What is Economic Development?

Lawrence W. Reed hits another home run with his article entitled "The Perversion of Economic Development."  This article was originally published in February of 1996, and recently appeared on the FEE website.  This is just another example of how timeless these economic truths really are.  With all this talk in the news about how the government should come to our rescue by stimulating the economy, we might forget what true economic development is.

"In recent decades, economic development has come to mean something other than the spontaneous, entrepreneurial phenomenon that built America. It is often thought of as a kind of activist, public-policy responsibility of state and local governments...."

"The bottom line is what every American with a good sense of history really ought to know: economic development is what happens when government protects life and property and otherwise leaves us alone."  (emphasis added) Click here to read the entire article.

Ronald Reagan Read The Freeman

The Foundation for Economic Education is a great resource for thoughts and ideas on liberty. They usually have one new article daily, and they also tie one or two archived articles to current event news items. Also, for a minimal donation, you can get a subscription to thier monthly magazine, The Freeman. And, for any of you out there that are wondering, The Freeman would make an excellent Christmas gift. It is at the top of my wish list.

"The Freeman: Ideas on Liberty, is one of the oldest and most respected journals of liberty in America. For almost 50 years it has uncompromisingly defended the ideals of the free society.

"Through its articles, commentaries and book reviews, several generations of Americans have also learned the consequences and contradictions that inevitably result from collectivism, interventionism, and the welfare state.

"No other magazine, newspaper, or scholarly journal introduces readers to so many implications of what the free society is all about: its moral legitimacy, its tremendous efficiency, and its liberating effects in every area of life. For subscription information click here.

Election Was Not A Rejection of Conservatism

Great article showing up on the CATO Institute home page, discussing the real lesssons to be learned from the recent presidential election. The author of the article is Michael D. Tanner.

"Tuesday's massive Democratic landslide cannot be seen as anything but a repudiation of the Republican Party's tenure in power. Combined with the equally large Democratic victory in 2006, Republicans have now lost the presidency, more than 50 House seats, and at least a dozen seats in the Senate in just two years."

"To suggest that in electing Barack Obama and a Democratic congressional majority, voters were choosing big government and liberalism over small government and conservatism would imply that either the Bush administration, the current Republican congressional leadership, or, for that matter, John McCain, actually supported smaller government." Click here to read more

Never Give Up On Conservative Ideals

Lawrence W. Reed, of the Board of Trustees of the Foundation for Economic Education published encouraging words the morning after the 2008 presidential election:

"For all of us who believe in liberty, yesterday’s ballot offerings all over the country were hardly inspiring. Predictably, the results this morning may be more than a little dispiriting. Just in case you might be feeling somewhat “down” at the moment, let me offer what I hope will be some cheerful thoughts...."

"If you want my advice, we should not squander a second feeling bad for ourselves. This is a moment when our true character, the stuff we’re really made of, will show itself. If we retreat, that would tell me we were never really worthy of the battle in the first place. But if we resolve to let these tough times build character, teach us to be better and smarter at what we do, and rally our dispirited friends to new levels of dedication, we will look back on this occasion some day with pride at how we handled it. It’s already past 9 am. Have you made any calls to cheer anybody up yet?" For entire article, click here.

From Racism to the White House

My father is a wise man. I respect his opinion greatly. He has never demanded that respect from me. Rather, he has spent my lifetime earning my unqualified respect and admiration. He recently sent out the following letter to his family members. With his permission, I publish it here.

"No matter if you are Republican, Democrat or whatever, something wonderful happened on 4 November. This nation, with all its racial baggage, elected a man of the Black race as its President. This 65 y/o man never thought he would see it happen in his lifetime. For that reason alone it is a call for celebration. I know this may be hard to understand if you did not grow up in my generation, but I saw the restrooms for Men, Women and Coloreds. I saw the black folks go around to the side to purchase a fast meal. I saw drinking fountains labeled White and Colored. I saw black men forced off sidewalks.

"It is a testament to me of the resilience and good heartedness of the nation's people. Obama was elected with 52% of the voters. By my estimation, another 35% plus would have voted for him if his political persuasion was closer to theirs. That means that over 85% of the people have rejected race as a qualifier or dis-qualifier for any position in the country. We have nearly achieved Martin's dream! At least in this one area.

"Now, the glass is half full for me. And this election really has been very bittersweet; certainly a mixed blessing. Obama does not have good judgement in the company he keeps, and he is fundamentally too far left of center to govern our nation effectively. And I believe that the nation may have crossed a threshold in this election. It is possible that the culture war that is raging in the country has reached a turning point at which there is no turning back.

"That said, Obama is, or will be, my President. I will support him with my prayers and my actions. He is very capable and smart. He has shown that he can move to the center. And he may have the fortitude to govern from the center. I will praise his decisions and actions when I see him do good according to my light. And I will criticize him when he does wrong in my eyes. However, I will always respect the office he holds. I will not look for cabals, conspiracies, and intrigues in everything he does. I will take him at face value and assume he is acting in the best interest of the nation as he sees it. In short, I will give him my good will.

God be with President-elect Obama.
Dad, Len, L.R.

Bailout or Shakeout

The Cato Institute has posted Daniel J. Ikeson's article from the New York Daily News, There's Nothing Wrong with a "Big Two."

I agree with Mr. Ikeson that it is foolishness to use Federal tax dollars to bailout failing businesses, and then claim that capitalism has failed. We need to stand back, and allow the market to function properly. The invisible hand of capitalism will thin the sick and the weak companies out of the herd, allowing the fiscally dominant companies to rise to the top.

"The "Big Three" auto producers - Ford, Daimler-Chrysler and General Motors - want the public to believe their industry faces an existential threat. It doesn't. They want the public to believe they are innocent victims of circumstances beyond their control. They're not. They want the treasury secretary to authorize a fresh $25 billion bailout for the industry and the President-elect to pledge support for their parochial cause. Neither should..."

"If one or two of the Big Three went into bankruptcy and liquidated, people would lose their jobs. But the sky would not fall. In fact, that outcome would ultimately improve prospects for the firms and workers that remain in the industry. That is precisely what happened with the U.S. steel industry, which responded to waning fortunes and dozens of bankruptcies earlier in the decade by finally allowing unproductive, inefficient mills to shut down." For entire article click here.

Phone Calls to Heroes on Veteran's Day

I will be making several phone calls this evening. I'll make a few calls to St. George, a call to Draper, and another call to Denver. Tonight I will take a few minutes to talk to some of my heroes.

My family has a great heritage of military service. Both of my grandfathers fought in World War II, one in the Pacific, and one in Europe. My wife's grandfather also fought the fascists in Europe. My father is a career military man. He served with honor and distinction in the U.S. Air Force for about 26 years, and retired as a Lieutenant Colonel. Usually, upon leaving for work in the morning, he would tell us that he was going to go "kill some commies." He fought valiantly every day against the evil empire, and I must admit that I give him most of the credit for its collapse. He also spent one year in Vietnam, flying choppers and taking names.

In quiet hours, usually late at night, you can get these warriors to let their guard down and tell a few stories. I'm sure there are many stories that I will never hear, and I am sure that there are none that I truly understand. But, I do know that they are my heroes, they and the hundreds of thousands of others that were willing to give the last full measure, together with those that did. I honor my father, my grandfathers, and all that have served for liberty.