economic freedom

More comments from winner of this year’s Nobel award in economics

Cover of Prof. Deaton's book, used under fair use, courtesy of Amazon.com

Cover of Prof. Deaton’s book, used under fair use for this review, courtesy of Amazon.com

Prof. Angus Deaton won the 2015 Nobel award in economics. Mentioned this earlier. (Cross-post from my other blog, Outrun Change.)

His contribution to expanding the frontier of economics knowledge is to study development and poverty from the consumption side instead of income side. This approach looks at what can people buy instead of what income they have.

Fun article talking about some of his ideas was in the Financial Times on October 12: Nobel Prize winner Angus Deaton shares 3 big ideas.

Inequality

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By Jim Ulvog, ago

Fort Union Trading Post brochure shows the beauty of trade

Photo by James Ulvog.

Photo by James Ulvog.

During our September vacation in North Dakota, we were able to visit Fort Union Trading Post and Fort Buford. Both were a lot of fun to see.

The brochure produced by the National Park Service for the Fort Union Trading Post national historic site 25 miles southwest of Williston has lots of fun comments. I want to focus on the wages at the time and the wonderful beauty of free trade.

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By Jim Ulvog, ago

To sort through the question of how to share economic and health progress with everyone, check out a book from the winner of this year’s Nobel award in economics

Cover of Prof. Deaton's book, used under fair use, courtesy of Amazon.com

Cover of Prof. Deaton’s book, used under fair use for this review, courtesy of Amazon.com

Why have we seen such dramatic improvement in average wealth and average life expectancy everywhere in the last 100 or 200 years? What has led to a radical reduction in the number of people living in dirt-eating poverty in the last 50 years?

Over the last few years I have focused a lot of my reading on economics and history trying to figure out the answers to those questions. Why?

If we figure out the answer to those questions we can continue in the same direction. If we sort out how we got here, we can share that strategy with those who have not shared in the progress. If you want a different phrasing, we can radically narrow economic inequality within countries and between countries if we can answer those questions. We can help get even more people out of dirt-eating poverty.

I think those goals are in the back of the mind for most readers of this blog. (Cross posted from my other blog, Nonprofit Update.)

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By Jim Ulvog, ago

Capitalism undermines feudalism and offers economic freedom to Dalits

Capitalism does a better job providing freedom and equality than any other system. It is a far better option than feudalism.

Capitalism has been allowed to flourish in India since 1991. The results have been to release large numbers of Dalits from bonded labor. Previously those individuals were restricted to the most dirty, dangerous jobs.

Check out the results in this article by Swaminathan S. Ankelsaria Aiyar, writing at Cato Institute: How Capitalism Is Undermining the Indian Caste System.

(Cross-posted from my other blog, Outrun Change.)

Article is reprinted in full under a Creative Commons license granted by the author: (more…)

By Jim Ulvog, ago

I celebrate this Independence Day by using my freedom of speech and freedom of religion

Thought about putting on my blogs some cool patriotic visuals to celebrate the 239th anniversary of the greatest country in the world that has provided more political, economic, and religious freedom to more people than any country anywhere anytime. There are lots of nice looking things available on the ‘net.

Also thought about pulling up some photos of flags I’ve taken over the years and creating a visual celebration.

I decided to do something completely different.

Of the large number of freedoms that we humans have because we exist, which are also recognized by the Declaration of Independence and Constitution, I particularly cherish freedom of speech and freedom of religion.

So yesterday (which was the federal holiday), today (the actual anniversary), and tomorrow I exercise those freedoms.

(Cross-post from my other blog, Outrun Change.)

Freedom of speech

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By Jim Ulvog, ago

More on who owns the fruit of your labors – raisin edition

The Wall Street Journal editorial page has a few more comments on the Supreme Court ruling that when the Department of Agriculture ‘takes’ a portion of the crop from raisin farmers, the farmers have to be paid for the ‘taking’: Raisin Owners in the Sun. Previous discussion of the ruling is here.

Editorial points out the law authorizing the feds to take whatever amount of agricultural crops they want and pay whatever little amount they want was passed in 1937, which is 78 years ago. This case centers on crops that were seized in 2003 and 2004. The later of those two attempted seizures was 11 years ago.

That makes eight decades for the Supreme Court to get around to reading the Constitution and just over a decade for this case to work its way through the legal system.

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By Jim Ulvog, ago