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December 2005

Volume 55, 2005

FEATURES

Why Not Monetary Freedom?

The Best Monetary Policy Would Be No Monetary Policy at All
DECEMBER 01, 2005 by

In all of the commentaries that have appeared since President George W. Bush nominated Dr. Ben S. Bernanke as Alan Greenspan

Bureaucracy Can't Be Run Like a Business

Wal-Mart Shouldn't Take Over FEMA--Wal-Mart Should Replace FEMA
DECEMBER 01, 2005 by

Hurricane Katrina Shows that Government Is Too Small?

Bureaucracies Cannot Prevent or Mitigate Damage from Natural Disasters
DECEMBER 01, 2005 by

By now everyone is aware of the almost inconceivable incompetence of the Federal Emergency Management Agency's (FEMA) response to Hurricane Katrina.

Africans Whom Westerners Should Heed

Foreign Aid to Africa Is Harmful
DECEMBER 01, 2005 by

At the G8 Summit in Scotland last July, hosted by Britains Tony Blair, European and North American politicians (all of them white) cried crocodile tears for the plight of black Africans. Echoing a gaggle of actors, rock stars, socialist ideologues, Third World dictators, and other learned economic-development experts, they called for another transfer of wealth from developed nations to the undeveloped ones of Africa, which, by most measures, would seem to exclude no country on the continent.

The Mad-Genius Controversy

Our Ideas about Mad Geniuses Are Modern Inventions
DECEMBER 01, 2005 by

Our ideas about genius, madness, and the existence of a close relationship between them are modern inventions. For millennia people explained the world about themespecially creative/ good and destructive/bad behaviorsin spiritual or God terms.

From Kleenex to Zippers: The Unpredictable Results of Entrepreneurs

No Planning Board Could Have Invented These Products
DECEMBER 01, 2005 by

The 1920s was a decade that taught us many lessons in economicsperhaps foremost among them is that cutting tax rates encouraged entrepreneurs to invest in a variety of revolutionary products, from radios to refrigerators.

Economics for the Citizen, Part III

Relative Prices, Not Absolute Prices, Influence Behavior
DECEMBER 01, 2005 by

Someone might have made you a gift of The Freeman. Does that mean reading this article is free? The answer is a big fat no.

Mitigating Disaster: Abolish FEMA and Let Gas Prices Rise

Taxpayer-Funded Disaster Relief Is Inefficient and Ineffective
DECEMBER 01, 2005 by

The waste, delays, and incompetence that characterize FEMA are the result of a free-rider problem inherent in all federal spending programs.

Repeal Davis-Bacon

Taxpayers Are Hit Twice by Anticompetitive Government Construction Contracts
DECEMBER 01, 2005 by

Manuel Ayau: Guatemala’s Liberal Searcher

Guatemala Boasts an Impressive Community of Classical Liberals
DECEMBER 01, 2005 by

Driving to my hotel from the Guatemala City airport on my first trip to Guatemala in January 2000, I commented to my host that I was pleasantly surprised to find no customs agents ransacking people's luggage. In fact, once my fellow fliers and I had our passports stamped by the passport-control officials, the airport was refreshingly clear of the usual swarms of harassing government officials.

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