: Edward Elgar Publishing, 2011. 352 pp. $50 (paperback). Not since 1924 has there been a comprehensive yet readable book on economics aimed at the ordinary but intelligent citizen that defends and incorporates the field's foundational principle, Say's Law (named after Jean-Baptiste Say, 1767–1832) and its main corollaries: the primacy of production, the entrepreneur as prime mover, and prices as the commercial language that coordinates economies and their subsectors. Now we have such a book: Free Market Economics: An Introduction for the General Reader by Australian business economist Steven Kates. His prior books examined the prevalence of Say's Law among top economists during the pro-capitalist 19th century and its abandonment by most economists in the anti-capitalist 20th century. The handful of texts on economic principles since the 1920s that recognize the superiority of a free economy have been too technical, narrowly devoted to refuting economic fallacies, or tainted by dubious philosophy. This book avoids such flaws. Kates accomplishes what was last achieved by Oxford professor Henry Clay (1883–1945) in Economics: An Introduction for the General Reader (1924). Better still, Kates's book offers a modern, more sophisticated, more pro-capitalist treatment than did Clay's book, and it provides the ideas people need to grasp and refute the disastrous dogmas and policies of Keynesianism. At the core of this book is Say's Law, the principle that supply constitutes demand, that one cannot demand (or purchase) anything in any market without first producing an economic value for offer (or, in a monetary economy, without first earning spendable income by producing value). This principle recognizes that markets are made by the producers and that the most economically important producer of all is the entrepreneur, who specializes in soliciting and coordinating the other main factors of production: land (including raw materials), labor, capital, and financing. Say's Law condenses the truth that material prosperity is attained not by consuming (using up) wealth, but by saving, investing, and producing wealth. Unlike most textbooks today, Kates's says economics should explain wealth creation, or “net added value,” not how we ration “scarce resources.” Keynesianism, Kates explains, explicitly rejects Say's Law and asserts that a free market is prone to “failures” and crises, to excessive production, deficient consumption, and depressions; it further insists that government deficit spending, money printing, and near-zero interest rates can fix said market failures. Keynesian policies assume, contra Say's Law, that there can be an aggregate, economy-wide excess of abundance, or deficiency of aggregate demand. Say's Law holds that aggregate supply and aggregate demand are the same thing viewed from different perspectives and thus cannot be unequal; recessions entail reduced production and typically (but not always) are caused by government policies that are antithetical to production and profits. In contrast to Keynesianism, Say's Law, properly understood, tells economists (and citizens) to reject the contradictory claim that a contracting economy reflects an overexpanding economy, that somehow poverty is caused by prosperity, and it recommends the rejection or removal of any policies that impede or depress the incentive or capacity of entrepreneurs to create wealth or employ other factors of production. According to Kates, Say's Law “is the essence of market-based economics”; and “without the clarity that [it] brings, economic theory has lost its moorings and the irreplaceable value of leaving things to the market in directing economic activity cannot be understood” (p. 6). Yet, the classical, Say-based theory of the business cycle and public policy “has the ability to penetrate the darkness left by Keynesian theory in understanding the causes of recessions and the steps that are needed to bring recovery about” (p. 7). . . .
Topic:
Economics, Government, and Law
Political Geography:
Australia

3. From the Editor, Fall 2014

Author:
Craig Biddle
Publication Date:
08-2014
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Welcome to the Fall 2014 issue of The Objective Standard.
Topic:
Economics and Education

4. The Real Crash: America's Coming Bankruptcy

Author:
Michael Dahlen (reviewer)
Publication Date:
10-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
From 2006 to 2007, Peter Schiff, CEO of Euro Pacific Capital, was one of few people warning that the U.S. economy was fundamentally unsound and that real estate was grossly overpriced. In his first book, Crash Proof: How to Profit From the Coming Economic Collapse (2007), he predicted that the economy, the housing market, and the stock market would fall apart. He also voiced these predictions on several cable news shows, yet few people heeded his warnings. Some hosts and other guests even mocked and ridiculed him. But Schiff was right. In his recent book, The Real Crash: America's Coming Bankruptcy-How to Save Yourself and Your Country, Schiff says that the worst is yet to come and that the 2008-2009 economic crisis was merely a "tremor before the earthquake." Schiff argues that the main culprit of our economic instability is America's central bank: the Federal Reserve. Through its control of the money supply and the effect this has on interest rates, the Fed artificially inflates the prices of various asset classes, creating so-called "bubbles," and when those prices inevitably collapse, the Fed then inflates the prices of other asset classes. "Throughout the 1990s," Schiff observes, "we had the stock bubble and the dot-com bubble. The Fed replaced that with the housing bubble and the credit bubble. Now, the Fed and the administration are replacing those bubbles with the government bubble" (p. 20). By "government bubble," Schiff is referring to the U.S. dollar and Treasury bonds. When asset prices collapse and recessions ensue, Schiff notes, the Fed-via bailouts and low interest rates-props up insolvent banks and other companies (while also helping to finance government debt). It has taken these actions allegedly to minimize the short-term pain of recessions, but in doing so, the Fed has prevented the economy from correcting itself, making it increasingly unsound. "If you keep replacing one bubble with another, you eventually run out of suds. The government bubble is the final bubble" (p. 23). If the Fed keeps interest rates artificially low and if the government keeps running massive budget deficits, the day will come, Schiff argues, "when the rest of the world stops trusting America's currency and our credit. Then we'll get the real crash" (p. 1). In his introduction to the book, Schiff explains that he is taking a different approach here than he took in his previous books: "[T]his time I have decided that rather than simply predicting doom, I would lay out a comprehensive set of solutions. That's why I wrote this book" (p. 2). After diagnosing our economic problems, Schiff explains how we can fix them. . . .
Topic:
Economics and Government
Political Geography:
America

5. Beyond Politics: The Roots of Government Failure by Randy Simmons

Author:
Ari Armstrong
Publication Date:
03-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
If you want to learn the theories and history of economists who champion government controls of the economy-and of economists who criticize such intervention-Randy T. Simmons's Beyond Politics: The Roots of Government Failure is a fantastic resource.
Topic:
Economics, Government, and Politics

6. From the Editor

Author:
Craig Biddle
Publication Date:
03-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Welcome to the Spring 2013 issue of The Objective Standard.
Topic:
Economics, Government, and Financial Crisis
Political Geography:
United States

7. Free Market Revolution: How Ayn Rand's Ideas Can End Big Government by Yaron Brook and Don Watkins

Author:
Ari Armstrong
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Stop letting the enemies of capitalism claim the moral high ground. There is nothing noble about altruism, nothing inspiring about the initiation of force, nothing moral about Big Government, nothing compassionate about sacrificing the individual to the collective. Don't be afraid to dismiss those ideas as vicious, unjust attacks on the pursuit of happiness, and self-confidently assert that there is no value higher than the individual's pursuit of his own well-being.
Topic:
Economics and Government
Political Geography:
America

8. Regarding Richard M. Salsman's Review of Objective Economics

Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
I was disappointed by Richard Salsman's review of Northrup Buechner's Objective Economics [TOS, Spring 2012]. It was not so much a review as it was a putdown of Dr. Buechner and his knowledge of economics, its history, and accepted laws. (By the way, there is no law of supply and demand as such in economics.) The list of things Dr. Buechner is criticized for doing, or not doing, seemed to go on endlessly.
Topic:
Economics

9. Objective Economics: How Ayn Rand's Philosophy Changes Everything About Economics by M. Northrup Buechner

Author:
Richard Salsman
Publication Date:
03-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Despite its many errors, contemporary academic economics has improved considerably in recent decades, especially after the Keynesian detour of interventionism from the 1930s to the 1970s. There is a lagged influence between academic economics and public policy, but increasingly since the 1970s academic economists have recognized that free markets work, that “market failure” reflects poorly defined and ill-protected property rights, and that boom-bust cycles and sapped prosperity are consequences of bad public policies.
Topic:
Economics
Political Geography:
Israel

10. Atlas Shrugged and Ayn Rand's Morality of Egoism

Author:
Craig Biddle
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Because of its seemingly prophetic nature with respect to current events, Ayn Rand's 1957 novel Atlas Shrugged is receiving more attention today and selling at greater volume today than it did when it was first published fifty-five years ago. That's a good thing, because the ideas set forth in Atlas are crucial to personal happiness, social harmony, and political freedom.
Topic:
Economics
Political Geography:
America

11. Letters and Replies

Publication Date:
06-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
No abstract is available.
Topic:
Economics and Education
Political Geography:
New York

12. 9/11 Ten Years Later: The Fruits of the Philosophy of Self-Abnegation

Author:
John David Lewis
Publication Date:
09-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Examines the essence of this approach and what it's delivered so far.
Topic:
Economics
Political Geography:
America

13. The Bourgeois Virtues: Ethics for an Age of Commerce

Author:
Richard M. Salsman
Publication Date:
09-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
As an economic historian sympathetic to free markets, McCloskey knows well that for centuries intellectuals have disdained the moneymaking orientation and commercial ethic of capitalism—and to her credit, she disdains this disdain. Capitalism deserves respect, she argues, for it “has not corrupted our souls” but instead “has improved them” (p. 23). McCloskey seeks to defend capitalism, not mainly by recounting what she acknowledges is its indisputable productive prowess, but by patiently explicating what she considers to be the “bourgeois virtues.” Yet her goal is polemical: to refute leftists who today persist in despising capitalism. She is concerned that her critics will find her case defensive, and justifiably, because McCloskey herself accepts certain anticapitalist premises, even summarizing the theme of her book as “an apology for our bourgeois lives” (p. 56). Yet, why would a political-economic system require an “apology” unless it was presumed guilty? Instead, why would it not be positively and resolutely heralded as a moral ideal? Despite McCloskey's view of the bourgeois life as virtuous, she insists that certain of its crucial motivating elements are decidedly un-Christian, hence suspect. Her hodgepodge of virtues makes for her less-than-emphatic case. McCloskey begins her book by recognizing how both Kantian and utilitarian ethics have been unfriendly (if not hostile) to laissez-faire capitalism, the former by requiring man to subordinate his personal pursuit of happiness to self-sacrificial duty, the latter by condoning hedonism while dismissing man's individual rights. For capitalism to survive and flourish, she contends, the ethics of commercialism must be defended. McCloskey attempts this by drawing on the “virtue ethics” arguments developed in academic philosophic circles since the late-1950s, which seek modernized versions of a more secular Greco-Roman ethics. While much can be said for McCloskey's use of “virtue ethics,” her approach does not ground morality in human nature. McCloskey divides an otherwise rambling and wide-ranging discourse of what she calls the seven main virtues into three main sections (pp. 91–302): the “Christian and Feminine Virtues” (faith, hope, and love), the “Pagan and Masculine Virtues” (courage and temperance), and the “Androgynous Virtues” (prudence and justice). The Christian and feminine virtues she also calls “theological” (p. 152) and pertinent to “the transcendent” and “sacred” (p. 304), while the pagan virtues are said to relate to “the self” and the “profane” (p. 304). Despite lengthy and digressive discussions of these seven virtues, McCloskey does not make clear why they are central to a moral case for capitalism, or why some are derivable from one gender versus another. . . .
Topic:
Economics

14. The Assault on Abortion Rights Undermines All Our Liberties

Author:
Ari Armstrong and Diana Hsieh
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Surveys the expanding efforts to outlaw abortion in America, examines the facts that give rise to a woman's right to abortion, and shows why the assault on this right is an assault on all our rights
Topic:
Economics and Government
Political Geography:
America

15. American Individualism—How a New Generation of Conservatives Can Save the Republican Party

Author:
Michael |A. LaFerrara
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
New York: Crown Forum, an imprint of the Crown Publishing Group, a division of Random House, Inc. 247 pp. $24.99 (hardcover). Reviewed by Michael A. LaFerrara While working on the 2004 Bush-Cheney reelection campaign team, Fox News contributor Margaret Hoover came to a stark realization: On gay rights, reproductive freedom, immigration, and environmentalism, the Republican party “was falling seriously out of step with a rising generation of Americans . . . the 'millennials'” (pp. ix, x). “[B]orn roughly between the years 1980 and 1999 [and] 50 million strong,” this rising new voter block, says Hoover, has “yet to solidly commit to a political party” and thus could hold the key to the GOP's electoral future (p. xi). Hoover looks back for comparison to 1980, when Ronald Reagan fused a coalition of diverse conservative “tribes” around a central theme: anticommunism (p. 25). If the millennials, who “demonstrate decidedly conservative tendencies” (p. xii), could be united with today's conservatives under “a new kind of fusionism” (p. 41), the Republican party would be on its way to majority status, she holds. Hoover sees differences among conservatives and divides the “organized modern conservative coalition in America” (p. 28) into three main categories: economic libertarians and fiscal conservatives led by three “leading lights” who “were . . . not populists [nor] self-described conservatives,” but “thinkers”—Friedrich von Hayek, Milton Friedman, and Ayn Rand. social conservatives, traditionalists, and the “Religious Right” led early on by Russell Kirk, Richard Weaver, and Robert Novak, and later by Jerry Falwell, Pat Robertson, James Dobson, and Phyllis Schlafly. anticommunists and paleocons led by Whittaker Chambers, John Chamberlain, James Burnham, and Pat Buchanan. According to Hoover, these three factions have formed the core of the movement that began with the publication of the National Review in November 1955 (p. 28) and have since been joined by neocons (p. 35), Rush Limbaugh's “Dittoheads,” Sarah Palin's “Mama Grizzlies,” the Tea Party uprising (pp. 36–37), and the “Crunchy Cons” and “enviro-cons” (p. 37). Hoover's hope is to find common ground between these conservatives and the millennials. . . .
Topic:
Economics
Political Geography:
America

16. The Right to Earn a Living: Economic Freedom and the Law

Author:
Loribeth Kowalski
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Cato Institute, 2010. 376 pp. $25.95 (hardcover). Reviewed by Loribeth Kowalski Parents in America typically tell their children that they can be anything they want to be when they grow up, and children tend to believe it and explore the countless possibilities. I recall my own childhood aspirations: imagining myself as an archaeologist, wearing a khaki hat and digging in the desert sun; as a veterinarian, talking to the animals like Dr. Doolittle; as a writer, alone at my desk, fingers poised over a typewriter keyboard. Recently I found an old note in a drawer. It said, “When I grow up, I want to be a doctor. I want to save people. When I grow up, I WILL be a doctor.” Underneath my signature I had written “age 10.” Unfortunately, in today's America, a child cannot be whatever he wants to be. Leave aside for the time being the difficulties involved in entering a profession such as medicine. Consider the more man-on-the-street jobs through which millions of Americans seek to earn a living, support their families, and better themselves. Suppose a person wants to drive a taxi in New York City. To do so, he will first have to come up with a million dollars to buy a “medallion.” If he wants to create and sell flower arrangements, and lives in Louisiana, he'll have to pass a “highly subjective, State-mandated licensing exam.” If he wants to sell tacos or the like from a “food truck,” and lives in Chicago, he had better keep his business away from competing restaurants, or else face a ticket and fine. And a child doesn't have to wait until he's an adult to directly experience such limitations on his freedom. Last summer, authorities in various states shut down children's lemonade stands because they didn't have vending permits or meet other local regulations. In today's America, it is increasingly difficult to enter various professions, near impossible to enter some, and, whatever one's profession, it is likely saddled with regulations that severely limit the ways in which one can produce and trade. Timothy Sandefur explores and explains these developments in The Right to Earn a Living: Economic Freedom and the Law. Sandefur addresses this subject in the most comprehensive manner I've seen, surveying the history of economic liberty from 17th-century England through the Progressive era in America and up to the present day. He shows how the freedom to earn a living has been eroded in multiple ways throughout the legal system, from unreasonable rules, to licensing schemes, to limitations on advertising, to restrictions on contracts. In The Right to Earn a Living, we see how these and other factors combine to create a system in which it is more and more difficult to support oneself and one's family in the manner one chooses.
Topic:
Development and Economics
Political Geography:
New York and America

17. Keynes Hayek: The Clash That Defined Modern Economics

Author:
Richard M. Salsman
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
New York: W. W. Norton Company, 2011. 382 pp. $28.95 (hardcover). Reviewed by Richard M. Salsman The financial-economic crash of 2008–9, dubbed the “Great Recession” by pundits who have insisted its severity was second only to that of the Great Depression (1930s), has been blamed on “greed,” tax-rate cuts (2003), the GOP, and looser regulations in the prior decade—that is, to what passes today for full, laissez-faire capitalism (the same culprit fingered in the 1930s). The crash has also renewed interest in Keynesian economics, which holds that free markets are prone to failures, breakdowns, and recessions due to excessive production (supply) and can be cured of slumps only by state intervention to boost demand and dictate investment. And the crash has led to the worldwide adoption of two pet policies of John Maynard Keynes (1883–1946): massive deficit spending and inflation to “stimulate” stagnant economies. In fact, economies continue to languish not in spite of Keynesian policies but because of them. One key factor precipitating the recent revival of Keynes was the awarding of a Nobel prize to Keynesian Paul Krugman in fall 2008, during the worst weeks of the crisis, when the $700 billion bank bailout (TARP) was debated and enacted. A half dozen new books since 2008 also have helped revive Keynesian notions; one is subtitled “return of the master,” another eagerly reports that the crash has “restored Keynes, the capitalist revolutionary, to prominence.” As in the 1930s, when Keynes first exerted strong influence on policy, he is depicted today as capitalism's savior, favoring a mixed economy to quell popular angst of recessions and prevent more authoritarian alternatives (fascism, communism). Like most intellectuals today, British journalist Nicholas Wapshott (formerly senior editor at the London Times and New York Sun) falsely attributes the recent financial crisis to overly free markets; he also admires Keynes, his demand-side theories, and his interventionist policies. Yet unlike typical hagiography on Keynes, Wapshott adopts an ideas-oriented approach to Keynes's revival in his book, Keynes Hayek: The Clash That Defined Modern Economics. Like most interpreters, Wapshott believes that Keynesianism somehow “saves” capitalism from itself and from ultimate political tyranny, although he does not deny (or bother to hide) the many cases where Keynes expresses an unvarnished hatred for individualism and free markets. He acknowledges (and welcomes) the return of Keynesian policies, but he worries they may have been hastily implemented and thus ineffectual, given that multi-trillion-dollar stimulus schemes in the three years since 2008 have not boosted growth or jobs. Wapshott rightly recounts how Keynesianism was discredited during the 1970s “stagflation” (which it could not explain) and successfully challenged by “efficient market” theorists and classically oriented supply-siders (“Reaganomics”). But he exaggerates the reach of pro-capitalist ideas and policies in recent decades, and pins blame for the recent crash on what is still free about markets, not on the state interventions that necessarily render otherwise efficient markets dysfunctional and destructive. Yet Wapshott's main goal in Keynes Hayek is to have us understand Keynes's recent revival in the context of a long-running battle or “clash” between the ideas and policies of Keynes and those of Austrian economist Friedrich Hayek (1899–1992), who is portrayed as the champion of free markets and skeptic toward state intervention. Wapshott mostly succeeds in achieving his goal, but in the end he draws the wrong conclusion—namely, that the Keynesian revival is warranted—because he believes, not merely with Keynes, but, we see, also with Hayek, that markets fail when left free. In fact, free markets do not fail, but widespread belief that they do has helped revive Keynes. . . .
Topic:
Economics

18. Capitalist Solutions: A Philosophy of American Moral Dilemmas

Author:
Ari Armstrong
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
New Brunswick: Transaction Publishers, 2012. 180 pp. $34.95 (hardcover). Reviewed by Ari Armstrong How often does an author defend the right of citizens to own guns and the right of homosexuals to marry—in the same book chapter? In his new book Capitalist Solutions, Andrew Bernstein applies the principle of individual rights not only to “social” issues such as gun rights and gay marriage but also to economic matters such as health care and education and to the threat of Islamic totalitarianism. Bernstein augments his philosophical discussions with a wide range of facts from history, economics, and science. The release of Capitalist Solutions could not have been timed more perfectly: It coincides with the rise of the “Occupy Wall Street” movement that focuses on “corporate greed” and the alleged evils of income inequality. Whereas many “Occupiers” call for more government involvement in various areas of the economy—including welfare support and subsidies for mortgages and student loans—Bernstein argues forcefully that government interference in the market caused today's economic problems and that capitalism is the solution. The introductory essay reviews Ayn Rand's basic philosophical theories, with an emphasis on her ethics of egoism and her politics of individual rights. Bernstein harkens back to this philosophical foundation throughout his book, applying it to the issues of the day. . . .
Topic:
Economics, Education, and Health
Political Geography:
America

19. From the Editor

Author:
Craig Biddle
Publication Date:
12-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Merry Christmas, readers! And welcome to the Winter 2011 issue of The Objective Standard. I'd like to begin by congratulating Antonio Puglielli, the winner of the second annual TOS essay contest. Mr. Puglielli's entry, “'Dog Benefits Dog': The Harmony of Rational Men's Interests,” won him $2,000 and publication of his essay in TOS (see p. 67). Second place went to Caleb Nelson (winning $700) and third place to Deborah B. Sloan (winning $300). Congratulations to Mr. Nelson and Ms. Sloan, as well! As Mitt Romney and Newt Gingrich vie for the GOP presidential nomination, and as Republicans marshal efforts to secure as many Senate seats as possible, advocates of liberty need to keep an eye on the one principle that unifies our political goals and grounds them in moral fact. In “The American Right, the Purpose of Government, and the Future of Liberty,” I identify that principle and discuss its application to issues of the day, including “entitlement” spending, corporate bailouts, and the Islamist threat. If you wonder which side of the abortion debate has the facts straight—or why the issue should matter to anyone other than pregnant women—you will find answers in “The Assault on Abortion Rights Undermines All Our Liberties,” by Diana Hsieh and Ari Armstrong. And if you already know the answers, I think you'll agree that this is the article to circulate on this matter. You may think that Steve Jobs was an impatient man, and you may know of evidence to support that idea, but in Daniel Wahl's “The Patience of Jobs,” you'll discover that Jobs, once again, breaks the mold. He was not patient, yet he was. How can that be? (Hint: The answer has nothing to do with Buddhism.) Get ready to fall in love with Linda Mann's still lifes and her manner of discussing them. Why do they grab your attention? Why do they hold it? Why are they so fascinating and rich and beautiful? I press Ms. Mann for answers, and she delivers. The interview is accompanied by color images of the paintings discussed. What's so great about the National Gallery of Art in Washington, D.C.? Sanctum sanctorum—it's the holy of holies—says Lee Sandstead, and he has facts and photos to prove it. Chris Wolski reviews the movie The Help, directed by Tate Taylor. And the books reviewed in this issue are: Steve Jobs, by Walter Isaacson (reviewed by Daniel Wahl); This is Herman Cain! My Journey to the White House, by Herman Cain (reviewed by Gideon Reich); American Individualism—How a New Generation of Conservatives Can Save the Republican Party, by Margaret Hoover (reviewed by Michael A. LaFerrara); Disabling America: The Unintended Consequences of the Government's Protection of the Handicapped, by Greg Perry (reviewed by Joshua Lipana); The Right to Earn a Living: Economic Freedom and the Law, by Timothy Sandefur (reviewed by Loribeth Kowalski); Keynes Hayek: The Clash That Defined Modern Economics, by Nicholas Wapshott (reviewed by Richard M. Salsman); Capitalist Solutions: A Philosophy of American Moral Dilemmas, by Andrew Bernstein (reviewed by Ari Armstrong); Toyota Under Fire: Lessons for Turning Crisis into Opportunity, by Jeffrey K. Liker and Timothy N. Ogden (reviewed by Daniel Wahl); Dare to Stand Alone: The Story of Charles Bradlaugh, Atheist and Republican, by Bryan Niblett (reviewed by Roderick Fitts). This issue of TOS completes our sixth year of moving minds with the ideas on which a culture of reason and freedom depend. Our seventh year will be, as every year is, bigger and better than the last, and we thank you for your continued business and support. We couldn't do what we do without you. Have a joyful Christmas, a happy New Year, and a prosperous 2012. —Craig Biddle
Topic:
Economics and Government
Political Geography:
New York, America, and Washington

20. Toward a Free Market in Education: School Vouchers or Tax Credits?

Author:
Michael A. LaFerrara
Publication Date:
03-2011
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
More and more Americans are coming to recognize the superiority of private schools over government-run or “public” schools. Accordingly, many Americans are looking for ways to transform our government-laden education system into a thriving free market. As the laws of economics dictate, and as the better economists have demonstrated, under a free market the quality of education would soar, the range of options would expand, competition would abound, and prices would plummet. The question is: How do we get there from here? Andrew Bernstein offered one possibility in “The Educational Bonanza in Privatizing Government Schools” (TOS, Winter 2010-11): Sell government schools to the highest bidders, who would take them over following a transitional period to “enable government-dependent families to adjust to the free market.” This approach has the virtues of simplicity and speed, but also the complication of requiring widespread recognition of the propriety of a fully private educational system—a recognition that may not exist in America for quite some time.
Topic:
Economics, Education, and Government
Political Geography:
America

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