The Costs of Creating a “Federally Facilitated Market”

Market failure is often cited as a justification for policy intervention. However, one always faces the possibility that the costs of government failure may be greater than the costs of market failure. In the end, there must be a weighing of the costs and the benefits of policy. We witnessed a great example of government … Continue reading The Costs of Creating a “Federally Facilitated Market”

A New Measure of Political Risk: The DOG Factor

Governments behaving badly... We've all seen it. Get a bunch of libertarians from around the world together, and each seems to take perverse pride in proving that her own government is the worst of all. How can we quantify governments' badness? On the economic side, we might look to the Economic Freedom of the World … Continue reading A New Measure of Political Risk: The DOG Factor

The New York Times

The editorial board of the New York Times has supported liberty twice in the past few days. First, there was the editorial calling for a repeal of the federal ban on marijuana. There are no perfect answers to people’s legitimate concerns about marijuana use. But neither are there such answers about tobacco or alcohol, and … Continue reading The New York Times

Close Enough for Government Work

I know of quite a few people who harbor rather dark conspiratorial theories of how government works. There is this sense that the government possesses some malevolent genius and the technical expertise to execute the most complex strategies with speed and accuracy. Yet, I always respond: “show me the evidence.” There is ample evidence of … Continue reading Close Enough for Government Work

Let Us All Not Get Together!

The always entertaining P.J. O’Rourke has some reflections on the recent FreedomFest in Las Vegas (DailyBeast). Much of the piece is good fun (as one might expect). But O’Rourke does end with an important question that has bedeviled libertarians for quite some time: how do you make the leap to mass politics?   In O’Rourke’s words: … Continue reading Let Us All Not Get Together!