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Category Archives: Political Economy

Most words in the English language have multiple meanings.  Early in my courses I point out how using a word one way and then another in the same line of reasoning can lead to faulty conclusions.  Orwell’s idea of doublethink in his novel, 1984, gave birth to a related idea, doublespeak, political speech, where words […]

For at least four thousand years (see the blog post by Tom DiLorenzo), political leaders in monarchies and democracies alike have instituted price ceilings.  The results have always been the same: chronic shortages.  Anyone who has read my posts here, especially my recent posts, have found me lamenting both the pharmaceutical shortages in the US […]

The shortages in Venezuela, as I have discussed in previous posts, are due to price ceilings which suppress the quantity offered on the market while encouraging extra consumption. Low prices also encourage exports of those price controlled items and discourage imports.  As a result, people in Venezuela are continuously frustrated in their basic attempts to buy […]

In my blog posts here, I usually provide links to news articles concerning the topic at hand.  Not this time.  Instead, I will just suggest that reader search news.google.com for water shortages.  What should be noted is that there is no shortage of news articles on water shortages.  Articles on climate change and business location […]

It looks like the grocery and basic goods shortage hitting Venezuela has gone to the next obvious step, rationing cards and blaming the rich for hoarding–and arbitrage with Colombia.  A regular reader of this blog will note that I have pointed out the troubles in Venezuela and their price controls on many other occasions.  for […]

On CBS’s Money Watch, Jonather Berr reports here that cigarette smuggling in New York is the highest in the country, with over half (estimated to be 56.9%) of cigarettes sold in the state are illegally smuggled there, according to this report by the Tax Foundation.  The Tax Foundation report is based on a study by […]

The news agency, AFP, reports here on protests staged by doctors and medical students over the shortages of various medicines and critical supplies in hospitals in the oil-rich South American country of Venezuela. If you search through Bastiat’s Bastions you will find that I have mentioned Venezuela’s shortage-plagued economy several times, such as here, here and here.  Chad Turner, a former […]

Frank Bernanke’s term as Federal Reserve Chairman is about to draw to a close.  A Bush appointee, he has followed an aggressive expansion of bank reserves and the money supply, a policy that has the potential of leading to a substantial inflationary period.   Bernanke not only increased bank reserves through Open Market Operations, buying […]

As you should recall, then House Speaker Nancy Pelosi (D-CA) stated that we needed to pass ObamaCare, or the so-called Affordable Care Act, in order to see what was in the bill, as we  see in this Youtube video. Of course, we would think that a better way to go about finding out what is […]

Recently, I attended a beautiful Cajun funeral. The music during Mass was definitely Cajun, with fiddle and accordion players playing wonderfully.  The casket was beautiful Louisiana bald cypress, hand crafted by the Benedictine monks of St. Joseph Abbey.  I have written about these caskets and the controversy here.  If you check out some of the […]

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