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Cowen on gold

Marginal cost and price

James V. DeLong has a column up at TCS criticizing the ridiculous notion that the "price of a good should equal its marginal cost." Such a viewpoint completely ignores the underlying capital investment costs necessary for production to occur. [Found via The American Mind]

Model rocket propellant

Shortly after 9/11 ammonium perchlorate composite propellant (APCP) used in model rocketry and the shuttle boosters was listed as an explosive to be regulated by the BATF. What is odd about this is that APCP is a good rocket propellant because it is not explosive. The NY Times has an article about the issue with more spin than an electron. According to the article: Read more »

An end to easy-riders

Steve Verdon of Deinonychus antirrhopus has the low-down on effect of the new legislation that would allow the importation of price-capped drugs from overseas.

Sure if things don't change people will re-import the drugs at a lower price and the drug companies will lose money. So, they will do one of two things.

• Raise their prices in other countries.

The value of one's time

Kevin Brancato of Truck and Barter on the very unique value of every hour for every individual.

Kling on vouchers

Arnold Kling has a new column up at TCS on the topic of school vouchers.

"I'm a geneticist," the woman said, as she began an impassioned speech against vouchers and school choice. "I don't want to see schools where students are not taught evolution. And I want to make sure that they get sex education and learn to use a condom." [...]

Willful ignorance

Speaking of ignorance, one would hope that this commentary about government indoctrination center teachers and administrators is the exception rather than the rule. While the majority of teachers and administrators that I know are not this bad, there are a significant number who are willfully ignorant and openly anti-intellectual. Of course, this is a feature of the 19th century Prussian polizeistaat education system that the U.S. has embraced.

Trade restrictions

Do any of our politicians know any history? We already know they have no clue about economics or morals. In the real world such ignorance would be prosecuted as criminal negligence.

In 1929 the stock market crashed, and the U.S. entered into what is now known as the Great Depression. In 1930 the U.S. enacted the Smoot-Hawley Tariff and according to our own State Department: Read more »

Along those same lines...

...from the NY Times:

Adopting a new tactic in pursuing businesses that refuse to withhold taxes from their employees' paychecks, the Justice Department filed three lawsuits yesterday asking federal judges to compel the withholding and inform workers about the actions.

One of the business owners named in the suits said he would not comply with any such court order. [...]

IRS sues to make Quakers pay taxes

The IRS is suing the employer of a pacifist Quaker for refusing to garnish her wages.

Adams is the only employee of the Philadelphia Yearly Meeting who doesn't voluntarily pay income taxes, although a few take other actions such as refusing to pay federal telephone taxes that go to the military, Castle said.