eBook: Fifty Economic Fallacies Exposed

(Austrian) Economics, Anti-Statism, Education, Non-Fiction Reviews
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Understanding basic economics is crucial for all libertarians.  No other field offers as clear and irrefutable a case for liberty.  Indeed, statism draws much of its support from the public’s flawed understanding of economics.  Even libertarians are occasionally led astray by flawed economic reasoning.  A friend recently brought a book designed to combat such flaws to my attention:  Geoffrey E. Wood’s Fifty Economic Fallacies Exposed.

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Statism in the UK: Paychecks to be preprocessed by the state

Anti-Statism, Finance, History, Taxation, Totalitarianism
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Her Majesty’s Revenue and Customs, stressing “the need for employers to provide real-time information to the government so that it can monitor all payments and make a better assessment of whether the correct tax is being paid”, has proposed to modernize the UK’s income tax system.  Once employers provide payroll information in real-time, “it further proposes that employers hand over employee salaries to the government first.”

I’m sure that subjects of the Crown have nothing to fear.  The state can be trusted to process their paychecks promptly, correctly, and efficiently.  Only a crank would object to this modernization plan.  After all, everyone fondly remembers the Star Chamber that evolved out of a similar medieval program for keeping tabs on the Jews.  Since it worked out so well last time, how could anyone expect things to go wrong now?

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How State Lotteries Make Markets Less Efficient

Anti-Statism, Business, Finance, Statism
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Someone sent me a link to this paper yesterday.

Prof. Harris argues that skilled traders, who consistently profit, do so by taking money from people who trade for extrinsic reasons, to hedge risks, increase their savings, or simply to gamble for entertainment.  He then points out an interesting implication:

If gamblers do indeed contribute to market quality in the long run by subsidizing information acquisition, an intriguing argument can be made about public lotteries.  Lotteries would appear to compete with financial markets for gamblers willing to lose money. Lottery gamblers subsidize the state through their voluntary participation in a negative-sum game. Financial market gamblers subsidize productive information acquisition.  Perhaps prices, and ultimately economic production, would be more efficient if gamblers gambled exclusively in the financial markets.

So there you have it — state lotteries make us worse off by wasting gambling money that would otherwise be productively spent.

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Regarding Libertarian Strategy: A Reply to Ross Kenyon

Anti-Statism, Libertarian Theory, Statism
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Although I find Kenyon’s analysis of the radical socialists interesting, ultimately I disagree with his categorization of libertarianism’s 3 options:

  • Libertarians can allow themselves to be absorbed into the Republican Party and work to expand the Liberty caucus.
  • Libertarians can abandon the Republican Party to work exclusively through the Libertarian Party.
  • Libertarians can jettison electoral politics altogether and refuse to be governed by majoritarianism and statism.

The first one will happen to the Tea Party movement. The second one is not workable, as the author admits.  Nothing can be done about either.  As for the truly radical approach, we are not violent revolutionaries and are never going to be.

What’s missing from that article is something fundamental — people get the government they deserve.  We need to make this country deserve better.  If a choir chants “we” in chorus, it is still the individuals speaking.  Unless libertarians actively change individuals, society will not budge.

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