The law of unintended consequences is defined as the actions of people and especially governments leading to unanticipated or unintended effects. These unintended consequences fall into one of three categories: unexpected benefits, unexpected drawbacks and perverse results in which intended solutions make things worse. Regulations enacted to solve a perceived problem often create more problems. […]
Ivan Pavlov, the Russian neurologist and physiologist most famous for his experiments with dogs, said: “If you want a new idea, read an old book.” The quote remains as appropriate today as it was in the early 20th century. Bill Fawcett, author of “Doomed to Repeat,” cites numerous examples of history repeating itself, among them […]
High school seniors soon will toss their mortar boards into the air, celebrating graduation. What will await these new graduates? Are they prepared to become self-sufficient? There are excellent teachers and excellent students in every school. Unfortunately, test scores and observable actions demonstrate a high percentage of students leave school with an alarming deficiency in […]
Imagine the disappointment of only a paltry amount of water trickling from the faucet and shower head, not to mention the multiple flushes required to empty the toilet. The dishwasher and washing machine are programmed by computers to limit the water for each appliance. Everything from refrigerators and freezers to microwave ovens and televisions are […]
The differences between large corporations and small businesses seem self-evident in the names. The funding, organizational structure and quantity of production all are much different for a large corporation than a small business. Large corporations also wield more clout. During the COVID-19 pandemic shutdown, most small businesses were declared “nonessential,” demonstrating the bias favoring larger […]
In the early days of American history, society was primarily agrarian. Private land ownership was a cornerstone of U.S. culture and specifically protected by the Constitution. Farmers owned land and homes built on the land. In the early 1800s, people needed a lump sum to purchase a home because banks wouldn’t lend money to average […]
Resolutions are a common tradition at the beginning of a new year. Less popular is the idea of reflection — looking back so the view looking forward is clearer. Writer and teacher Margaret J. Wheatley expressed the importance of reflection this way: “Without reflection, we go blindly on our way, creating more unintended consequences and […]
There was a time long, long ago when purchases required planning. Customers paid with cash or checks issued from their bank accounts. Money had to be available to pay for purchases, and was saved prior to the purchase of bigger items. Purchases required conscious decisions about both the need for products and sufficiency of funds. […]
Life is all about choices. Some choices are fairly inconsequential — what sounds good for dinner, for example. But other choices could have more significant effects — like when to trade in the old car. People make dozens of choices every day. So do businesses. The economic term cost-benefit analysis describes the process of comparing […]
To receive the Champion of Freedom Award from the Mackinac Center for Public Policy is noteworthy. To deliver at least 75 speeches on economics and freedom annually since 1985 in virtually every state and dozens of countries is staggering. But Lawrence Reed also has written nearly 2,000 articles for journals, magazines and newspapers in the […]