When es to government programs for redistributing e, nothing is quite as malevolently effective as state lotteries. Every year state lotteries redistribute the e of mostly poor Americans (who spend between 4-9% of their e on lottery tickets) to a handful of other citizens—and tothe state’s coffers. A prime example is yesterday’s Powerball jackpot. Two people becameinstant multimillionairesfrom a voluntary transfer of wealth from their fellow citizens. The money came from the563 million tickets that were sold, as the old...

Review of Silent Spring at 50: The False Crises of Rachel Carson. Edited by Roger Meiners, Pierre Desrochers, and Andrew Morriss (Cato, 2012) During the 50 years following the publication of Rachel Carson’s Silent Spring, much has been written to discredit the science of her landmark book. Little, however, has been written on the environmentalist cult it helped spawn. Until Silent Spring at 50, that is. Subtitled “The False Crises of Rachel Carson,” Silent Spring at 50 is a collection...

On Vatican Radio, Acton President and co-founder Rev. Robert A. Sirico discusses his new book Defending the Free Market: The Moral Case for the Free Market Economy with reporter Ann Schneible. According to Vatican Radio, the broadcasting station of the Holy See: … Fr Sirico highlighted his objectives in writing this book. Defending the Free Market, he said, was written “with the intention of making accessible economic ideas that I thought were important in general terms; but, in particular, especially...

According to AEI author Mark Perry, there is another education-related “bubble” to worry about: the textbook bubble. He writes that this textbook bubble “continues to inflate at rates that make the U.S. housing bubble seem relatively inconsequential parison.” He continues, “The cost of college textbooks has been rising at almost twice the rate of general CPI inflation for at least the last thirty years.” Given that many students use loan money to purchase books as well as pay for classes,...

Is spartan austerity driving us over the fiscal cliff?The latest step in the budget dance between House Republicans and the White House has to do with where tax increases (or revenue increases in general, depending on what is called what) fit with a deal to avoid the so-called “fiscal cliff.” As Napp Nazworth reports, President Obama has apparently delivered an ultimatum: “there would be no agreement to avert the ‘fiscal cliff’ unless tax rates are increased on those making more...

In a recent ABC News/Washington Post poll on methods to avoid the “fiscal cliff”, sixty percent of Americans support raising taxes on es more than $250,000 a year (73 percent of Democrats, 63 percent of independents, and 39 percent of Republicans). But how much will that affect the deficit? The federal budget deficit in 2012 was $1.1 trillion. But a number with that many zeros—$1,100,000,000,000—is difficult to grasp, so let’s put it in some perspective This is what $100 million...

Below is an excerpt from a 1925 Washington Post editorial on President Calvin Coolidge’s Inaugural Address. ments speak directly to the moral arguments Coolidge was making for a free economy. It is the kind of moral thinking about markets and taxes we desperately need today from our national leaders. The es from an excellent book, The High Tide of American Conservatism: Davis, Coolidge, and the 1924 Election by Garland S. Tucker, III. Few persons, probably, have considered economy and taxation...

Ann Schneible, who interviewed Rev. Robert A. Sirico for Vatican Radio today (see PowerBlog post for audio) also published an interview with the Acton Institute president and co-founder on the Catholic news site, Zenit. Excerpt: ZENIT: In response to those Christians and Catholics who are hesitant about buying into the idea of a free market economy, how can one demonstrate that there are elements to a free market – or Capitalist – economy which patible to Catholic social teaching? Father...