Economics

"Unlike Oren Cass, F.A. Hayek Knew the Economics of Trade"

Don Boudreaux:

Quoting F.A. Hayek’s 1960 claim that free markets will bring about a “balance … between exports and imports,” Oren Cass argues that the string of annual U.S. trade deficits over the past 44 years proves that Hayek was wrong – that history has “broken” Hayek’s “promise.”

Being a non-economist, Mr. Cass can be forgiven for missing Hayek’s meaning. 


"Covid-19 and the Big Government Problem"

Op-ed in the New York Times by Bret Stephens.

In this pandemic, she [Katie Wilson, a deputy under secretary at the Department of Agriculture in the Obama administration, is the executive director of the Urban School Food Alliance] has a message for government bureaucrats in Washington and every state capital: Stop getting in the way.

To me, the case for substantial reform of both the CDC and the FDA is simply overwhelming. And it has been for decades. Here is a link to Sam Peltzman's pathbreaking work on the costs of excessive FDA regulation.

See also the following:

"The COVID-19 Crisis Is the Result of Decades of FDA Misrule".

"The FDA Graveyard: Absurd bureaucratic strictures are hindering efforts to fight Covid-19".

"Theory, Evidence and Examples of FDA Harm".

And let's not forget the CDC. To me the most aggravating current flaw in the CDC is the absurd mission creep: "The CDC was Fighting Racism and Obesity Instead of Stopping Epidemics". See also "How the CDC and the FDA Wrecked the Economy".

But enough crankiness and negativity. What are some constructive lessons?

"How Repeal of #NeverNeeded Regulations Can Help Responses to the COVID-19 Crisis".

"Lesson from coronavirus: Federalism works, not centralized government".

"COVID V. Capitalism".

Finally, a warning we should heed from Theodore Dalrymple: "Pandemics Are the Health of the State".