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  • Author: Eric Daniels
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: According to Joel Waldfogel, a professor of business and public policy at the Wharton School of Business, "a dominant strand of current thinking" regards markets as superior to government when it comes to providing consumers with what they want. When government undertakes the provision of goods, the products offered are limited to those that meet with the approval of the majority, whereas "[m]arkets are thought to avoid the tyranny of the majority because in markets each person can decide what she wants." According to this dominant argument, he writes, "what's available to me in markets depends only on my preferences, not on anyone else's" (p. 2). In his recent book, The Tyranny of the Market, Waldfogel challenges this assumption. When one considers what actually happens in free markets, when one considers the products available therein, says Waldfogel, "it's clear that you can be better off in your capacity as a consumer of a particular product as more consumers share your preferences" (p. 4). In other words, you are more likely to get exactly what you want if your tastes are shared by the majority and less likely to get exactly what you want if your tastes differ from the majority. Thus, Waldfogel contends, when it comes to providing the goods that people want, "the market does not generally avoid the tyranny of the majority" any more than does a democratic political system that allocates goods (p. 6). Waldfogel's goal is to examine "how markets actually work" in order to allow policy makers and citizens to balance the shortcomings of markets against the shortcomings of government and "to determine an appropriate mix in each arena" (p. 36). Toward this end, he leads the reader through a series of examples in which there appears to be a breakdown in the market provision of goods. . . .
  • Topic: Government
  • Author: John David Lewis
  • Publication Date: 12-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Analyzes the resounding Republican defeat and shows that the party faces a fundamental decision that will determine whether it orchestrates a comeback or stumbles into further defeat.
  • Topic: Education, Government
  • Political Geography: Taliban
  • Author: Brian P. Simpson
  • Publication Date: 12-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: "We've got to go after the oil companies," says President-elect Barack Obama in response to high oil and gasoline prices. "We've got to go after [their] windfall profits." Explaining the purpose of recently proposed energy legislation, Senate Majority Leader Harry Reid says: "We are forcing oil companies to change their ways. We will hold them accountable for unconscionable price-gouging and force them to invest in renewable energy or pay a price for refusing to do so." Calling for government seizure of private power plants, California Senate Leader John Burton insists: "We have to do something. These people have got us by the throat. They're making more money than God, and we've got to fight back-not with words, but with actions." This attitude toward energy producers, which is practically unanimous among American politicians today, is wreaking havoc not only on the lives and rights of these producers, but on the lives and rights of Americans in general. It leads to laws and regulations that prohibit producers and consumers from acting on their rational judgment with respect to energy. It causes energy shortages, brownouts, and blackouts that thwart everyone's ability to be productive and enjoy life. And it results in higher prices not only for energy, but for every good and service that depends on energy-which means every good and service in the marketplace, from food to transportation to medical care to sporting events to education to housing. Energy producers, like all rational businessmen, are in business to make money. Profits are what motivate them to exert the requisite brain power, to engage in the necessary research, and to invest the massive amounts of money required to produce and deliver the energy we need to light, heat, and cool our homes, and to power the factories, workplaces, and tools required to produce the goods on which our lives depend. Their profit motive is to our benefit. Moreover, energy producers, like all human beings, have a moral right to act according to their own judgment so long as they do not violate the rights of others. They have a moral right to use and dispose of the product of their effort as they see fit. They have a moral right to contract with customers by mutual consent to mutual benefit. In other words, they have a moral right to life, liberty, property, and the pursuit of happiness. And it is only by respecting these rights that we can expect energy producers to produce energy. So let us examine the assault on these producers, count the ways in which this assault is both impractical and immoral, and specify what must be done to rectify this injustice. . . .
  • Topic: Government
  • Political Geography: America, California
  • Author: Eric Daniels
  • Publication Date: 12-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Seventy-five years have elapsed since Franklin Delano Roosevelt introduced the flurry of government programs he called the New Deal. In the years since, most historians have lavished FDR with praise, claiming that his bold leadership helped to pull America out of the Great Depression. Even those who acknowledge the failure of particular Roosevelt-era programs claim that FDR instilled hope and confidence in the American people, and that his economic failures were the result of his not going far enough in his policies and not spending enough money. Today, amidst calls for increasing government regulation of the financial industry and increasing government spending through stimulus packages, the New Deal is making a comeback. In light of the recent mortgage crisis and economic downturn, pundits are calling for a revival of 1930s-style policies. Daniel Gross claimed at Slate.com that New Deal reforms were "saving capitalism again." Newly minted Nobel economist Paul Krugman issued calls in the New York Times for President-elect Obama to mimic and expand FDR's response to the Great Depression. And a recent Time cover called for a "New New Deal"-and featured an iconic photo of FDR, with Obama's face and hands substituted. As the Obama administration begins to implement its economic plan, Americans would do well to reexamine the history of the original New Deal and its effects. Though most historians rank FDR as a great president, some, including Burton Folsom Jr., boldly dare to ask if "the New Deal, rather than helping to cure the Great Depression, actually help[ed to] prolong it" (p. 7). According to Folsom, a professor of history at Hillsdale College, the answer is clearly the latter. In New Deal or Raw Deal? How FDR's Economic Legacy Has Damaged America, he challenges the myth that FDR's New Deal represents a shining moment in American history. As long as the mythology surrounding the New Deal remains intact, he notes, "the principles of public policy derived from the New Deal will continue to dominate American politics" (p. 15), costing Americans billions of dollars and further damaging the economy. . . .
  • Topic: Economics, Government, History
  • Political Geography: America
  • Author: Raymond C. Niles
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Surveys the history and achievements of America's electricity entrepreneurs, shows how government interference in the transmission grid has hampered their enterprises from the outset to the present day, and indicates what America must do to liberate the grid and enable a new wave of entrepreneurs to supply this vital product commensurate with the country's demand.
  • Topic: Economics, Government
  • Political Geography: New York, America
  • Author: Alex Epstein
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Who were we that we should succeed where so many others failed? Of course, there was something wrong, some dark, evil mystery, or we never should have succeeded!1 -John D. Rockefeller The Standard Story of Standard Oil In 1881, The Atlantic magazine published Henry Demarest Lloyd's essay "The Story of a Great Monopoly"-the first in-depth account of one of the most infamous stories in the history of capitalism: the "monopolization" of the oil refining market by the Standard Oil Company and its leader, John D. Rockefeller. "Very few of the forty millions of people in the United States who burn kerosene," Lloyd wrote,
  • Topic: Government
  • Political Geography: United States, New York
  • Author: David Harriman
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Author's note: The following is adapted from a chapter of my book in progress, "The Inductive Method in Physics." Whereas my article "The 19th-Century Atomic War" (TOS, Summer 2006) focused on the opposition to the atomic theory that arose from positivist philosophy, this article focuses on the evidence for the atomic theory and the epistemological criteria of proof. It is necessary to repeat some material from my earlier articles in TOS, but the repetition is confined mainly to the first few pages below.
  • Topic: Government
  • Political Geography: New York