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Trump is beating Trump

Liberty Unyielding - Sat, 06/13/2020 - 8:58am

Kimberley A. Strassel, WSJ

The post Trump is beating Trump appeared first on Liberty Unyielding.

Trump may face brutal 2020 fight in Florida

Liberty Unyielding - Sat, 06/13/2020 - 12:51am

Buckle in for a battle in a key battleground state.

The post Trump may face brutal 2020 fight in Florida appeared first on Liberty Unyielding.

Oops: Protesters just defaced a statue of one of the good guys

Liberty Unyielding - Fri, 06/12/2020 - 3:59pm

If protesters are hell-bent in blotting out the memory of historical figures who oppressed the masses, they might want to refocus their attention on Seattle.

The post Oops: Protesters just defaced a statue of one of the good guys appeared first on Liberty Unyielding.

The “Broken Window Fallacy” of Keynesian Economics

Center for Freedom and Prosperity (CF&P) - Fri, 06/12/2020 - 12:39pm

There’s much to dislike about Keynesian economics, most notably that it tells politicians that their vice – buying votes by spending other people’s money – is somehow a virtue.

Advocates of Keynesianism also can be very simplistic, sometimes falling victim to the “broken window fallacy” described in this short video.

Bastiat is perhaps most well-known for his insight on this fallacy.

He explained that a good economist was capable of recognizing the difference between the seen and unseen (if you want to be wonky, the difference between direct effects and indirect effects).

Sadly, there are many people today who don’t grasp this distinction.

You probably won’t be surprised to learn that Paul Krugman is in this group.

And now we have a new member of the club. In a piece for Axios, Felix Salmon reveals he still believes in this primitive form of Keynesian economics.

There’s one big non-political reason why luxury stores were targeted by looters: Their wares can now be sold for top dollar, thanks to the rise of what is often known as the “circular economy.” …Instead of stealing goods they need to live, looters are increasingly stealing the goods they can most easily sell online. …Economically speaking, looting can have positive effects. Rebuilding and restocking stores increases demand for goods and labor, especially during a pandemic when millions of workers are otherwise unemployed. …The circular economy helps to reduce waste and can efficiently keep luxury goods in the hands of those who value them most highly.

To be fair, Salmon would have been correct (though immoral) if he said looting had a positive effect on looters.

But it definitely doesn’t have a positive effect on merchants (who lose money in the short run and probably have higher insurance payments thereafter), on consumers (who are likely to pay more for products in the future), or on the overall economy (because of the unseen reductions in other types of economic activity).

Let’s wrap up with a cartoon on the topic.

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Image credit: skeeze | Pixabay License.

Cartoon of the Day: Who you gonna call?

Liberty Unyielding - Fri, 06/12/2020 - 9:28am

Abolishing police

The post Cartoon of the Day: Who you gonna call? appeared first on Liberty Unyielding.

Biden once again flashes his technological brilliance, devises plan to let people order Rx meds online

Liberty Unyielding - Fri, 06/12/2020 - 9:17am

It’s like Al Gore inventing the internet all over! Presumptive Democratic nominee Joe Biden demonstrated that he’s no slouch after all when it comes to using high technology. Sure, he’s had some trouble with teleconferencing, wandering off camera during one virtual town hall. And he hasn’t quite mastered the use of a teleprompter. But he […]

The post Biden once again flashes his technological brilliance, devises plan to let people order Rx meds online appeared first on Liberty Unyielding.

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