Division of Labour: March 2011 Archives
March 31, 2011
Hey Maine! Thanks for nothing c. 1911
From the March 31, 1911 NYT:
The Maine Legislature ratified the proposed constitutional amendment authorizing a Federal income tax late this afternoon, after having turned down the measure at the morning session and passing a State income tax bill instead.
So that's what we get with bi-partisanship?
The table points out the following states against the amendment (at the time):
Those states uncommitted (at the time)
Unfortunately my home state of Georgia had already thrown in with the amendment, along with the rest of the South and most of the Midwest. Hmmm...I am shocked that poorer, agrarian states would try to use the power of the state to redistribute tax burden (and ultimately governmental largess).
March 30, 2011
The Thirteen Million Dollar Band
In college, I played trombone in the University of Alabama Million Dollar Band. Incidentally, the Wikpedia page on the MDB is more informative than the official website. The band earned the title "Million Dollar Band" in 1922. Adjusting for inflation with the CPI, the Million Dollar Band should today be the Thirteen Million Dollar Band.
As Berry prepares to host Steve Forbes tomorrow, here are a few things that have caught my attention over the past few days.
1. A nice piece by my former student Shawn Regan: Debunking myths about free-market environmentalism
2. Paging Art Laffer: NY raises its cigarette tax and collects less revenue (though some of the decline may result from less police action against smuggling).
3. Bootlegger alert: Nealy [sic] 60 Maryland Business Owners Endorse Minimum Wage Increase
4. Words of wisdom from Bill Shughart: Silicon Valley, beware of feds bearing R&D gifts
5. Surprise, surprise--a paper in Econ Inquiry finds no long term economic benefit from hosting the Olympics. (But I bet they do provide a golden opportunity for graft.)
6. Paging Paul "broken windows" Krugman: Another paper in EI finds that natural disasters (at least the 1993 Midwest flooding) are economically harmful.
Posted by E. Frank Stephenson at 08:26 AM
March 28, 2011
Trade is made of
March 27, 2011
Lanny Friedlander, R.I.P.
Lanny Friedlander, the founder of Reason, the flagship magazine of libertarianism, has passed away. Nick Gillespie has a nice memoriam here.
Early evidence shows benefits of Citizens United, SpeechNow.org decisions
The early evidence continues to support the wisdom of the Supreme Court's decision in Citizens United v. Federal Election Commission, and other recent court decisions striking down campaign finance regulations on First Amendment grounds, most notably SpeechNow.org v. Federal Election Commission. I discuss the latest bits of data here.
March 24, 2011
A Harsh Wrist Slap Is in Order
So the FAA is suspending the dozing air traffic controller. I would expect the harshest possible treatment*, given the dire implications of this incident: It calls into question the reason for the FAA's existence.
I mean, after all, what could have been worse than having two airliners land without incident while this guy was asleep?**
*Not sure how harsh that can be, given some recent accounts of the difficulty in disciplining public servants.
March 22, 2011
The Profit Motive: ˇˇArriba!!
Foreign Languages Acquisition: Self-Learning and Language Schools
Abstract We examine patterns of acquiring non-native languages in a model with two linguistic communities with heterogeneous learning skills, where every individual faces the choice of self-learning the foreign language or acquiring it at a profit-maximizing linguistic school. We consider a one-school model with divisions in both communities and various two-school settings with a school in each community. We compare the number of learners and welfare implications under self-learning with those obtained under various schooling contexts. In particular, we show that for communities with similar size, introducing language schools always increases the number of learners with respect to the exclusive self-learning option.
March 21, 2011
On Sausage Making c. 1911
We like to think that public policy is advanced in the spirit of public service, trying to address market failures and moral dilemmas in a way that is both inspiring and appropriate. Well, that was me when I was growing up - then I discovered cynicism, economics, and the paper from 100 years ago (not necessarily in that order). This article from the March 21, 1911 NYT bakes the cake - or rather, shows us exactly what the heck is in the sausage:
It cost Senator John Godfrey Saxe of New York $12 for two seats in the fifth row when he attended a theatrical performance in his district last Friday night. That fact led him to introduce a bill to-night to put ticket speculators out of business.So, one politician is put off by something and that leads to potential public policy, regardless of the efficiency concerns? Perhaps there is a more standard rent-seeking story in the background - perhaps theater owners wanted the scalpers to go or perhaps only scalpers with places of business wanted to legally be able to sell tickets (notice how specific the law is towards those scalpers on the streets). As bad as anti-scalping laws are, at some level I will throw the nod of respect toward the rent-seekers for their moxie. Perhaps the rent-seekers are preferred to a process where legislation leaps from the brows of individual law-makers like so many disfigured Athenas.
The Beefy Crunch Burrito Is Too D@#$ High
Posted by E. Frank Stephenson at 08:36 AM
March 19, 2011
Just Wondering if ...
...the middle schoolers in this news headline are related to the guy I went to college with who smoked parsley thinking it was pot. For more giggles--one of the middle schoolers is named Adam Grass.
Posted by E. Frank Stephenson at 10:35 AM
March 18, 2011
Perverse Incentives in "Canadian Bacon"
This clip has a great illustration of perverse incentives. See roughly 1:00-1:45.
Krugman & Hoover, Once Again
It's been awhile since I've beaten the dead horse of Herbert Hoover being some sort of fiscal conservative. It's also been awhile since I've taken a swipe at Paul Krugman so here's the Krugster making the mistake (yet again):
In early 2009, John Boehner, now the speaker of the House, was widely and rightly mocked for declaring that since families were suffering, the government should tighten its own belt. That’s Herbert Hoover economics, and it’s as wrong now as it was in the 1930s. But, in the 2010 State of the Union address, President Obama adopted exactly the same metaphor and began using it incessantly.
Dude--Hoover increased spending by 50% in his term. Some belt tightening, eh?
North America Dominance Threatened in Econ?
Is the hegemony of American economists in "top" journals being threatened by our European colleagues?
Internationalisation has meant a growing voice for Europe within the economics literature...Some Americans pooh-pooh Europe’s rise. Many new journals have started up in recent years, and European papers are far more common in their pages. But this cannot fully explain the fall in North America’s market share. Controlling for new journals, the share of European papers still rose markedly...Americans need not panic. Economists affiliated to North American institutions contribute 76% of articles in the top journals. They receive a disproportionate number of citations." [The Economist]
(Credit: The Economist)
March 17, 2011
SJSU Econ: THE All-Tournament Team!
Of 11 tenure/tenure-track faculty, 10 of us have our Ph.D.'s from tournament teams.
Faculty name followed by ph.d institution
1. Doris Cheng, Notre Dame
The only exception above is my awesome colleague and office mate, Mike Pogodzinski (SUNY Stony Brook). Here is a complete list of our faculty.
Go GMU, TAMU, UCLA, t.u., Notre Dame, and OSU!!!
Tragedy of the Commons: Mali Fishing Edition
Posted by E. Frank Stephenson at 01:39 PM
March 15, 2011
I've mostly been away from the office the past few days but here are a few things that caught my eye:
1. The curious task of economics is ...: Doctors are swamped with patients wanting prescriptions for over the counter meds in order for the expenses to remain eligible for flexible spending account reimbursement under Obamacare.
2. Oh Uncle Sam, Oh Uncle Sam, ...: Professor Cornpone Gingrich blames his patriotism for his marital infidelity. Reading this dreck makes me even happier that George Will characterized old Newty (and others) as "careless, delusional, egomaniacal, spotlight-chasing candidates to whom the sensible American majority would never entrust a lemonade stand, much less nuclear weapons."
3. The genius behind the spectacular failure known as the Global Transpark has a book called "Aerotropolis" out. Readers would be advised to keep a tight grip on their wallets because the WSJ's reviewer says the book is "imbued with a rah-rah cheerleader tone."
ADDENDUM: DOL has a bug with permalinks; we hope to have it resolved soon.
Posted by E. Frank Stephenson at 08:57 PM
Incentives and Market Design in Forensic Science
[There is] an important point too often forgotten in the economic analysis of the law: The rationality assumption applies to enforcers as well as enforcees. In constructing legal institutions we cannot simply assume that legislators, judges, and police will go out and do good—in the economist’s version, promote efficiency. We have to think about their incentives too.That is David D. Friedman writing in Law's Order (2000), p.274.
We might say the same of forensics experts who support primarily the criminal justice part of the legal system. If they have bad incentives, they'll generate bad outcomes like convicting innocent people. As I've written on DOL in recent years (links below), Roger Koppl's research program on forensic science moves us very far down this road of analysis, and pushes the issue further with detailed reform measures to improve incentives and efficiency in forensics (move from government monopolies with little test-redundancy to market competition with much test-redundancy, broadly speaking). Yesterday Radley Balko posted a new Reason article that covers much of this interesting ground. The final paragraphs of Radley's post allow that these reforms can be costly to implement. Interestingly, Roger's chapter on fingerprinting in The Pursuit of Justice (2010) calculates conservative estimates that "rivalrous redundancy" would be a money maker due to recovered incarceration costs of wrongfully convicted.
I've been reading Thomas Sowell's Basic Economics during the ten minutes it takes my office computer to boot up and be usable. Good quote from today's reading (2004 revised expanded ed., p 363-4):
The Enemy of My Enemy
We have a new Kirkpatrick doctrine that explains much of contemporary U.S. foreign policy. Instead of communism, the new mutant ideology is Islam.
The story goes like this: Islam is perpetual and expansionist. Any country that goes theocratic will never again be democratic. So even a bad authoritarian dictator is better than an Islamic totalitarian. Repression, torture, secret police, and thousands of political prisoners are all acceptable, provided the favored dictator is the enemy of our enemy. And once again our enemy is an idea. In Egypt, millions of people are struggling for self-determination. But democracy activists have to be careful not to be labeled “pro-American,” because that would destroy their credibility. In other words, by supporting anti-Islamist thugs like Mubarak, we have contributed to the very problem we hoped to solve.
Posted by Michael Munger at 11:11 AM
Silicone killed the snake TV star?
I'm not sure what to say. Video.
Not sure I buy the story. I'm betting she squeezed the bejezus out of the snake. Silicone is just not that poisonous. Also, if all the silicone leaked out, Ms. Fox is going to look somewhat...lopsided. Was this some kind of Garden of Eden thing, except it was the snake who bit the (apple)? And then the snake died? Tough justice.
(nod to Anonyman, who said it was too gross to watch, so he watched ten times)
Posted by Michael Munger at 11:00 AM
March 14, 2011
On Full Information c. 1911
From a letter to the editor in the March 14, 1911 NYT:
I would like to know what the law is regarding the washing of dishes in restaurants. I noticed to-day, in a little, popular-priced restaurant where I am accustomed to eat occasionally, that drinking glasses were brought from the tables, placed on a shelf, and, when needed, used again, sometimes without the formality of emptying what the last diner had left in them, sometimes with the formality of wiping them with a napkin.It would seem no law would be needed in this case as all diners have full information about what is and what is not happening with the used dishes. The popular-priced restaurant might survive nicely with this arrangement if the quality and price of the food offset the additional costs (both physical and aesthetic) of eating there.
However, there would seem to be a problem as soon as the dishes are taken behind closed doors, e.g., to the kitchen for washing or non-washing. It is then that the consumer no longer has full information ex ante, which suggests a potential inefficiency in the market. However, wouldn't those restaurants with dirty dishes eventually be pushed out of the market - albeit perhaps with some customers receiving food poisoning or worse?
The transient consumer might not know which restaurants have clean dishes and which ones don't - but that is where the Internet (oops, okay, the 1911 equivalent of the internet) could help out. Granted, the publication of a "diner's guide" might not be practical or efficient, but a private health inspection system that would inspect and report on restaurants would seem feasible. This third-party could be supported by the firms, in which case the possibility of corruption would seem high, or supported by the customers, in which case there would perhaps be greater costs to a restaurant not being rated (which would encourage restaurants to participate) but would suffer free-rider problems.
I could envision an argument that the privately provided health-inspection scores would be under-provided due to free-riding on customers and this is where the state has a role in internalizing the free-riding (one "market failure") to deal with the information asymmetry problem with clean dishes (another "market failure").
Yet, anecdotal evidence suggests that state or locally-run health laws and inspection systems also suffer corruption from time to time and it is not clear that the information they provide is even all that useful.
On Moving Pictures c. 1911
From the March 14, 1911 NYT:
TWO-SIDED ATTACK ON PICTURE SHOWS
No mention about content of the movies - that agenda will come later.
Warren Nutter on Arthur Okun on political speech
Whenever Josh Hall visits me I always find myself revising my reading agenda. Last week over coffee in my living room, Josh mentioned in passing that Warren Nutter probably warrants more play these days. Wouldn't know, I said. Haven't read him directly, just indirectly through Pete Boettke, Jim Buchanan, and intellectual histories of the Viginia School. Thankfully a few years ago I was gifted the Liberty Fund catalog up to 2008, so the next day I found on my shelf a lonely copy of Political Economy and Freedom: A Collection of Essays, published in 1983, four years after Nutter's death. I was drawn immediately to the essay, "A Comment on Okun," because I'd read Okun's Equality and Efficiency: The Big Tradeoff(1975) closely as an undergrad. Most of Nutter's comment is, in fact, directed at Okun's main argument in support of income redistribution because we as a society evidently prefer equality.
But the tail end of the essay responds to Okun's endorsement of campaign finance restrictions on political speech. Here is Nutter with the QOTD:
In passing, Okun cannot resist praising recent legislation on campaign spending as a welcome curb to the "counterfeiting" of votes and hence a boost to a more "democratic" political process. Here is another example of miscomprehension of the complex issues underlying the First Amendment, with which this legislation is wholly inconsistent, to say the least. Let me merely observe that, as far as the democratic process is concerned, there is likely to be more to fear from a silver tongue than from a gold finger.
Here is Warren Nutter's wikipedia page.
Here for posterity is my little argument that we spend far too little on campaign finance.
March 12, 2011
The broken window on an equity standard rather than efficiency standard
At The Volokh Conspiracy, Sasha Volokh offers a fresh test of the broken window fallacy, helping pinpoint it by challenging whether certain scenarios validate the argument that disasters can have net economic benefits. It's a very even-handed and worthwhile read. A few comments on Sasha's main arguments.
1. The resulting distibutional effects may be desirable. Disasters slice through poitical barriers to spending on certain groups over others, for example directly on the people and areas most affected by the disaster. If we assign sufficiently greater weight to these groups, then this ignited spending is net beneficial. This seems to me the best of the arguments, but still not entirely right. If all the disaster does is slice through political barriers, then we'd have to have assigned the greatere weights to these groups & areas prior to the diaster in order for the argument to hold up. I think the reason people might want to assign any extra greater weight is only after they've been made the vicitms of the disaster.
2. Rebuilding spending is a direct injection into GDP and averts the paradox of thrift. But this only allows for disasters that happen to occur during recessions, not all disasters.
3. Disaster spending could be a mechanism to replace aging infrastructure that needed replacement anyway. If the new spending is budget neutral, and if the displaced spending comes from projects that would have been wasteful or pure pork, then disaster spending would be net beneficial. But this is an empirical matter, and I think the record since 2001 shows repeated, systematic increases in spending rather than budget-neutral responses.
There's another listed argument that's a reformulation of 3, but again it's falling back on the political barriers point.
My bottom line for now is, if we assess the broken window from an equity standard rather than an efficiency standard then it's conceivable to have assign weights so that the broken window leads to net economic benefits. But this is an uncomfortable bottom line because it suggests we ought to go around breaking some windows now and again based on people's beliefs of what our relative weights ought to be. And it could be used as a justification for destruction by groups who think the political process assigns too little weight to their interests. "Hey, let's blow up the street in our neighborhood so they'll come put in decent sidewalks and new blacktop." A moral hazard problem that is also a moral problem for those who would.
March 10, 2011
Teaching Corner: Firm behavior
TechDirt discusses some of the economics of e-books, pointing to The Technium suggesting that "all digital books, on average" could be priced at 99 cents within 5 years. Both TechDirt and Technium point to e-book author Joe Konrath, whose pricing experiment generated some market data. Now it's DOL's turn to point to it with an intermediate micro question. First, here is the data:
Eighteen days ago, I dropped the price of my ebook, The List, from $2.99 to 99 cents on Amazon. I was selling 40 copies a day prior to that.
1. Assume linear demand.
2. Assume fixed cost is zero and marginal cost is 10 cents per e-book.
3. Send your responses and hourly consulting rate to Joe Konrath at A Newbie's Guide to Publishing. See if he can estimate his marginal cost (it may be zero, in which case ask his fixed costs and use it to calculate a curvilinear marginal cost function). Then offer to redo #1 and #2 for him.
On legislating fashion c. 1911
Today we worry about baggy pants, in 1910 and 1911 there were concerns about hat pins and, evidently, the harem and hobble skirt. The social stigma associated with the Harem Skirt [or new-found popularity for those women who chose to wear one] was enough to merit a 1911 movie short movie about the issue.
From the March 10, 1911 NYT:
SPRINGFIELD, Ill. - Harem and hobble skirts were the subject of a bill presented in the House to-day by Representative Murphy of Chicago. "Hobbles" measuring less than one and one-half yards and not more than three yards at the bottom are prohibited. An absolute ban is placed upon the "harem skirt" by the bill, which prohibits any women appearing in public in the garb.
On Environmentalism and Sportsmen c. 1911
You mean the environmental movement didn't begin with Earth Day and the Cuyahoga River catching fire? According to Wikipedia the latter is what "motivated the environmental movement in the 1960s." That claim might be true, for the 1960s, but this tidbit from the March 10, 1911 NYT belies the universality of that claim:
I love reading the paper from 100 years ago.
On Opportunity Cost c. 1911
From the March 10, 1911 NYT comes an interesting thought experiment:
The authorities at Harvard are trying to invent a plan to compel students to attend classroom lectures and recitations. Figures just made public by Dean Hurlbut show that during the past year 2,308 Harvard students were absent from their classroom work 75,220 times. This represents an average of thirty days of the college year in which each student was absent from work.Isn't it possible that the Harvard students looked at the topics being discussed in their classes and figured that sitting under a tree reading Shakespeare would be a better use of their time (unless it was a Shakespeare class, I suppose). In other words that students then, much like now, look at a particular class session and perceive (rightly or wrongly) that the opportunity cost of attending is just too high? Perhaps some students had taken jobs in order to pay for their Harvard education, and 8/9 of a Harvard education (assuming 270 education days) might be better than 100% of an alternative education.
Wow, professors in 1911 were carping about lazy students? File in the "things never change" drawer.
March 09, 2011
On the bid-ask spread c. 1911
From the March 9, 1911 NYT:
Charley Comiskey of the Chicago White Sox told someone the other day that he would not take $25,000 for Third Baseman Harry Lord. He wouldn't pay that much for him, either.
The same article reports statistics that are the dreams of Cubs fans:
The Chicago Cubs for the past five years have established a record unequaled in the history of baseball. They have won 530 games in that time, four pennants, and two world's championships. In 1906 the team won 116 games; in 1907, 107 games; in 1908, 99 games; in 1909, 104 games, and last season, 104 games.
The same article reports on Shoeless Joe Jackson in a scene reminiscent of The Natural:
Joe Jackson, the young Cleveland outfielder, who hit for .387 in twenty games last season and was placed at the top of the American League list has arrived at the Naps's training camp, at Alexandria, la., with a brand new bat. The first time he used it he got three hits out of four times up. Jackson made the bat during the Winter. He got a rough piece of ash from a bat manufacturer and shaped it to suit himself.
March 08, 2011
On the price of prayer c. 1911
From the March 8, 1911 NYT:
Charges of $313 for prayers are the principal items scheduled in a suit filed in the Hampden County Superior Court to-day by Joseph Estoff of Buffalo, N.Y. against Edwin C. Gardner, executor of the estate of the late Harris Goodman of Springfield, who died a year ago. Estoff is a brother of Goodman, the latter having changed his name when he began business in this city.
On the Southern Border c. 1911
Consider these headlines from a story in the March 8, 1911 NYT:
Here are the opening paragraphs:
The United States is making a move as to Mexico that looks like a potential interference in the affairs of that country, though it wears the official aspect of a military mobilization test. Nearly 20,000 troops, or practically one-fourth of the entire United States Army, including the forces in the insular possessions, were last night and to-day ordered to entrain for points near the Mexican boundary.
March 06, 2011
Are States Necessary?
From AlJazeera, "A Middle East without borders?"
Of course, we have developed a network of state-to-state coercion and support that will make any move in this direction unlikely to succeed.
March 05, 2011
Madmen, Intellectuals, and Academic Scribblers: The Economics of Political Change
That's the working title of my book in progress with Wayne Leighton, now under contract with Stanford University Press (scheduled for September 2012).
Madmen connects public choice theory with the history of political ideas and applies it to current affairs in a readable, non-technical way. So Madmen sort of triangulates Heilbroner's The Worldly Philosophers with Harford's The Undercover Economist with Simmons' Beyond Politics (a new and revised edition is soon to come out).
A brief synopsis of the book is beneath the fold. And, naturally, a Madmen blog is in the works as well. Comments welcome (email)!
Read More »
We are writing a six-chapter book to provide general readers with a simple framework for understanding the systematic causes of political change. While our primary focus is contemporary American politics, we draw on numerous examples from around the world and throughout history. Written for a general readership, Madmen is grounded in scholarship ranging from the ancient Greeks to the 21st Century. We aim for an intellectually rich yet readable discussion of the economics of political change.
The central stance of the book is grounded in three fundamental, interrelated questions.
1) Why do governments generate policies that impose net costs on society?
These are perhaps surprisingly deep questions that scholars in many disciplines have grappled with for centuries. The goal of Madmen is to pose these questions through policies that are familiar to today’s readers and to distill the scholarship of politics into a neatly-packaged framework that makes it easy to explain the interplay of ideas and interests in political change.
Our title is inspired by contrasting quotations from the 20th Century’s two most famous economists (emphases added):
The ideas of economists and philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil. John Maynard Keynes, The General Theory of Employment, Interest and Money (1936)
Madmen presents these passages as a hub where the history of political and economic ideas can be joined to contemporary human affairs. We do this by building a framework of Ideas, Institutions, and Incentives, which interacts with political, social, and intellectual entrepreneurship. After the introductory chapter, Chapters 2, 3 and 4 convey relevant ideas about politics from Antiquity to today. Chapter 5 presents our framework, and Chapter 6 illustrates it with applications to asset bubbles, airline regulation, radio spectrum usage, and welfare reform.
« Close It
March 04, 2011
Now it's clear
A letter to the Economist regarding the question of why Austrians have been largely ignored as regards recent economic conditions:
SIR – Buttonwood might find the answer to his question in the quote he cited from Friedrich Hayek: “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”
Trade is made of
My first video for the IHS's LearnLiberty.org project:
March 03, 2011
Is That a Rotisserie Chicken in Your Pants or Are You Just ... ?
A Kingston man was arrested Tuesday afternoon, March 1, after police said he concealed a rotisserie chicken, chicken wings, a mouth guard and two toothbrushes down the front of his pants and left through the Garden Center of Walmart without paying for them, reports stated.
Posted by E. Frank Stephenson at 01:31 PM
Markets in Everything: Bieber's Hair Clippings Edition
Posted by E. Frank Stephenson at 01:25 PM
March 01, 2011
The Effects of Charter High Schools on Educational Attainment
An article by Kevin Booker, Tim R. Sass, Brian Gill, Ron Zimmer in the current issue of the Journal of Labor Economics finds large gains associated with attending a charter school. The abstract:
We analyze the relationship between charter high school attendance and educational attainment in Florida and in Chicago. Controlling for observed student characteristics and test scores, we estimate that among students who attended a charter middle school, those who went on to attend a charter high school were 7–15 percentage points more likely to earn a standard diploma than students who transitioned to a traditional public high school. Similarly, those attending a charter high school were 8–10 percentage points more likely to attend college. We find even larger effects when we treat high school choice as endogenous.
Posted by E. Frank Stephenson at 12:32 PM
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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