Technological change is disruptive, and in the long sweep of human history, that disruption is one of the fundamental sources of economic growth and what Deirdre McCloskey calls the Great Enrichment: In 1800 the average income per person…all over the planet was…an average of $3 a day. Imagine living in present-day Rio or Athens or … More Technological Change, Culture, and a “Social License to Operate”
Can raisin growers pack and sell all of the raisins they grow? Yes, but only if the USDA permits it. Sometimes the USDA claims the right to take raisins off the market in the effort to keep the price to consumers higher. If a raisin grower doesn’t comply with the USDA’s demands, then the government’s … More Raisin’ a Complaint Against Usda Marketing Orders
Michael Giberson … or a clumsy cartel causing excessive volatility in world oil prices, or maybe none of the above. Earlier this week the Cato Institute hosted a discussion of a recent report by Andrew Morriss and Roger Meiners, “Competition in World Oil Markets: A Meta-Analysis and Review.” Panelists included Morriss, FedEx chairman Frederick Smith, and … More OPEC: Threat or Menace…?