The recent financial bailout and presidential elections has spurred an unusual amount of talk about socialism. None of it very intelligient, of course. Yet it is still welcomed by me, as it gets economics in the news.
Our students should know two things. The first is that both Republicans and Democrats love big government, and have no desire to shrink it: see this excellent article by Reason Magazine. There is no evidence that Republicans desire a smaller government. They only prefer to pay for the big government through borrowing instead of taxes.
Second, while the tax burden in the U.S. is low compared to other countries, government spending is still a whopping 30% of total spending (see graph here). Most of this spending is for redistribution purposes. So you see, the U.S. is roughly 1/3 Socialist and 2/3 Capitalist.
Sunday, November 2, 2008
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- 2008 AGEC 4213 Nerd of the Year!
- Trust Me: I'm Good For It
- Encyclopedia of Economic and Business History
- Green Energy
- Interesting Ag Facts
- Interesting Ag Facts
- Explaining Price Indices
- Beef, Pork, Chicken, and Egg Consumption: 1910-2006
- Corn and Gasoline Prices
- The Great Depression - Maybe We Learned Something
- Keynesian Perspective
- With Real Poets, It is Hard To Tell
- Ag Career Info
- Why Neoclassical Theory is Important
- It is more than that...
- Don't Forget...
- King Camp Gillette: Hero of Capitalism
- Gains From Trade...And Love
- The Importance of Insurance
- Oklahoma where the wind comes sweeping down the pl...
- Hereos of Capitalism
- Bird Spectacles
- Farm Animal Welfare: A Rare Statement of Truth
- Turkey Torture
- Explaining "Stimulus Package" to Students
- The Cow Tax
- The Market for Organic Eggs
- For Misplaced Southerners
- The Utility of Positive Emotion
- The Great Depression - We Learned Nothing
- Politically [un]Popular Ethanol
- Food Tales
- An Omnivore's Solution
- Cage Versus Cage Free
- The Cost of Happy Hogs
- The Importance of Economics
- Interesting Ag Facts
- American Socialism
- QLD livestock producers support fine increase
- Why Not Just Say "Farmer"
- The Pitfalls of Organic Food
- The Indifference Principle - In Practice
- Beef Prices in the 80's
- Broom Corn
- I, Broom
- Hello From Detroit
- God is Dead
- Laissez-Faire Higher Ed
- Secretary of Ag Michael Pollan
- The Fatal Conceit
- Steven Horwitz's An Open Letter to my Friends on t...
- We may begin hearing increased support for a bailo...
- Cattle, Hog, and Egg Prices: 1920-2002
- Steinbeck Talks About Food
- Sophistry
- Horrible Ideas
- Thinking About Graduate School?
- Economists Are Brilliant!!!!
- Thinking Like An Economist
- Picking Winners
- An Overview of the Agribusiness Degree
- Financial Crisis and Lending to the Poor
- Becoming a Great Teacher: Part 8
- We are all Socialists (1/3, at least)
- Trading Class Notes
- Humbling the Professor
- A New Approach to M.S. Theses
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