Author Archive
Capitalism and the Campus – Coming to WMOX 6/16/11
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On Thursday June 16 during the 8:20 am cdt segment John Allison will join us on The Morning Show. John is currently Distinguished Professor of Practice in the business school at Wake Forest University. Prior to joining the faculty, he was the Chairman of BBT from 1988 to 2009. Under his leadership, BBT grew from a very small bank in NC to one of the largest banks in the country. More importantly, did it the right way and were able to emerge from the financial crisis unscathed. (John’s bio)
At Wake Forest he is spreading the word about the power of capitalism and free markets on the campus. John passionately make the case that capitalism is not only the most efficient way to organize economic activity, but is morally justified since it respects and encourages the contributions and freedoms of the individual. One of works which has shaped John’s worldview is Ayn Rand’s classic Atlas Shrugged (early posts on it). In fact, while at BBT it was required reading for his senior management team. (Here are couple articles on him activites from Reuters and The New York Times)
During John’s time with us we will discuss the importance of teaching capitalism and the impact of Atlas Shrugged. Hopefully, we will have time to get into the financial crisis since John has in depth knowledge on how the industry really works.
To wet your appetite for the discussion, check out this segment on CNBC recently. Be sure to tune in to WMOX, 1010 AM in Meridian. If outside the area you can listen on WMOX’s streaming video link on my website.
Video – We Still Hold These Truths
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The folks at the Heritage Foundation put together this great video, We Still Hold These Truths. It very well done and inspirational. No doubt folks in the Tea Party will watch and say this is why I believe what I do. The narrator Matt Spalding has been on WMOX for our on-going series, The Heritage Hour, a couple of times and is really good. He also has book by the same name.
- The Professor
Clarion Ledger Op-ed on the Stimulus Illusion
Posted by: | CommentsYesterday The Clarion Ledger, Jackson, Mississippi, paper published my guest op-ed “Spending the Way to Recovery Proves to be an Illusion.” It discuss the economics of why stimulus will yield disappointing results at best. Check it out if you get the chance.
- The Professor
Jefferson and Reagan Speak
Posted by: | CommentsMaking the rounds on the Internet are two very creative “speeches” by Thomas Jefferson and Ronald Reagan about the problems facing the country today. These two speeches use quotes and video from two of America’s best President that apply timeless principles to our challenges. They are both thoughtful and uplifting.
For the Jefferson speech visit The Intellectual Activists and for the Gippper go this site.
- The Professor
Hayek’s Road to Serfdom
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Great ideas are timeless. Last week Glenn Beck devoted an entire show to F. A. Hayek’s 1944 classic The Road Serfdom. In just a few hours this book went from no where to the top of the Amazon best seller list. Not long after that the publisher had one to three month backlog.Why the interest in the writing of a defunct economist from the 40s? Simple, people are hungry to arm the selves to battle the tyranny of central government. For example, consider the interest in Ayn Rand’s Atlas Shrugged. (see posts on that book) Hayek who was widely criticised during his time is one of the leaders of resurgence of classic liberalism and the power of free markets and individual liberty. Hayek won (earned) a Nobel Prize for economics in 1974. He was a colleague and intellectual soul mate of the most well known advocate of markets, Milton Friedman. Hayek has been studied by academics as well as leaders such as Margaret Thatcher and Ronald Reagan.
Reader Digest published a condensed version of this which readily available on line. There is a also a cartoon version to wet your appetite for this classic. Our friends at the Heritage Foundation published this entry on their blog plus part of Glenn Beck’s show.
- The Professor
PS – You may want to check out the rap video, Fear the Boom and Bust, on Hayek v Keynes to further wet your appetite.
Must See TV – Stossel on Friedman’s Free to Choose
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Thursday night on the Fox Business Channel, John Stossel is spending an hour on Milton Friedman’s classic TV show and book Free to Choose. On the jacket of the book there is the following endorsement “A superb book. The Friedman’s eloquently diagnose that facing problems facing America and make imaginative proposals for change. It is ‘must reading for everyone – from the President to the private citizen – who is concerned with the future of America.” That endorsement came from a contender for the Presidency, Ronald Reagan.
This series which came out in 1980 provided much of the intellectual fodder for the Reagan revolution. In addition, it sparked the interest of a generation of students of all ages into the power of liberty and free markets including me. This book and series started me on the path to go the grad in economics. The original show can be watched on line. In addition, to Friedman’s Professor Friedman’s analysis of a key issue the show features a debate with the Professor and leading critics of his views.
This week, Glen Beck did a show on Friedman’s colleague and fellow Nobel Laureate, F. A. Hayek’s Road to Serfdom. In just a few hours it rose to the top of Amazon list and in a few hours sold out. This shows us that people are hungry to understand the power of political and economic freedom. Professor Friedman’s lessons are as timeless at as least as important today as in 1980.
- The Professor
Liberals Flunk Basic Econ
Posted by: | CommentsIn support of Barry Goldwater in 1964, then citizen Ronald Reagan in his national coming out speech made many memorable and timeless remarks about the power of conservatism and liberty. On of my favorite lines in “The Speech” as it is know by students of the Gipper is: “the trouble with our liberal friends is not that they are ignorant, but that they know so much that isn’t so.”
In today’s Wall Street Journal, George Mason economics professor Daniel Klein examines the Gipper observation and applies it to economics in a piece entitled “Are You Smarter Than a Fifth Grader.” The bottom line in this piece which is based on academic article is that liberals tend to have a poor understanding of basic economics than others across the political spectrum. To most us this is not really a surprise, but it nice to have a rigorous study to demonstrate that. Professor Klein writes that this is due to the fact that “the left has trouble squaring economic thinking with their political psychology, morals and aesthetics.”
- The Professor
Book Review – Economics in One Lesson by Henry Hazlitt
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“Economics is haunted by more fallacies than any other study known to man.” is the opening sentence Henry Hazlitt’s classic primer on economics, Economics in One Lesson. In this classic first published in 1946 takes the reader through basic economic reasoning and applies it to a variety of policy issues. While some of the issues are dated many are not just the names and particulars have changed.The first chapter entitled simply “The Lesson” explains the pitfalls that lead to faulty economic reasoning. The first flaw is self interest which can prevent sound reasoning. The second is the inability to look beyond the initial effects which are often good to see all the secondary effects. In modern speak this is often called the “unintended consequences” Hazlitt explains this fallacy in the following passage which is also on the first page: This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences. ”
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