Is raising prices of eggs during a pandemic illegal?

NY's AG says that the answer is "Yes" (WSJ, Aug 2020). The opinion states if sellers had known they would be punished for raising price then "New York consumers would have been left with even more empty shelves."

What is the most basic responsibility of government?

The editorial board of the WSJ  (Aug 31) says that "the most basic responsibility of government to [is to] protect innocent lives and property."

Are some forms of corruption compatible with economic growth and high standards of living?

China may be an example of a country where corruption does not decrease economic growth.

Reaction times in the Administrative State

One problem with government command and control in democracies is the response time when conditions change. "M]odern governments tend toward the uniform, the rote, the highly technical—and the often wrong and unadaptable." Entrepreneurs in the market system, on the other hand, tend to adapt almost instantaneously to changes when new opportunities appear. Witness the appearance of people selling umbrellas in Manhattan with rain starts to fall or the flurry of research and rush to bring new products to market to combat COVID-19 once freed from regulatory constraints imposed by the FDA and CDC.

Opportunity costs of "following the science"

Some politicians and reporters state that public policy with regard to COVID-19 should follow the science. By following the science, they mean implementing policies that Dr. Fauci and others who study rates of infection, hospitalizations, ICU and ventilator usage, and deaths from COVID-19 recommend. If these expert scientists tell us that imposing shutdowns, masks, or other dictates would save some level of lives because the rates exceed some level, "following the science" means that the politicians would follow the recommendation and impose the recommended shutdowns, masks, or other dictates. This singular focus on the adverse impacts of COVID-19 ignores the reality that the implementing the recommendations imposes its own costs. What happens to current income when the government commands people not to work? What happens to learning and future incomes when the government commands students to learn remotely? What happens to death rates from other diseases? What happens to rates of depression and suicide now and in the future? This sample of questions shows that anyone trying to determine the best response to COVID-19 should balance many competing priorities.

I agree that the "most elemental duty of the politician [is] the balancing of competing priorities." Politicians who say or imply that that COVID-19 is the only priority shirk their most elemental duty. For reporters not to press them to ask about how they balance competing priorities stifles the honest and difficult debate we need.  

Is Sweden socialist?

Johan Norberg says that the answer is "no". It manages to combine a robust social safety network with  fierce capitalism. 

Here is a short video in which he makes his points.

When are people free to choose their economic course?

Don Boudreaux says free trade is civilized because it maximizes the ability of people to choose their economic course while protectionism is barbarous because it uses coercion either to impose conditions on or to restrict altogether choices. His letter is a response to a student who thinks that protectionism lets people choose their economic course.

When Boudreaux speaks of people, he means individuals. To him, "letting the people choose" means letting each individual choose freely without interference from other people. He states that, to the student, "letting the people choose" means letting today's majority of voters impose restrictions on how they and the minority conduct their economic affairs." 

The building boom drives up the price of lumber

Lumber Futures Price Climbs to Record as Covid-19 Sets Off Building Boom (WSJ, Aug 2020).

Alan Blinder discusses masks, public health, and externalities

Voluntary exchange produces too few people wearing masks because masks create a positive externality (WSJ, Aug 2020).

Bill Gates says most tests for coronavirus are "garbage"

 

"But people aren’t getting their tests back quickly enough.

"Well, that’s just stupidity. The majority of all US tests are completely garbage, wasted. If you don’t care how late the date is and you reimburse at the same level, of course they’re going to take every customer. Because they are making ridiculous money, and it’s mostly rich people that are getting access to that. You have to have the reimbursement system pay a little bit extra for 24 hours, pay the normal fee for 48 hours, and pay nothing [if it isn’t done by then]. And they will fix it overnight.

"Why don’t we just do that?

"Because the federal government sets that reimbursement system."

Here is the full interview.