Tag Archives: economy

Restoring Liberty To The States

Meltzer 3Dr. Allan H. Meltzer is an American Economist and the Allan H. Meltzer professor of Political Economy at Carnegie Mellon University’s Tepper School of Business. He is the author of a large number of academic papers and books on monetary policy and the Federal Resrve Bank. Dr. Meltzer’s two volume books, “A History of the Federal Reserve”, are considered the most comprehensive history of the central bank.   He is considered one of the world’s foremost experts on the development and application of monetary policy. Currently he is also President of the Mont Pelerin Society. Dr. Meltzer originated the aphorism “Capitalism without failure is like religion without sin. It doesn’t work.”

This is a monthly column written by Professor Meltzer for Defining Ideas of the Hoover Institution.

It is posted in   http://www.hoover.org/research/

Our Constitution is explicit about who makes laws. Article 1 says: “All legislative powers herein granted shall be vested in a Congress.” One might think that the clause could not be misinterpreted or ignored, but it has been. An overwhelming number of federal laws are now made by administrative agencies under the executive branch. Our Constitution provides a government of checks and balances to protect citizens against tyranny, but these agencies are not subject to those checks and balances and they run roughshod over our liberty.

They pass their own rules and enforce the rules they make. In the event of challenge, they adjudicate the matter and issue judgments. Complaints can be heard in the regular court system, but that is a slow process. An outrageous example was a decision that closed a major accounting firm—Arthur Andersen—in 2003. By the time, the courts decided that the administrative decision was wrong, the Arthur Andersen personnel had scattered and the offices had closed. That is one well-known example but there are many others.

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Do you know what Neoliberalism is?

Periklis

Dr. Periklis Gogas, Associate Professor, Department of International Economics, Democritus University of Thrace, Greece.

Agrapetidou
Ms. Anna Agrapetidou, PhD
candidate, Economics, Democritus University of Thrace, Greece

Neoliberalism is a term that can be traced back to the 1930’s. It was introduced then by the people who were looking for the middle way between the classical liberalism of the laissez-faire doctrine and the emerging –at that period- socialism. The usage of the term declined in the 1960’s and it was reintroduced in the 1980’s. This time, it was mainly used to describe the classical liberalism by its critics, thus adding negative connotations as its meaning was shifted to the laissez-faire principles.

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Sadly, the Internet Isn’t Making the World a Better Place

From MIT’s Technology Review
http://bit.ly/1Ow9Pwi

Tech companies are trying to hasten the spread of the digital revolution, but a new study suggests it could do more harm than good.

As the New York Times writes, this contradicts some of the assumptions behind Silicon Valley efforts to spread Internet access to poorer nations, such as Google’s Internet-by-balloon effort, Project Loon, and Facebook’s subsidized Internet service,Internet.org. In India, Facebook’s effort, which provides only limited access to the Internet beyond the social network, has indeed already come in for some severe criticism.

It also seems like an important counter to an overarching philosophy of techno-optimism that sometimes seems to pervade the tech industry. Richer countries need to bear this in mind as well. The spread of more advanced digital technologies like artificial intelligence and robotics could start giving some companies huge advantages, while eradicating or fundamentally changing many jobs.

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