My economist friends often stress the efficiency losses when government favors powerful interests. Alas, these friends discount the accompanying decay of trust. Such erosion naturally follows when democratic governments allocate wealth and opportunities. This sorry process is pronounced in large, complex, heterogeneous societies. That corrosive, trust-reducing process is increasingly evident in America and other […]
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Today many sincere conservationists and environmentalists recognize that responsible liberty and modest prosperity foster sustainable ecology. They understand that poverty is a terrible polluter and that liberty is a requisite for environmental entrepreneurship. Further, good intentions are most effective when incentives promote responsible behavior. This is great progress. Thinking ahead, here is a theme for […]
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Entrepreneurs are chefs who provide society with free lunches. They take known resources and arrangements and discover new ways to employ them. By doing so they increase wellbeing. Environmental entrepreneurs serve society and preserve ecology by increasing the efficiency of resource use. These environmental entrepreneurs create exceptions to the famous TANSTAAFL principle of simplistic economics. […]
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Americans are celebrating the Centennial of the U. S. Park Service. Its creation is one of the most successful experiments of Progressive Era reformers. They created Yellowstone, the world’s first national park, in 1872. It stands out as a truly great and largely successful experiment in ecological and social management. Yellowstone Park was […]
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During the post-Civil War period, from 1865 to 1910, America resembled a rapidly developing Third World nation. Life expectancy was just over 40 years and average income was less than one twentieth of today’s. Corrupt big city machines and corporate cronyism marked our political economy. Plunder, pollution, and predation were common. Property rights to natural […]
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The U. S. Park Service in the Department of Interior celebrates its centennial this year. It manages over 400 national parks and monument units. The creation of these protected areas is often labeled as “America’s best idea”.* America’s first national park, Yellowstone, was established in 1872. It has become the world’s model for park management.** […]
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Economics is not simply about money. Rather, economics helps explain personal decisions and social coordination. It focuses on two things, information and incentives. Here is an economic perspective on the most common New Year’s resolution, to become fit and lose weight. There is overwhelming and ever increasing information that regular and moderately serious physical exercise, […]
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Unfortunately, it is a true, empirical, universal, statistical generalization that organizations are run mainly for the benefit of those who head them. Those who lead them make decisions based on two things, information and incentives. This is true for EPA, Volkswagen, the U. S. Park Service, and Montana State University. Conflicts arise between the ideals […]
Read MoreAmericans have excellent reasons to celebrate Thanksgiving. We live in the world’s most successful large scale experiment in harmonizing liberty, ecology and prosperity. Our founders understood the power of voluntary cooperation among free men and the constant dangers of threats to liberty and political predation. The founders were, however, captives of their context. Hence not all men were […]
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Few environmentalists celebrate entrepreneurs’ contributions to conservation and environmental quality. I do. As one example, below are notes from my talk next week at Duke University, “How Entrepreneurs Harmonize Liberty, Ecology, and Prosperity”. Entrepreneurs discover innovative ways to organize and mobilize people and other resources to produce things people value. They need not invent things, […]
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