Free Republic

NEW YORK -- "The era of big government is over." So said President Bill Clinton more than 12 years ago in a statement that was never accurate. The government stayed big. And after the recent -- and justified -- interventions to prop up some big U.S. financial institutions, it's appropriate to say the era of government is now bigger than ever. It's going to stay that way for a long while, regardless of who becomes the next president. Neither of the presumptive major candidates -- Barack Obama and John McCain -- is a traditional, hands-off economic conservative. That's a...

PALO ALTO, Calif.--Milton Friedman was one of the very few intellectuals with both genius and common sense. He could express himself at the highest analytical levels to his fellow economists in academic publications and still write popular books such as "Capitalism and Freedom" and "Free to Choose" that could be understood by people who knew nothing about economics. Indeed, his television series, "Free to Choose," was readily understandable even by people who don’t read books. Milton Friedman may well have been the most important economist of the 20th century, even if John Maynard Keynes was the most famous. No small...

Doug Bandow is a senior fellow at the Cato Institute. "We're all Keynesians now," declared President Richard M. Nixon when he surrendered his fiscal policies to liberal orthodoxy. Gov. Arnold Schwarzenegger did much the same with his recent executive order calling for draconian cuts in the emission of "greenhouse gases" linked to global warming. "The debate is over," he claimed. The issue of global warming, though presented as a matter of scientific certainty, is actually highly controverted. Although the planet almost certainly is warming, how much of that is due to humanity -- which contributes only about .3 percent of...

Not long ago, Republicans were trying to pass a balanced budget amendment to the Constitution. Their worry was that large deficits would hamper growth and prosperity. At the same time, Alan Greenspan, Chairman of the Federal Reserve, preached deficit reduction too. He saw it as the solution not only to the country’s economic downturn, but also to its more long-term economic problems. Meanwhile, Democrats were skeptical. They believed that deficit spending had brought the country out of the Great Depression, and Democratic economists were overwhelming Keynesians. As such, they feared that raising taxes and lowering government expenditures to try to...

Why are Florida's hurricanes a "plus"? It's simple. According to St. Petersburg Times reporter Joni James, "Construction creates thousands of jobs, insurance provides for billions in consumer purchases, and new facilities built to higher standards might help offset future storm-related losses." This kind of reasoning, often put forth by poorly trained economists, doesn't even pass a simple smell test. Think about it this way. Using Cochrane's statement, if "from an economic point of view, it (hurricanes) is a plus," would the country have been even better off if the entire East Coast shared Florida's damage and destruction? If it would...