Some Chicago Boyz know each other from student days at the University of Chicago. Others are Chicago boys in spirit. The blog name is also intended as a good-humored gesture of admiration for distinguished Chicago School economists and fellow travelers.
This article describes a situation that is similar to what happens in a neighborhood controlled by the Mafia. Monopolies and cartels raise the prices of the products they sell by restricting supply. This is usually a bad outcome. However, when the product is crime or violence there are benefits to restricting supply.
(Via Instapundit.)
One of Zenpundit’s most influential book recommendations for me was The Wages of Destruction: The Making and Breaking of the Nazi Economy by Adam Tooze. Wages of Destruction made most other books on the Nazi complicated run German economy of 1920-1945 look infantile. I read Tooze’s newest book The Deluge: The Great War and the Remaking of Global Order 1916-1931 over July. A review is in the works. While you stay up nights waiting for that, Tooze gave three lectures at Stanford University’s Europe Center worth absorbing based on The Deluge:
The rise of the American empire 1849-1922 is the great question of our time.
[Cross-posted on Zenpundit]
Everyone has these two visions when they hold their child for the first time. The first is your child as an adult saying “I want to thank the Nobel Committee for this award.” The other is “You want fries with that?”
Robin Williams
I suppose I should say something here, because this quote turns out to be a bit on the poignant side. Readers already aware of some portion of the following detail may be excused for skipping this one; I have alluded to various portions of it in posts and comments on different blogs over the years, and I tend to feel like I’ve worn friends and acquaintances out with it in conversation. It’s that worst of topics, my autobiography.
I mentioned Oliver P. Morton, the Governor of Indiana during the Civil War, in this post.
The statue in front of the Indiana state house has a plaque which says he shall “ever to be known in history as”¨ The Great War Governor.” When the Union veterans who built the state house and put up the statue were alive, I am sure they believed the heroic deeds of the war would “ever be known … .”
But one of the lessons of history is the fleetingness of fame. The things that move and inspire one generation are rejected by the next, or simply forgotten. This is especially true in America, where we are a forward looking people and typically not terribly concerned about what happened in the past. Henry Ford spoke for America when he said history is more or less bunk.
This short article from the Indiana Historical Bureau, entitled OLIVER P. MORTON AND CIVIL WAR POLITICS IN INDIANA is worth reading.
Jefferson’s great insight is that all decisions in this world are marginal cost decisions; and if we feel free to heap deficit spending on the future to remember the children will also be free to repudiate it. The paramount question we should be concerned with is not whether slavery was evil, but whether a black man living in America today can make a better life than in the Congo; whether Israel is better replaced by the Palestinian authority. For we cannot change the past; it is useless to try and even more useless to make a career of it. Even if it were possible to change the past, Bradbury argues there is no guarantee that the resulting alternative future would be any better.
Our task must to leave the world better than we found it, not to remake it from the foundations. That doesn’t mean the past is gone, but it lacks the special quality of activity. The dead are already costed into the present…
He got that right.