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Townhall: A Perfect Storm of Wrongs, Righted

New development in Wisconsin’s John Doe probes. Click on over to Townhall, then come back here for background:

 

 

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Today

Seneca Falls

On July 19, 1848, a two-day Women’s Rights Convention opened in Seneca Falls, New York.

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Thought

Destutt de Tracy

“We can scarcely conceive at first that the great effects . . . have no other cause than the sole reciprocity of services and the multiplicity of exchanges. However this continual succession of exchanges has three very remarkable advantages.

“First, the labour of several men united is more productive, than that of the same men acting separately. . . .

“Secondly, our knowledge is our most precious acquisition, since it is this that directs the employment of our force, and renders it more fruitful, in proportion to its greater soundness and extent. . . .

“Thirdly, and this still merits attention: when several men labour reciprocally for one another every one can devote himself exclusively to the occupation for which is fittest, whether from his natural dispositions or from fortuitous circumstances; and thus he will succeed better. . . .

“Concurrence of force, increase and preservation of knowledge, and division of labour,—these are the three great benefits of society. They cause themselves to be felt from the first by men the most rude; but they augment in an incalculable ratio, in proportion as they are perfected,—and every degree of amelioration, in the social order, adds still to the possibility of increasing and better using them.”


Antoine Louis Claude Destutt, comte de Tracy, A Treatise on Political Economy (Georgetown, D.C.: Joseph Mulligan, publisher; W. A. Rind & Co., printer, 1817) Thomas Jefferson, ed. of translation, from the section entitled “The First Part of the Treatise on the Will and Its Effects: Of Our Action,” chapter one, “Of Society.”

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Video: Terminal F

This is a very interesting documentary about Edward Snowden’s own secrecy as he leaked information about illegal government spying on its own citizens, and then about his attempts to evade capture and find sanctuary outside the United States. Fascinating.

Note: the documentary is not a debate about what he did, though there are disagreements expressed, but a fact-based telling of the man’s story.

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Thought

Destutt de Tracy

We clearly see certain animals execute labours which concur to a common end, and which to a certain point appear to have been concerted; or fight for the possession of what they desire, or supplicate to obtain it; but nothing announces that they really make formal exchanges. The reason, I think, is that they have not a language sufficiently developed to enable them to make express conventions; and this, I think, proceeds . . . from their being incapable of sufficiently decomposing their ideas, to generalise, to abstract, and to express them separately in detail, and in the form of a proposition; whence it happens that those of which they are susceptible, are all particular, confused with the attributes, and manifest themselves in mass by interjections, which can explain nothing explicitly. Man, on the contrary, who has the intellectual means which are wanting to them is naturally led to avail himself of them, to make conventions with his fellow beings. They make no exchanges, and he does.

Antoine Louis Claude Destutt, comte de Tracy, in A Treatise on Political Economy (Georgetown, D.C.: Joseph Mulligan, publisher; W. A. Rind & Co., printer, 1817) Thomas Jefferson, ed. of translation, from the section entitled “The First Part of the Treatise on the Will and Its Effects: Of Our Actions,” chapter one, “Of Society.”
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Thought

Destutt de Tracy

“Whenever I make an exchange freely, and without constraint, it is because I desire the thing I receive more than that I give; and, on the contrary, he with whom I bargain desires what I offer more than that which he renders me.”


Antoine Louis Claude Destutt, comte de Tracy, A Treatise on Political Economy (Georgetown, D.C.: Joseph Mulligan, publisher; W. A. Rind & Co., printer, 1817) Thomas Jefferson, ed. of translation, from the section entitled “The First Part of the Treatise on the Will and Its Effects: Of Our Action,” p. 8.

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Thought

Vilfredo Pareto

“We can group socialists and protectionists under the name of restrictionists, whilst those who want to base the distribution of wealth solely on free competition can be called liberationists…

“Thus restrictionists are divided into two types: socialists, who through the intervention of the state, wish to change the distribution of wealth in favour of the less rich; and the others, who, even if they are sometimes not completely conscious of what they are doing, favour the rich — these are the supporters of commercial protectionism and social organisation of a military type.”


Vilfredo Pareto, “Socialism and Freedom,” 1891.

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Thought

James H. Boren

“Bureaucracy is the epoxy that greases the wheels of progress.”


James H. Boren, in When in Doubt, Mumble: A Bureaucrat’s Handbook (1972).

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Thought

Thomas Jefferson

“The basis of our government being the opinion of the people, the very first object should be to keep that right; and were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. But I should mean that every man should receive those papers and be capable of reading them.”


Thomas Jefferson, Letter to Colonel Edward Carrington (16 January 1787).

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Townhall: The Cynics and the Minimum Wage

This weekend at Townhall, a recurring subject, but with a British twist: why support a minimum wage if it doesn’t do the good claimed for it? Maybe the backers don’t uniformly want the good. Could they want the bad?

Which brings up the question of cynicism. We who aim to help the poor, as opposed to those who advocate policy just make themselves feel good, should be immune from the charge of “cynicism.”

Even if we are often very skeptical of the politics and rhetoric surrounding “the minimum wage.”

Click on over, then back here for more reading:

  • Minimum Wage, Maximum Damage, by Jim Cox
  • Reich is Wrong on the Minimum Wage,” by Donald Boudreaux
  • A Simple Question for Minimum Wage Advocates,” by Donald Boudreaux
  • Last week’s Common Sense, “A British Puzzle,” that gave the short version of this weekend’s Townhall lesson.
  • For an overview of the main economic theories of wage-rate determination over the last 300 years, an economicconcepts.com article goes into some detail. It is better than Britannica’s account, for example, in that it does not give any credence to “the bargaining theory,” which, too often, assumes that prices do not really matter, are infinitely malleable by powerful negotiators. That just cannot be true. Prices have consequences. Wage rates do, too. They should reflect real supplies and real demands, so we can adapt ourselves to real human needs and not phantom wishes and hopes and dreams that can come to nothing.