Bureaucracy and Regulation

The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."

Mark Thornton speaks to the Auburn Rotary Club.

With oil prices in likely long-term tailspin, corrupt governments can't count on oil sales to bail them out anymore. But Mexico's government didn't get the memo and still clings to the state oil monopoly.

With oil prices in likely long-term tailspin, corrupt governments can't count on oil sales to bail them out anymore. But Mexico's government didn't get the memo and still clings to the state oil monopoly.

The people who really run the country are unelected "experts" and bureaucrats at the central banks, at public health agencies, spy agencies, and an expanding network of boards and commissions.

If we're serious about increasing the capacity of our medical institutions, free trade and deregulation offer real solutions.

Many argue that unregulated markets would fail due to lack of consumer knowledge, or information asymmetry. But competition in free markets actually gives rise to all kinds of mechanisms that help consumers make informed decisions. This is as true of medical tests for any other good.

Part of what made the Great Depression last so long was increased uncertainty about what regulation or tax the government might impose next. Today's looming threat of ongoing "shutdowns" creates a very similar situation.