On FNS this morning, Chris Wallace asked Ron Paul about his belief in Austrian Economics. Specifically, Wallace asked Paul whether the country needs “creative destruction,” an idea Wallace attributed to the Austrian School. While Paul fumbled through an answer about the need to clear out bad investment before there can be meaningful economic growth. “Creative destruction” was actually coined by Joseph Schumpeter, an economist who came from Austria and emigrated to the United States (to take a position at Harvard) but is not normally considered a central figure in the Austrian school. In any event, the answer to Wallace’s question is: Yes, we do need more creative destruction. As Schumpeter explained, “creative destruction” — the process of constantly “revolutioniz[ing] the economic structure from within, incessantly destroying the old one, incessantly creating a new one” is “the essential fact about capitalism.” This process is what leads to innovation and economic growth, but it entails “destruction” because uncompetitive firms and industries necessarily fail. In market competition, just as some firms succeed, others need to fail.
Conservatives do not do well in the cities. We assume, strangely, that this indicates a problem with the cities rather than a problem with . . . us. We may as well be trying to sell New York City and Los Angeles Edsels full of New Coke -- and cursing the consumers for being too thick to appreciate what we are ... Read More
The initial warning is given before Vice even starts, in an onscreen note: It’s a “true story,” we’re told. But it’s hard to be strictly factually accurate, the note adds, because Dick Cheney is such a secretive bastard. So it’s really Cheney’s fault if anything in the movie happens to be ... Read More
The president wants them away from the border. Read More
Congratulations to Kyler Murray for winning the Heisman -- and in a year during which Tua Tagovailoa was playing football, no less. And all shame to Scott Gleeson, of USA Today, who waited until the exact moment that Murray had been selected for the award before amplifying a national shaming campaign that had ... Read More
In 2007, the Justice Department was in disarray. Though it was largely exaggerated, a controversy over the firing of some United States attorneys, the intrusion of politics into Justice Department hiring decisions, and White House contacts with Main Justice forced the resignation of an overmatched attorney ... Read More
The federal government has discovered a massive new reserve of oil and natural gas in Texas and New Mexico that it says has the “largest continuous oil and gas resource potential ever assessed.” "Christmas came a few weeks early this year," Secretary of the Interior Ryan Zinke said of the new reserve, ... Read More