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December 14, 2009
Quick Hits
A few things that have caught my attention over the past few days: 1. A Cato Unbound on the common law featuring Timothy Sandefur, John Hasnas, Bruce Caldwell, and Dan Klein. 2. A NBER WP on gains in treating cancer; part of the abstract: Between 1988 and 2000, life expectancy for cancer patients increased by roughly four years, and the average willingness-to-pay for these survival gains was roughly $322,000. Improvements in cancer survival during this period created 23 million additional life-years and roughly $1.9 trillion of additional social value, implying that the average life-year was worth approximately $82,000 to its recipient. Health care providers and pharmaceutical companies appropriated 5-19% of this total, with the rest accruing to patients. The share of value flowing to patients has been rising over time. 3. This story on the growth in federal government workers making 6-figure salaries. Sounds like a better use for the "pay czar" than his hectoring of private firms. 4. NPR: Treasury Unleashes Foreclosure 'SWAT Teams' (The headline is nice reminder that, for all the platitudes about democracy, government accomplishes its ends via coercion.) 5. Folks like me who live in towns with cable systems that don't carry the Fox Business Network can find (at least for now) the first episode of John Stossel's show here. FWIW, I thought it was a good show but, for the most part, nothing special. I thought the highlight was Jerry Taylor's explaining to an audience member that taking measures to stop global warming would cost lives in poor countries by stifling economic growth. 6. From Germany: Coffee tax collection costs dwarf revenue. Wonder how one says deadweight loss in German. Posted by E. Frank Stephenson at 03:18 PM
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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