Monday, July 27, 2015

McDonald’s Announces It’s Answer to $15 an Hour Minimum Wage

As special interest groups seek to raise minimum wage on individual business owners, business owners will engage in the legendary trade off between the following: Capital and Labor.  Paul Samuelson Phd, the Nobel Prize winning Economist, covers this trade off in most of his Intermediate Microeconomics textbooks.  As Dr. Samuelson analyzed, if the cost of labor rises, the Business owner still must maintain the same level of output to keep his/her operation in business.  If this happens, the business owner may or will seek to acquire more capital equipment to produce the same output as the human labor provided.  Please note: This is only one potential trade off for the business owner, as there are others.

As special interest groups continue to push for an increase in the minimum wage rate, I predict more of this sort of trade off occurring. This is not the only outcome for the minimum wage increase, but this is one to consider.

McDonald’s Announces Its Answer to $15 an Hour Minimum Wage – Touch-Screen Cashiers

Friday, July 24, 2015

Book on Theory of Natural Rate of Interest

Books | Mises Institute

Giants of the Austrian world have been assembled for the task, along with a fresh new introduction by Jeffrey Herbener. Rothbard, Mises, Garrison, Kirzner and Fetter systematically provide the underpinnings of a theory that, as Israel Kirzner writes, “for almost a century a particular theory of interest has been again and again discussed, refuted, defended, ignored, forgotten, and rediscovered; somehow it has managed to survive.”

Stubhub vs Golden State Warriors: The Monopoly Game

In the article titled, "StubHub files Lawsuit against the Golden State Warriors", Stubhub claims the Warriors has monopoly power with regards to selling tickets.

Historical Ignorance-Walter Williams, Phd

Here is an article titled, "Historical Ignorance", by Walter Williams, Phd. It covers the Civil War and some of the misunderstanding surrounding the war. Here is a key excerpt:

"Both Northern Democratic and Republican Parties favored allowing the South to secede in peace. Just about every major Northern newspaper editorialized in favor of the South's right to secede. New York Tribune (Feb. 5, 1860): 'If tyranny and despotism justified the Revolution of 1776, then we do not see why it would not justify the secession of Five Millions of Southrons(sic_ from the Federal Union in 1861." Detroit Free Press (Feb. 19, 1861): "An attempt to subjugate the seceded states, even if successful, could produce nothing but evil -- evil unmitigated in character and appalling in content.' The New York Times (March 21, 1861): 'There is growing sentiment throughout the North in favor of letting the Gulf States go.' "

The second part, "Historical Ignorance II" is an equally important to read.  A key excerpt:

"Was President Abraham Lincoln really for outlawing slavery? Let's look at his words. In an 1858 letter, Lincoln said, 'I have declared a thousand times, and now repeat that, in my opinion neither the General Government, nor any other power outside of the slave states, can constitutionally or rightfully interfere with slaves or slavery where it already exists.' In a Springfield, Illinois, speech, he explained: 'My declarations upon this subject of Negro slavery may be misrepresented but cannot be misunderstood. I have said that I do not understand the Declaration (of Independence) to mean that all men were created equal in all respects.' Debating Sen. Stephen Douglas, Lincoln said, 'I am not, nor ever have been, in favor of making voters or jurors of Negroes nor of qualifying them to hold office nor to intermarry with white people; and I will say in addition to this that there is a physical difference between the white and black races, which I believe will forever forbid the two races living together on terms of social and political equality.' "

Thursday, July 23, 2015

Capitalist Soul Rises as Ho Chi Minh City Sheds Its Past

Excerpt from the article, "Capitalist Soul Rises as Ho Chi Minh City Sheds Its Past":

"Four decades after the victory of Communist forces, the soul of this city, still known locally as Saigon, seems firmly planted in the present. For the young and increasingly affluent, Saigon is a city that does not want to look back, loves having fun and perhaps most of all is voraciously capitalistic."

Being A Good Hayekian

Excerpt from the article, "Being A Good Hayekian"(reference to the great Economist, F.A. Hayek):

"I mentioned that Hayek is on the edge of the libertarian tradition, brushing shoulders with Edmund Burke, the great conservative thinker. The biggest difference between Burke and Hayek—apart from Hayek being a much more rigorous, systematic thinker—is that where Burke wants us to trust tradition because doing so usually works for the best, Hayek advises only that we don’t throw out all our traditions at once and try to start fresh, as ocurred, for example, during the French Revolution."

Tuesday, July 21, 2015

How a Labor Union Keeps Mixed Martial Arts Illegal in New York


"This month, the Ultimate Fighting Championship (UFC) experienced one of its biggest Pay-Per-View events ever with “UFC 189,” live from Las Vegas, Nevada. Mixed Martial Arts (MMA) is widely considered to be the fastest growing sport in America and perhaps even the world. Thus, many different cities both inside and outside the United States have hosted MMA events. But in one state, New York, MMA remains illegal, and will likely remain that way for at least one more year. The sport is legal and regulated in the other 49 states."

Read the rest here.

How Cultural Marxism is Implemented

Recognising a Cultural Marxist

Friday, July 17, 2015

Freedom of Speech: How Is Offensive Speech Good For Society? | Learn Lib...

By the Numbers: Does Immigration Cause Crime?

"The alleged murder of Kate Steinle in San Francisco by illegal immigrant Juan Francisco Lopez-Sanchez has reignited the debate over the link between immigration and crime. Such debates often call for change in policy regarding the deportation or apprehension of illegal immigrants.

However, if policies should change, it should not be in reaction to a single tragic murder. It should be in response to careful research on whether immigrants actually boost the US crime rates.

With few exceptions, immigrants are less crime prone than natives or have no effect on crime rates. As described below, the research is fairly one-sided."

By the Numbers: Does Immigration Cause Crime?

Candidates Reagan & Bush-41 Discuss Illegal Immigration in 1980 Debate

Voluntary exchange, Trademarks and the Redskins

"Hail to the Redskins, Hail Victory, Hail for the Redskins, FIGHT FOR OLD DC! "

It pains me to write those lyrics, and it also pains me to discuss the Washington Redskins. As a die hard Dallas Cowboys fan, I share in the disdain for a divisional rival with my fellow Cowboys fans. However, this topic of the Washington Redskins' name is quite intriguing from an Economic perspective. The legal ramifications are well documented, and I will not address those issues in this here. I will simply address some simple economic "truths" as it deals with the Redskins, and trademarks as it pertains to private property rights.

In Economics, one learns that in voluntary exchange, two actors are in the process of exchanging one item that they see as lesser in value, for another item(s) that are perceived more valuable to the actors. How does this truth play out with the Washington Redskins?

It is well documented that the owner of the Washington Redskins, Daniel Synder, has stated emphatically, that he will "NEVER change" the Redskins name. I believe there is a price that the Redskins name will be changed.  If the name is going to be changed, that economic price will be paid as well. If those individuals that are seeking to have the named changed, via the legal process, they still will pay the economic price to have it removed. The value to have it changed must exceed the value that Mr. Synder has for the trademark. They will pay this price directly to Mr. Synder, or they will pay it indirectly to attorneys and other legal professionals via the legal process.

Those individuals who simply think that Mr. Synder will acquiesce to the opposition at a lower price, are simply foolish. If this is the case, then Mr. Synder does not "value" that trademark in high regard. However, the Washington Redskins have a very valuable franchise, and that trademark, holds a very high asset value for Mr. Synder. Removal of this trademark will not come cheaply. So, do the protesters have enough cash to have this logo removed? Time will tell.

Here is the article discussing the ruling here: "Federal Judge Orders Cancellation of Trademark Registrations"