The concepts of socialism and capitalism have definite meanings. Socialism is defined as state ownership of the means of production. The definition has been accepted by the most consistent practitioners of collectivist creed in failed socialist countries. But certain left-libertarian theoreticians (“mutualist” Kevin Carson is prominent among them) deny that state ownership captures the essence of socialism or that it has anything to do with the state or central planning of the Soviet style.

On Friday the House is expected to vote on the Waxman-Markey climate change and energy bill, which contains an aggressive cap-and-trade program. Critics have pointed out that it could impose serious harms on the U.S. economy with little environmental benefit. The CBO entered the fray [.pdf] recently and announced that by 2020, the annual cost to the average household would be a mere $175. Not bad for saving the planet, eh?

Another great paragraph from Turgot:

Amazing interview in U.S News and World Report. The first question is priceless.

Interviewer: What surprised you most about the current financial crisis?

Suze: That it happened at all.

Art Carden’s great article on windfall profits brings up an issue that really gets under my skin. Carden notes, “People often point to the run-up in gas prices — some gas stations were charging over $3 a gallon — after the September 11 attacks as an example of firms enjoying windfall profits.” Ah, yes, the price gougers.