Economists have few more important tasks than to dispel the misconceived notion that protectionism fosters prosperity. It doesn’t. Americans should appreciate the benefits of free trade more than others, for our 50 states trade freely with one another. Imagine how much lower your personal standard of living would be if goods or services from outside […]
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Can one create wealth by destroying value? That is precisely what the cash for clunkers program purports to do. At least $3 billion in taxpayer dollars are being used to destroy $2 billion of productive assets, on the premise that this is somehow good for the economy. This is crackpot economics. Taken to its logical […]
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Where we come from, it doesn’t snow in June. Our morning commute is not a five-minute bike ride. There is no Belgrade or buffalo tenderloin. Where we come from, it’s cities and sprawl. For two twenty-somethings working in Bozeman for the summer, Montana came like a sigh of relief. Soon we were huffing and puffing. […]
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Some of my columns are generated by suggestions from readers. Most recently, I received one from a woman with whom I share a class at The Ridge. She is a cashier at a Bozeman grocery store that nearly all know and love. She suggested a column on obesity, poverty, and proposed health care reform. As […]
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I observed the April 15th Tea Party by accident from a barbershop window. My second viewing, however, was intentional. I rode in from Gateway, met Ramona, and we walked my bike through the large and civil crowd. I was indeed pleased to be there. Many letters have commented on the Tea Party phenomenon. I’ll provide […]
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“The four most dangerous words in investing are ‘This time it’s different.’” —Sir John Templeton Every decade or so since 1900, there has been a run of prosperity that detaches people’s common sense from financial realities. This generates widespread faith in a “new era” of ever-escalating wealth. If we’ll be richer next year, why not […]
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Last month FREE brought a group of social entrepreneurs to Bozeman. Participants included investors who understand that economic progress is a decentralized process of discovery. It depends on the imagination and talents of individuals anticipating and responding to changing conditions and preferences. In particular, investors see long-term benefits in companies offering products that promise to […]
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Last Saturday, while preparing to celebrate Independence Eve, I received two letters requesting political support. One was from Dan Choi, an Army Lieutenant who was standing trial for speaking three truthful words, “I am gay.” He is an infantry officer, an Iraq combat veteran, and a West Point graduate with a degree in Arabic. He […]
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In his speech to the American Medical Association, President Obama stated, “Today, we are spending…almost 50 percent more per person than the next most costly nation.” The sophisticated listener understood the implications of Obama’s message: things that can’t go on won’t. Our medical costs, now nearly one-fifth of current GNP, twice that of food, can’t […]
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I have an architect friend who knows a great deal about American cars. He is interested in racing and auto craft, and specifically, designing for performance. Naturally, he laments the demise of the American automotive industry. He asked me why it happened and what will follow. Here’s what I told him. Detroit’s crackup is no […]
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