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February 02

New comment on David's review of Freedomnomics: Why the Free Market Works and Other Half-Baked Theories Don't

David wrote: "Hi John. Good question. In my opinion, globalization has done nothing but add wealth to our econom...more Hi John. Good question. In my opinion, globalization has done nothing but add wealth to our economy. As emerging economies like China and India turn out more and more qualified engineers and other experts, we will see more outsourcing to their nations. I do feel sorry for those in the U.S. who lose their employ as a result of outsourcing, but I also think that it needs to happen. To put it another way, if a certain job can be performed better and at a cheaper price somewhere else, than it really should be outsourced.

Take the American auto industry, for example. Government aided labor unions have put a strangle hold over the industry. When I was interviewing for Ford and GM I heard stories that the union workers might vandalize my car since it isn’t America. I think unions started out as a good idea, but after the government got involved, the unions have become parasites to the point that the industry is in terrible trouble. Now I’ll get to the point: If I had to buy American, we would only be able to afford one car, and its quality would be much lower than the simple cars we have now. I’m a fan of Sean Hannity, but I disagree when he says that we should support our country by buying American. In my opinion, competition makes our country great, and I’ll buy American when we can make a decent car for a reasonable price. In short, my family has more wealth because of the global auto industry.

Because of people like me who buy foreign cars, there are fewer jobs in the American auto industry. Without trying to sound callous, those jobs need to be lost. If we protect those jobs, despite their lack of competitiveness, we will end up paying far more than the wages of those workers. In other words, instead of government protectionism, we would be better off by just cutting those workers a check to stay home, and then buying a foreign car. And that goes for all forms of protectionism—its costs to the economy are enormous, and it ensures that nothing will change.

There is also the argument that since developing countries don’t provide for their workers (i.e. healthcare, social security, etc) that we should institute protectionism (i.e. tariffs, quotas) to make it “fair”. That logic is flawed. We might be able to retain a few more jobs, but goods and services would cost us far more. We would be hurting our own economy, not to mention the foreign emerging economy as well.

The problem is when government steps in to try to “fix” things. If it would just stay out of the way, like our founders intended, then competition in our free, global markets would drive us to higher standards and greater wealth. If the protectionists had their way, we would still be driving a horse and buggy.

The same argument could be made for Wal-Mart. Liberals hate Wal-Mart because it epitomizes capitalism. They claim that it destroys small-town culture as it puts “mom & pop” stores out of business. The reality is that instead of having to rely on a tiny store, with no selection, exorbitant prices, and poor customer service; we get Wal-Mart. My family enjoys a much higher standard of living because we have Wal-Mart and Sam’s Club. But we as the customer are not the only ones who benefit. When a Wal-Mart comes into town, it provides dozens and dozens of jobs that were not there before. At Sam’s Club, there is a mentally handicapped woman who checks our membership card as we enter the store. She could never enjoy employment if it weren’t for Sam Walton.

The liberal knee-jerk reaction is to punish corporate America to make things fair! It’s not fair that this retail fat-cat comes in and pushes everyone out! The reality is that everyone is better off: employees, customers, and even the little old ladies whose 401K retirement funds invested in Wal-Mart. The economy is always better off without protectionism.
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December 28, 2007

David gave

to:
Next (Mass Market Paperback)
by Michael Crichton

my rating:

David said: "I find all of Michael Crichton's books to be page-turners. The story is interesting, as is the science, however this book is full of vulgarity. It is packed with bad language (even when he's narrating) and sexually explicit immorality. "

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David gave

to:
Freedomnomics: Why the Free Market Works and Other Half-Baked Theories Don't (Hardcover)
by John R. Lott Jr.

my rating:

David said: "I am only half-way through this book and I really like it. If you consider yourself a Reagan conservative or a Milton Friedman economist, you will enjoy this book. It’s best to read it after having read Freakonomics. Freedomnomics focuses on the...more "

5 comments

David gave

to:
Freakonomics Rev Ed: A Rogue Economist Explores the Hidden Side of Everything (Hardcover)
by Steven D. Levitt

my rating:

David said: "I enjoyed this book and especially appreciated the statistical insights. It is a very entertaining read, but there are weaknesses.
1. The author is a shameless self-aggrandizer
2. The underlying theme is that unless you have government regulate ...more "

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December 26, 2007

David gave

to:
The Metamorphosis (Mass Market Paperback)
by Franz Kafka

my rating:

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September 27, 2007

David gave

to:
The Mysterious Island (Modern Library Classics)
by Jules Verne

my rating:

David said: "This is my favorite Jules Verne book. It makes more sense, however, if you have already read 20,000 Leagues Under the Sea. He has a very good imagination as he creates fun escapes for us. Jules Verne is considered the father of science fiction (an...more "

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David gave

to:
Journey to the Centre of the Earth (Classic)
by Jules Verne

my rating:

David said: "Probably my second favorite Jules Verne book. I have always loved the idea of “Pellucidar”, the world in the center of the Earth. I prefer Edgar Rice Burroughs’ stories on it though. "

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David gave

to:
Around the World in Eighty Days (Penguin Classics)
by Jules Verne

my rating:

David said: "A very fun read. There have been several movies based on this book and none of them do it justice. He does spend too much time on trivial geography, however. He wants his protagonist to seem really smart by prattling off endless details about nowh...more "

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David gave

to:
Twenty Thousand Leagues Under The Sea (Hardcover)
by Jules Verne

my rating:

David said: "I love Jules Verne but there are too many boring parts in this book. He has a bad habit, which really bugs me, of trying so hard to make his heroes seem brilliant that he has them reciting dictionaries. It's not believable, and seems a little lazy....more "

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