Market Correction

14 April 2007

Editor, Baltimore Sun

To the Editor:

Carleton Brown asserts that natural disasters are nature's way of warning that human population is too large (Letters, April 14). Mr. Brown should study history.

For example, geologists have identified 27 monster floods during the past 1.8 million years. More than half (16) - including the worst eleven of these floods - are pre-historic. They occurred either before humans existed or when our population was no higher than 20 million (merely 0.3 percent of today's level). Further each of the remaining 11 floods occurred in areas that are non-industrialized and sparsely populated.*

Or take the Black Death. This massive plague struck during the 14th century when our population was no higher than 500 million - just eight percent of today's level. Considering that life-expectancy today is at an all-time high, it is very difficult to sustain the case that our large population is a curse.

Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University


* Jim E. O’Connor and John E. Costa, "The World's Largest Floods, Past and Present: Their Causes and Magnitudes" U.S. Geological Survey, Circular 1254, (2004):
http://pubs.usgs.gov/circ/2004/circ1254/

Kurt Vonnegut's (very short) story "Harrison Bergeron" is well worth reading. Here's a link:

http://instruct.westvalley.edu/lafave/hb.html

.................

13 April 2007

Editor, USA Today

To the Editor:

Kurt Vonnegut's Cat's Cradle and Slaughterhouse-Five are justly admired ("Defiant to the end," April 13). But his finest work, in my opinion, is his 1961 short story "Harrison Bergeron" which foretells the idiocy and the horror of using government to enforce equality of outcomes.

It's the year 2081 and a Handicapper General ensures that people with above-average looks wear masks; people with above-average strength are saddled with weights; people with above-average intelligence have implants in their brains to stymie above-average thoughts. Everyone is the same. No one suffers envy or embarrassment. Life is a tomb of numbness -- and of utter tyranny.

Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University

12 April 2007

Editor, Washington Times

To the Editor:

Carl Henn wants to raise taxes on gasoline so that oil consumption is curtailed (Letters, April 12). He argues that, because oil is a finite resource allegedly destined to increase in value, taxing it more heavily means that "we" can "capture" this rising value. If we don't raise taxes, Mr. Henn says, the rising value of oil will simply redound in profits to oil companies.

There's plenty wrong with Mr. Henn's argument. But his most serious error is to suppose that more revenue for government is akin to more wealth for citizens. In fact, revenue in the paws of politicians is likely to be squandered; profits on the books of oil companies is likely to be used productively - reinvested in exploration, for example - as well as to inspire entrepreneurs to develop alternative fuels.

Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University

3 April 2007

News Editor, USA Today

Dear Editor:

When criticizing Circuit City's decision to lay off many of its employees, you miss two crucial facts ("Circuit City's harsh layoffs give glimpse of a new world," April 3).

First, Circuit City is responding to consumers. As electronic products become less expensive and easier to use, consumers have less need for on-site personal service. This fact is one reason why consumers buy increasingly from on-line retailers.

Second, the money that consumers save by buying on-line doesn't disappear. Each dollar is either saved and invested or is spent on goods and services that previously were too expensive for most consumers. Either way, the economy grows.

Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University