Common Sense with Paul Jacob

On October 3, 1919, James M. Buchanan was born. Buchanan would develop the theory of “Public Choice,” and receiving the 1986 Nobel Memorial Prize in Economic Sciences for his work. His books include Cost and Choice, The Calculus of Consent (with Gordon Tullock), and The Limits of Liberty: Between Anarchy and Leviathan. Some of his most interesting research was into the realm of constitutional theory and practice.

He died January 9, 2013.

In 1925, on this date, Gore Vidal was born. Vidal would go on to become one of the leading post-WWII liberal essayists as well as a major novelist and screenwriter. His most famous novels include Burr, 1876, and Lincoln, installments in his American history series; his collection of essays, The United States, was one of his many bestsellers. Vidal was an elitist who expressed sympathy for populism and socialism, but also was a radical civil libertarian, and may occupy the extreme of the “liberal” quadrant in American political ideology: great on personal liberties but quite bad on market/property liberties.

He died on July 31, 2012.

On October 2, 1789, George Washington sent the proposed Constitutional amendments (the United States’ Constitution’s Bill of Rights) to the States for ratification.

On the same date in 1919, U.S. President Woodrow Wilson suffered a massive stroke, leaving him partially paralyzed, preventing him from reacting to the economic downturn following the Great War in a Progressive fashion, making his response de facto laissez faire. One insider, and skeptic of Progressive hubris, archly referred to Wilson’s incapacitation as “a stroke of luck.”

His successor in office, President Warren G. Harding, would go on to massively cut spending as well as taxes, and take on regulation as well. He also released Woodrow Wilson’s domestic war prisoners — ranging from journalists, ordinary folk to socialist presidential candidate Eugene V. Debs — who had dissented from Wilson’s involvement in the war.

The Depression of the early 1920s, though as deep as the early 1930s, proved remarkably brief, thanks to Harding . . . and a “stroke of luck.”

On October 1, 1908, Ford produced the first Model T at a plant in Detroit. The auto could travel 40 miles per hour and ran on gasoline or hemp-based fuel. (As oil prices fell, Ford phased out the hemp option.) The Model T was the first car designed for a mass market, rather than as a luxury item. By 1927, Ford had built 15 million Model T cars – the longest production run of any car model until the Volkswagen Beetle surpassed it in 1972.

On October 1, 1918, Lawrence of Arabia (T.E. Lawrence) helped lead a combined Arab and British force that captured Damascus from the Turks during World War I.