Category Archives: Economics

Dominion Theology: Salvation or Snare for Liberty?


A review of Robert Grözinger, Why Libertarianism Needs Christianity to Succeed, Kindle eBook, April 7, 2020.

 

Dominion Theology: Salvation or Snare for Liberty?
Anthony G. Flood

This provocative essay derives from a talk given to the Libertarian Alliance in London late last summer. German economist and translator Robert Grözinger (Jesus, der Kapitalist: Das christliche Herz der Marktwirtschaft, Munich, 2012) argues that libertarianism, which traditionally prides itself on its alleged independence from philosophical frameworks, cannot succeed without one that gives meaning to liberty-seeking itself. Arguments for, say, the superiority of free to hampered markets don’t compensate libertarianism for its lack of an adequate framework of meaning or worldview. Libertarians should identify theirs and persuade others on its terms if they want libertarianism to be more than an intellectual hobby. For if libertarianism’s attitude toward ultimate-meaning frameworks remains as laissez-faire as its politics, its attractiveness will remain limited. Grözinger believes Christianity best meets that need. Read more

The Coronavirus Panic: Counting the Cost


The Coronavirus Panic:
Counting the Cost
Sean Gabb
3rd May 2020

One of my Books
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Will anyone be outraged if I say how much I have enjoyed the lockdown? On the one hand, I have the spectacle, as often as I step outside, of fools shambling about in face masks and rubber gloves – all ready to start whining about piffling infractions of the distancing rules, and all doubtless trying to outdo each other in the weekly Two-Minute Love for the NHS. On the other hand, my own life has not been this pleasant in years. Deal is quiet. Deal is clean. Excepting the charity shops, all the establishments my women and I normally frequent remain open. The others were filled with overpriced tat. We never visited pubs and restaurants, and have barely noticed their closure – except in the sense that it has contributed to the present cleanliness and peace. Read more

The Coronavirus Panic: Pure Waste or Midwife of Progress?


The Coronavirus Panic:
Pure Waste or Midwife of Progress?
Sean Gabb
15th April 2020
(Published in The Libertarian Enterprise)

One of my Books
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I remain sceptical about the dangers of the Coronavirus. Of course, it is an unpleasant illness, and no one should go out of his way to catch it. At the same time, we are into the fifth month of the panic, and the predicted mountain of corpses has still not appeared. Whether in countries that have imposed a lockdown, or those that have not, rates of infection and of death seem to be reaching the peak of their distribution curves. It may be that the final impact on the health of mankind will be no worse, or not much worse, than that of a severe seasonal flu. Even if, minus the lockdown, the potential impact might have been three or four or five times greater, it may still be worth asking if, on any reasonable calculus of cost and benefit, the resulting slump was worth the small saving of lives. Read more

The Overpopulation Myth


The Overpopulation Myth

By Duncan Whitmore

In addition to the alleged problem of human induced climate change, the leftist/elitist/environmentalist/anti-human monologue is beginning to make increasingly explicit noises about the equally mythical problem of overpopulation. “Too many people” is often blamed on a number of apparent calamities, right from the shortage of particular (usually “essential”) resources all the way up to the outright poverty of entire continents, not to mention the effect of population growth upon the supposed “climate emergency” itself. Although few states have enacted explicit policies in order to stop their citizenry from procreating, factoids such as the suggestion that a dozen earths would be needed for every single human to enjoy a Western lifestyle attempt to create an unwarranted degree of hysteria. Of course, the fact that the notion of population control jars with the liberal attitude towards open borders (which can lead to the very real problem of local overpopulation), and that those calling for population reduction never seem willing to offer their own necks for the chopping block are both challenges that are seldom raised. Indeed, in response to the proclamation of Harry and Meghan, the Duke and Duchess of Wokeness, that they will have only two children in order to “save the planet”, one is tempted to ask why they are bothering to breed at all if the problem is really that serious. Very few of the rest of us, no doubt, would have a great deal of concern if the liberal-left refused to pass its genes on to future generations.

As we shall see here, overpopulation can never be a serious or long lasting issue when there is a society distinguished by free market capitalism. It does, however, have the potential to be a serious problem when a society is blighted by state interference (although the primary effects are still likely to be local rather than general). Read more

Why the State Shouldn’t Manage a Crisis


Why the State Shouldn’t Manage a Crisis

By Duncan Whitmore

Many libertarians, especially at lewrockwell.com, have written of their scepticism to the draconian responses of states around the world to the recent outbreak of coronavirus (COVID-19). It is not difficult to share this scepticism given that at least some analyses – particularly of infections on cruise ships, which, given the unavoidably close social proximity, present the closest thing to a worst case scenario – suggest there is little cause for any heightened alarm. Indeed, for the very vast majority of us, there is probably more to be feared from state overreaction than there is from the virus itself. Even mainstream commentators, such as Matthew Parris in Saturday’s Times, are beginning to question the wisdom of trashing your economy to prevent the spread of an infection that is, at least at the moment, affecting only a relative minority of people of advanced age and/or with underlying health conditions (in common with many other inflictions). States always have ulterior motives when dealing with (apparent) crises as they always see them as an opportunity to expand the ambit of their power over the populace, given that a scared people is nearly always willing to sacrifice its liberty for the sake of security. In fact, if the true medical seriousness of this current virus turns out to be only a hill of beans then it may well have served as a dress rehearsal that has merely tested our pliability for some later calamity.

This essay, however, will not concern whether the spread of COVID-19 is quite the crisis it is being made out to be. Instead, let us assume, for argument’s sake, that the world was to be threatened by a very real and very serious pandemic threat. Would such a disaster warrant stronger, co-ordinated, globalised solutions managed by states and enhanced state powers to deal with the problem? Read more

Coronavirus: A Conspiracy against the New World Order?


The Coronavirus:
A Conspiracy against the New World Order?
Sean Gabb
20th March 2020

One of my Books
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I have no particular knowledge of medicine or the natural sciences. However, I remember the Aids panic of the 1980s, when we were told there would be two million deaths by 1990 in this country alone. I remember the Mad Cow Disease of 1996, when we were told that a million people would turn into zombies by 2016. There have been a dozen lesser panics the details of which I presently forget. The Coronavirus may be a modern equivalent of the Spanish Flu of 1918-19. But I have reason to be sceptical. Indeed, if ignorant of medicine in any practical sense, I do know a lot about the bubonic plague pandemics of 542-4 and of 1347-51. These exploded among populations severely weakened by hunger, following downturns in global temperature. The Spanish Flu took hold because of the dislocations produced by the Great War. The human race now has never been so well-fed and so well-provided with medicine. It seems that most victims of the Coronavirus were very old or already in poor health. I do not, of course, welcome any death. But I shall need to see much higher rates of infection and many more deaths – and much and many more outside those groups presently most at risk – before I regard this as other than some collective madness. Read more

On Externalities, Integrated Assessment Models, and UK climate policies


On Externalities, Integrated Assessment Models, and UK climate policies

By Neil Lock

This is a follow-up to my recent essay, “On Cambridge University, post-modernism, climate change, Oppenheimer’s Razor, and the Re-Enlightenment.” As I said there about the economic impacts of global warming: “I’d expect that some probing by independent experts into the economic calculations, and the assumptions on which they are built, might bear fruit.” But where are these calculations, and who are the unbiased experts who have quality controlled them? I couldn’t find any such calculations, or the names of any such experts. Perhaps, I thought, I’d better take a look at this myself.

So, I set out to learn as much as I could about the economic calculations which – so we’re supposed to believe – justify the extreme measures proposed, all the way up to total de-carbonization of the UK economy, to avoid alleged catastrophic damage from global warming. This essay is the result of that exercise. If it reads like a cross between a layman’s guide to the economics of global warming and a political rant, that’s because it’s both!

Summary

Here are the main points of what I found out:

  1. In 2009, the UK government ceased to value carbon dioxide emissions according to their social cost [1], in favour of using numbers based on political commitments they had previously made. In effect, they abandoned doing cost versus benefit assessments on policies that are expected to increase or decrease CO2 emissions.
  2. Recent empirical estimates of equilibrium climate sensitivity (ECS), when run through assessment models like those used by the US Environmental Protection Agency (EPA), suggest a considerably lower social cost of CO2 emissions than earlier estimates, such as the UK government’s Stern Review.
  3. When the beneficial side-effects of CO2 emissions, such as increased plant growth, are taken into account, it’s possible that the social cost of these emissions may even become negative. That is, CO2 emissions become a nett benefit not a nett cost.
  4. Calculations based on a 2017 paper by Dayaratna, McKitrick and Kreutzer suggest a social cost for all UK CO2 emissions as at 2020 of 0.05% of GDP (optimistic) or 0.31% of GDP (pessimistic). Using the social cost numbers for 2050 from the same paper, the figures are 0.08% and 0.52% respectively. All these numbers are substantially lower than the 1-2% of GDP put forward as the cost of “net zero” policies.
  5. There is a need for urgent action to prevent the imposition of costly, draconian and lifestyle-destroying policies on people in the UK in the name of a problem, which is far less serious (if it is a problem at all) than is claimed by the promoters of those policies.

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