Government bureaucracies always fail to live up to their promises because they are not market institutions. As such, there is no possible way of ascertaining how efficiently the bureaucracy is run since there are no profit-and-loss statements in the government sector, only "budgets."
The same politicians who cannot remember the names of major corporations pretend to understand accounting while they are preening before the television cameras, writes James Sheehan. If these solons really knew how misleading corporate accounting was, surely they would have acted to correct the problem before now.
Robert Murphy on the Pledge controversy: Those truly concerned about protecting individual dissenters from the tyranny of the majority should lobby for the removal of the word "indivisible" from the pledge. The classical liberal doctrine of self-determination is the only way to achieve limited government and lasting social peace.
It was September 11, and panicked customers were flocking to the two gas stations Bobbie Jean Harvey owns near Midland, Mich., to top off their tanks in case the supply of gas was disrupted. It became apparent that sales on September 11 were going to be above average. In hindsight, however, Ms. Harvey wishes she had closed her stations.
Social Security was designed as a tool of macroeconomic policy: a social arm of central planning passed in age of boundless faith in the power of the state.
The latest self-appointed "savior" of capitalism is Senator John McCain of Arizona, who likes to speak of himself as "straight talking," but actually is nothing more than one of the many who are now pushing for destructive new regulations. William Anderson examines the proposals to empower politicians, of all people, to clean up business.
Charles Lindblom is at it again. In God and Man at Yale, William Buckley, Jr.’s indictment of leftist teaching at Yale University written half a century ago, a young teacher at the college was mentioned
As the war on terror drags on, many people calling themselves libertarians have decided that it's not such a bad thing after all. What, they ask, is the point of government if not to bomb those who would threaten our safety? The trouble is that real life works a little differently from the civics-text ideal of government. Government uses war—and sometimes foments it—in order to expand its power over its own people or to expand its imperial power.
Insider trading laws, writes Dale Steinreich, have empowered the SEC to undertake a mission in information egalitarianism that favors certain classes of investors and strategies, and not others. Martha Stewart and ImClone have the book thrown at them, while the stock sales of Apple Computer's executives are ignored.
