Pump and Dump Economy

An excellent piece by Michael Malone in the WSJ today (thanks S. Berger):

Given a fate of living under the magnifying glasses of SOX and FD, who in their right mind would want to sit on a corporate board these days? The smart board-level people I know in Silicon Valley now reduce their involvement to being merely corporate “advisers.” Thus, the intellectual capital of America’s high tech company boards is falling by the month.

Toyota Up, Ford Down

This morning’s New York Times business page reports that Toyota is expected to replace Ford as the second-best selling automobile manufacturer in the United States next month. This is a significant event in the auto industry. Ford has held the No. 2 spot since the 1920s.

Why Be An Economist? To Be Happy, That’s Why

Walter Block takes up the question of whether a smart student should become an academic economist or get rich on Wall Street. His answer: “I continue to refer those of my very best students who are interested in promoting liberty and Austrian economics on a full time professional basis to do just that. I hope that one day this colleague of mine will be convinced of the error of his ways, and join me in this endeavor. If there is one thing I am passionate about it is about passing on to the next generation the baton that Murray Rothbard a while ago passed on to me and my contemporaries.”

Society without a State

In attempting to outline how a “society without a state” — that is, an anarchist society — might function successfully, I would first like to defuse two common but mistaken criticisms of this approach. First, is the argument that in providing for such defense  or protection services as courts, police, or even law itself, I am simply smuggling the state back into society in another form, and that therefore the system I am both analyzing and advocating is not “really” anarchism.

Entrepreneurship and Social Progress

The Christmas season makes us unusually conscious that we live in times of relentless innovation, writes Lew Rockwell. It’s true that we can be overwhelmed by it all, but would we have it any other way? Unfortunately, some would. They oppose the free-market process that makes improvement possible. They seize on some innovation that they don’t like, and instead of declining to buy, seek to deny that opportunity to others by passing laws against free exchange and economic progress.

What Does Economics Do To Politics?

My school offers two main elective history courses for seniors: Government and Economics. Due to scheduling limitations, not many kids are able to take both. I’ve noticed something interesting as the year has progressed. The students who are taking the government course are increasingly endorsing leftist ideologies while the economics students are becoming increasingly right wing.

Greg Mankiw offers his thoughts on the question