When surfing the web I “accidently” ended up on the web site of America’s third party--the Libertarian Party. Established in 1971 as a radical alternative to the Republicrats parties it has become known as the Party of Principle. I’m not sure whether this is applicable anymore, not after the Libertarian Reform Caucus successfully repealed “most of the old platform” at the convention in Portland. But the slogan is still there.
You go to the supermarket and stock up a week’s groceries. Steak and roast and chicken and fruits and vegetables. You love those Del Monte canned plums, so you grab a couple of cans of them, too. The can says plums. Therefore, you trust plums, not pickled oriental eggs are in the opaque tin can.
The housing market is a total debacle right now. People with no-interest or ARM (adjustable rates) loans are falling by the wayside; foreclosures are at an all-time high; new housing starts are sinking, with many new construction projects being abandoned before finishing; houses (new or used) aren’t selling so hot; and market values are plummeting nationwide. Yet Fannie Mae, a government-sponsored enterprise, is suspiciously gaining ground.
Aware that their government exemption from the competition of workers willing to work for less stops at the border, labor unions and the politicians they rent are the primary force behind protectionism today.
The short-sightedness of the anti-smoking lobby is striking indeed. They are all going nuts about a new report showing that cigarette manufacturers seem to have increased the amount of nicotine in a smoke--which, if true, would make perfect sense. There are fewer and fewer opportunities to smoke. People have to leave their workplaces and go outside, or puff as much as possible during breaks or before boarding a flight, wait through an entire meal and step outside etc.
In support of their new view, the UNCTAD writers selectively quote Hayek, who seems - somewhat uncharacteristically - to be endorsing their inflationary theories in the ‘Monetary Theory of the Trade Cycle’ (1933) where he writes:
Abandoning the (admittedly flawed) Washington Consensus, in its 2006 Trade & Development report UNCTAD is calling for a return to the politics of Friedrich List and his National System with a little supportive inflationism added in (naturally).
Henry Clay would be proud!
Organizations and Markets is running a couple of threads dealing with journal editors, reviewers, and the “market test” for academic quality (see here and here, and also this thread at orgtheory.net).
