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Books

November 07, 2012

Review of Robust Political Economy

A book by Mark Pennington. Review by Donald Boudreaux. He really likes it. 

In Robust Political Economy, Mark Pennington offers one of the best cases for classical liberalism ever presented in a single volume.  I do not exaggerate.  Pennington—professor of political economy at King’s College, University of London—here surveys fully and summarizes fairly the major objections to classical liberalism (or, if you prefer, libertarianism).  He systematically demonstrates that each of those objections fails.  The alternative social arrangements, plans, and schemes offered by opponents of classical liberalism all fall well short of dealing adequately with two eternal problems that must be dealt with if people are to enjoy peace and prosperity: the knowledge problem and the incentive problem.

A short piece by Pennington is here. See also a paper by Peter Boettke and Peter Leeson

October 29, 2012

Time to check on California again

"Crazifornia: How California Is Committing Suicide".

Because California had long been blessed with enormous natural resources and a vital, growing population, it had the wealth to keep the impractical Progressive dream going for decades. It could abs0rb the enormous financial and human losses from almost heroic bureaucratic ineptitude (Chapter 5); laws and regulations that suck the life out of both new and established businesses (Chapter 6); ridiculous educational experiments and an all-powerful teachers union that has little interest in student well-being and education (Chapter 7);* environmentalism run amok (Chapter 8); and public sector unions and pensions that have managed to go wherever one ends up when “amok” is a distant memory (Chapter 9).

Lately, though, things haven’t been going so well for California. Part of the problem is the national recession. The other part is the fact that California’s collection of Progressives, Environmentalists, Educators, and Reporters, whom Laer collectively christens “the PEER axis,” have destroyed the state’s ability to tap into her resources, both natural and human. Take, for example, the Prop. 50 fiasco, which is one of a huge subset of fiascos generated by a California citizen’s right to vote on legislative ballot initiatives.

"Bankrupt California".

A refinery fire, a power outage, a uniquely Californian gasoline formula, years of regulating refineries into stasis — all that has finally caught up with the state, as prices soar at the pump. Yet what perplexes about California in extremis is the liberal ability for our state government simply to ignore its own regulations, which it has been using to paralyze businesses for years. For example, a panicked Governor Brown just asked the state air-resources board to suspend the law that requires gas stations to sell our special summer fuel formula through the month of October. The state asserted that a one-time suspension would increase supplies and yet not materially affect our air quality — which begs the question: Why, if that is true, would such a regulation have been passed in the first place?

California has the nation’s highest gas taxes and fuel prices, and the tightest supplies — and reputedly one of the worst-maintained infrastructures, with out-of-date, overcrowded, and poorly maintained freeways. When I head home each week from Palo Alto, I feel like an Odysseus fighting modern-day Lotus Eaters, Cyclopes, and Laestrygonians to reach Ithaka, wondering what obstacle will sidetrack me this trip — huge potholes, entire sections of the freeway reduced to one lane, or various poorly marked detours? If the nation’s highest gas taxes give us all that, what might the lowest bring?

 

October 17, 2012

Herman Wouk

He's 97, about to release his 13th novel, and he answered Vanity Fair's "Proust Questionnaire".

What is your greatest fear?
At age 97 and counting, guess.

UPDATE: Link fixed now. Thanks, David.

September 25, 2012

"The 12 Coolest Things We Learned From Nate Silver's Brand New Book"

This is interesting:

The National Weather Service makes one of the best models in the world

The weather — "the epitome of a dynamic system" — has been increasingly predictable due to the National Weather Service's use of modeling on supercomputers. They've halved the average error in a temperature forecast since 1970, and they've been able to cut down the average error in the location of hurricane landfall from a 350 mile radius to a 100 mile radius in a mere 25 years.

Their calibration is as near to perfect as can be expected when it comes to forecast probability: "When they say there is a 20 percent chance of rain, it really does rain 20 percent of the time." 

July 10, 2012

One of my all-time favorite books is recently referenced and gets a shoutout

"Supreme Court has turned the 2012 election into a conflict of visions".

From "Jonathan Haidt: He Knows Why We Fight":

At age 41, he decided to try to understand what conservatives think. The quest was part of his effort to apply his understanding of moral psychology to politics. He especially sings the praises of Thomas Sowell's "Conflict of Visions," which he calls "an incredible book, a brilliant portrayal" of the argument between conservatives and liberals about the nature of man. "Again, as a moral psychologist, I had to say the constrained vision [of human nature] is correct."

June 29, 2012

"Did He Feel Good?"

Favorable review of a new biography of James Brown

May 21, 2012

"Recommended New Books with Hayekian Themes"

Greg Ransom at Taking Hayek Seriously compiles a list of 16.

Ah, if I had but world enough and time. 

May 06, 2012

"Sports Book Hall of Fame: Searching for Bobby Fischer"

I haven't read the book, but I do like the movie a lot. 

April 17, 2012

Good news

A revised and update edition of Steven Landsburg's The Armchair Economist will be available May 1. I thoroughly enjoyed the first edition and look forward to reading the second. 

April 16, 2012

"Founders And VCs Reveal 21 Books Every Entrepreneur Should Read"

"We've polled everyone from First Round Capital's Charlie O'Donnell to Steve Blank and Brad Feld in the past few years, and they told us what books have shaped their careers."

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