Monday, October 24, 2011

The State Is the 1 Percent

The State Is the 1 Percent

Mises Daily: Monday, October 24, 2011 by

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I Am the 1%
" In fact, that 1 percent includes some of the smartest, most innovative people in the country — the people who invent, market, and distribute material blessings to the whole population. But there is another 1 percent out there…"

The "occupy" protest movement is thriving off the claim that the 99 percent are being exploited by the 1 percent, and there is truth in what they say. But they have the identities of the groups wrong. They imagine that it is the 1 percent of highest wealth holders who are the problem. In fact, that 1 percent includes some of the smartest, most innovative people in the country — the people who invent, market, and distribute material blessings to the whole population. They also own the capital that sustains productivity and growth.

But there is another 1 percent out there, those who do live parasitically off the population and exploit the 99 percent. Moreover, there is a long intellectual tradition, dating back to the late Middle Ages, that draws attention to the strange reality that a tiny minority lives off the productive labor of the overwhelming majority.

I'm speaking of the state, which even today is made up of a tiny sliver of the population but is the direct cause of all the impoverishing wars, inflation, taxes, regimentation, and social conflict. This 1 percent is the direct cause of the violence, the censorship, the unemployment, and vast amounts of poverty, too.

Look at the numbers, rounding from latest data. The US population is 307 million. There are about 20 million government employees at all levels, which makes 6.5 percent. But 6.2 million of these people are public-school teachers, whom I think we can say are not really the ruling elite. That takes us down to 4.4 percent.

We can knock of another half million who work for the post office, and probably the same who work for various service department bureaus. Probably another million do not work in any enforcement arm of the state, and there's also the amazing labor-pool fluff that comes with any government work. Local governments do not cause nationwide problems (usually), and the same might be said of the 50 states. The real problem is at the federal level (8.5 million), from which we can subtract fluff, drones, and service workers.

In the end, we end up with about 3 million people who constitute what is commonly called the state. For short, we can just call these people the 1 percent.

The 1 percent do not generate any wealth of their own. Everything they have they get by taking from others under the cover of law. They live at our expense. Without us, the state as an institution would die.

"They do not comprehend that the real enemy is the institution that brainwashes them to think the way they do."

Here we come to the core of the issue. What is the state and what does it do? There is vast confusion about this issue, insofar as it is talked about at all. For hundreds of years, people have imagined that the state might be an organic institution that develops naturally out of some social contract. Or perhaps the state is our benefactor, because it provides services we could not otherwise provide for ourselves.

In classrooms and in political discussions, there is very little if any honest talk about what the state is and what it does. But in the libertarian tradition, matters are much clearer. From Bastiat to Rothbard, the answer has been before our eyes. The state is the only institution in society that is permitted by law to use aggressive force against person and property.

Let's understand through a simple example. Let's say you go into a restaurant and hate the wallpaper. You can complain and try to persuade the owner to change it. If he doesn't change it, you can decide not to go back. But if you break in, take money out of the cash register, buy paint, and cover the wallpaper yourself, you will be charged with criminal wrongdoing and perhaps go to jail. Everyone in society agrees that you did the wrong thing.

But the state is different. If it doesn't like the wallpaper, it can pass a law (or maybe not even that) and send a memo. It can mandate a change. It doesn't have to do the repainting: the state can make you repaint the place. If you refuse, you are guilty of criminal wrongdoing.

Same goals, different means, two very different sets of criminals. The state is the institution that essentially redefines criminal wrongdoing to make itself exempt from the law that governs everyone else.

It is the same with every tax, every regulation, every mandate, and every single word of the federal code. It all represents coercion. Even in the area of money and banking, it is the state that created and sustains the Fed and the dollar, because it forcibly limits competition in money and banking, preventing people from making gold or silver money, or innovating in other ways. And in some ways, this is the most dreadful intervention of all, because it allows the state to destroy our money on a whim.

The state is everybody's enemy. Why don't the protesters get this? Because they are victims of propaganda by the state, doled out in public schools, that attempts to blame all human suffering on private parties and free enterprise. They do not comprehend that the real enemy is the institution that brainwashes them to think the way they do.

They are right that society is rife with conflicts, and that the contest is wildly lopsided. It is indeed the 99 percent versus the 1 percent. They're just wrong about the identity of the enemy.

The Left, the Right, and the State

Llewellyn H. Rockwell Jr. is chairman of the Ludwig von Mises Institute in Auburn, Alabama, editor of LewRockwell.com, and author of The Left, the Right, and the State. Send him mail. See Llewellyn H. Rockwell Jr.'s article archives.

You can subscribe to future articles by Llewellyn H. Rockwell Jr. via this RSS feed.


 

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Thursday, October 20, 2011

Keynes and the Ruling Class

Keynes and the Ruling Class

Mises Daily: Thursday, October 20, 2011 by

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John Maynard Keynes (1883-1946)

[American Affairs, 1947]

The work cumbersomely entitled, The General Theory of Employment, Interest and Money, now commonly abbreviated as The General Theory, was published in 1936. It was therefore only ten years old when the author, John Maynard Keynes, died last April. Probably no other book has ever produced in so little time a comparable effect. It has tinctured, modified, and conditioned economic thinking in the whole world. Upon it has been founded a new economic church, completely furnished with all the properties proper to a church, such as a revelation of its own, a rigid doctrine, a symbolic language, a propaganda, a priestcraft, and a demonology. The revelation, although brilliantly written, was nevertheless obscure and hard to read, but where one might have expected this fact to hinder the spread of the doctrine, it had a contrary result and served the ends of publicity by giving rise to schools of exegesis and to controversies that were interminable because nothing could be settled. There was no existing state of society in which the theory could be either proved or disproved by demonstration — nor is there one yet.

The moment of the book was most fortunate. For the planned society they were talking about the Socialists were desperately in need of a scientific formula. Government at the same time was in need of a rationalization for deficit spending. The idea of welfare government that had been rising both here and in Great Britain — here under the sign of the New Deal — was in trouble. It had no answer for those who kept asking, "Where will the money come from?" It was true that government had got control of money as a social instrument and that the restraining tyranny of gold had been overthrown, but the fetish of solvency survived and threatened to frustrate great social intentions.

Just at this historic crisis of experimental politics, with the Socialists lost in a wilderness lying somewhere between Utopia and totalitarianism, and with governments adrift on a sea of managed currency, afraid to go on and unable to turn back, the appearance of the Keynes theory was like an answer to prayer. Its feat was twofold. To the Socialist planners it offered a set of algebraic tools, which, if used according to the manual of instructions, were guaranteed to produce full employment, economic equilibrium, and a redistribution of wealth with justice, all three at once and with a kind of slide-rule precision — provided only that society really wanted to be saved. And the same theory by virtue of its logical implications delivered welfare government from the threat of insolvency. That word — insolvency — was to have no longer any meaning for a sovereign government. The balanced budget was a capitalist bogey. Deficit spending was not what it seemed. It was in fact investment; and the use of it was to fill an investment void — a void created by the chronic and incorrigible propensity of people to save too much. "There has been," he said, "a chronic tendency throughout history for the propensity to save to be stronger than the inducement to invest. The weakness of the inducement to invest has been at all times the key to the economic problem." By investment he was supposed to mean the use of capital in the spirit of adventure.

This idea was the very base of the theory. From oversaving and underinvestment came unemployment. And when from this cause unemployment appeared, as it was bound to do, first periodically and then as a permanent evil, the only cure was for government to spend the money. Among the algebraic tools was the famous multiplier by use of which the experts would be able to determine precisely how much the government would have to spend to create full employment.

Briefly therefore the theory was that when people were not investing enough in their own future to keep themselves all at work the government must do it for them. Where and how would the government get the money? Well, partly by taxing the rich, who notoriously saved too much; partly by borrowing from the rich, and, if necessary as a last resort, by printing it — and everything was bound to come out all right because from full employment society at large would grow always richer and richer. Ultimately the economic satisfactions of life would become dirt cheap, the interest rate would fall to zero, and the sequel would be the painless extinction of the rentier class, meaning those who live by interest and produce nothing.

If I am right [he said] in supposing it to be comparatively easy to make capital goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism. For a little reflection will show what enormous social changes would result from a gradual disappearance of a rate of return on accumulated wealth. A man would still be free to accumulate his earned income with a view to spending it at a later date. But his accumulation would not grow. He would simply be in the position of Pope's father, who, when he retired from business, carried a chest of guineas with him to his villa at Twickenham and met his household expenses from it as required.

And what would the government spend the money for? Preferably of course for the creation of productive works, that is, means to further production of the things that satisfy human wants; but such was the importance of keeping everybody fully employed that it were better to invest the money in monuments and pyramids than not to spend it at all.

Ancient Egypt [he said] was doubly fortunate, and doubtless owed to this its fabled wealth, in that it possessed two activities, namely, pyramid building as well as the search for the precious metals, the fruits of which, since they could not serve the needs of man by being consumed, did not stale with abundance. The Middle Ages built cathedrals and sang dirges. Two pyramids, two masses for the dead, are twice as good as one; but not so two railways from London to York. Thus we are so sensible, have schooled ourselves to so close a semblance of prudent financiers, taking careful thought before we add to the financial burdens of posterity by building them houses to live in, that we have no such easy escape from the sufferings of unemployment. We have to accept them as an inevitable result of applying to the conduct of the State the maxims which are best calculated to enrich an individual by enabling him to pile up claims to enjoyment which he does not intend to exercise at any definite time.

This passage is seldom referred to by the Keynesians, perhaps because they have never been sure that he meant it to be taken seriously. It might very well be Keynes in one of his impish moods.

It is significant to recall that the first definite and conscious application of the theory was made by the New Deal; and when in the third year Mr. Roosevelt began to say that the government's deficit spending must be regarded as an investment in the country's future, he was taking the word directly from the Keynes theory. The promised results did not follow; unemployment was not cured. This disappointment, say the believers, was owing to no fault of the theory but simply and only to the fact that the deficit spending did not go far enough. The deficits should have been courageously greater.

It is perhaps even more significant that in his own country he was regarded as a dangerous luminary and that the British government was unable to avail itself of his genius until the time came when it found itself in a very difficult money position. It had already divorced the gold standard, pretending to make a moral of it; and then, as the British mentality changed from that of a creditor to that of a debtor country, what the Treasury needed was someone who could clothe the bareness of financial heresy with a plausible nontransparent drapery and at the same time give to the managed pound sterling a glitter to replace the lost luster of the gold pound. And so it happened that Mr. Keynes was taken into the British Treasury as its principal advisor, seated on the board of the Bank of England, and elevated to the peerage as Baron Keynes of Tilton.

All planners take Keynes for their prophet. But in the one great test of his prophetic powers he failed historically. He had represented the British Treasury at the making of the Versailles Treaty. Soon after, he resigned his post in order to attack the treaty and wrote a book entitled The Economic Consequences of the Peace, the political effect of which, regarding it now in retrospect, was disastrous. His argument was that Germany could never pay the reparations that were demanded of her, and that even if she could afford to pay them her creditors could not manage to receive them. In view of what Germany was able to do in preparation for World War II, it was nonsense to say that she couldn't pay reparations on account of World War I, and if she had not been let off, World War II might not have been, or at least not yet.

The literature founded on Keynes is dogmatic. Keynes himself was not. At the end of his book he suddenly wondered if it would work. Were his ideas "a visionary hope?" Were they properly rooted "in the motives which govern the evolution of political society?" Were "the interests which they will thwart stronger and more obvious than those which they will serve?" He made no attempt to answer his own questions. It would take another book, he said, to indicate the answers even in outline.

Garet Garrett (1878–1954) was an American journalist and author who was noted for his critiques of the New Deal and US involvement in the Second World War. See his books in the Mises Store. See Garet Garrett's article archives.

This article is excerpted from The Critics of Keynesian Economics, chapter 12, "John Maynard Keynes" (1960; 2009).


 
 
 

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Monday, October 17, 2011

Congress Fails to Cut Spending, Treasury Data Shows

Americans for Limited Government rebekah@algnews.org a través de publicaster.com para usuario
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For Immediate Release                                                      Contact: Robert Romano (press); Rebekah Rast (TV & radio)

Oct. 17, 2011                                                                                                    Phone: (703) 383-0880 

 
Congress Fails to Cut Spending, Treasury Data Shows,
ALG Responds
 
October 17, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on the failure of Congress to cut spending at all this year, as reported by Investor's Business Daily citing U.S. Treasury data:
 
"U.S. Treasury data shows that despite promises to cut spending by at least $100 billion this year, spending in Washington, D.C. has increased in 2011 by $120 billion.  That is simply unacceptable to the American people, who in 2010 voted to bring an end to Congress' out-of-control spending. 
 
"With the national debt set this year to become larger than the entire economy, there is no time for mere window dressing to address the government's spiraling borrowing binge.  In the midst of a credit crisis that is sinking the global economy, the last thing we need is more debt.  Yet borrow-print-and-spend is all Washington, D.C. seems to offer right now."
 
Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.
 


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Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.


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Bill Fischer, Contributor

Bill Fischer

Bill Fischer, Contributor

Ideas, Innovation, Globalization, & China

Leadership
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10/17/2011 @ 8:37AM |217 views

Innovation: What's New?

 

Bill Fischer Bill Fischer Contributor
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Obsessed with the hunt for new ideas and innovation, I have three pinciple geographic foci in my life: 1. I am a New Yorker by birth & attitude; 2. I live in Europe, where I am a Professor at IMD, in Lausanne, Switzerland, and where I co-direct the IMD/MIT-Sloan "Driving Strategic Innovation" program; and 3. China: we first moved our family to China in 1980, and later I was the Executive President & Dean of CEIBS (the China-European International Business School) in Shanghai (1997-1999). I've recently co-authored (with Andy Boynton): "The Idea Hunter" (2011) and "Virtuoso Teams" (2005).

The author is a Forbes contributor. The opinions expressed are those of the writer.

Bill Fischer's Popular Posts

Innovation is all about creating "the new", but if you hang around innovators long enough you begin to get the feeling that while lots of "new" things are being brought to market, innovators continue to use "old" approaches to do this! Recently, however, Arthur D. Little published a study on The New Face of Innovation designed to reassure us that new innovation approaches were indeed being developed as well!

After speaking with nearly 100 Chief Technology & Chief Innovation Officers, ADL has concluded that the new face of innovation has five principle new dimensions:

Customer-based innovation –seen as the most important concept of all in terms of future investment priority: engaging with customers in deeper and more meaningful ways to create stronger relationships and stimulate a desire to be fully involved in the innovation process. This includes: designing-in emotion, integrating social-networking, and being more sophisticated in open innovation.
Proactive business model innovation – creating new ways of building innovative business models or reshaping existing ones, based on delivering lasting value to customers and stakeholders, using modular approaches to cope with global/local complexity and adapting business models to new markets.
Frugal innovation – originating new innovations in lower income, emerging markets and adapting these to more developed markets thus allowing companies to profit from the full spectrum of opportunity that different markets have to offer. ADL remarks that "Frugal Innovation" brings about a rethinking of the nature of innovation. Instead of "more" it is often about striving for "less."
High speed/low risk innovation – getting products and services to market not just quickly, but without flaws through gradual product rollouts, global 24/7 product development and increased use of trials and experiments.
Integrated innovation – taking traditional innovation approaches from New Product Development such as portfolio optimization, ideas management and stage-gates and applying them across the whole value chain of the business. Although they don't say it as such, this sounds to me very much like "innovation as a crusade", in which everyone in the organization becomes an "innovator."

This is an interesting list and certainly one that innovators ought to be considering when determining whether or not they are practicing at the state-of-the-art. But, there are some additional advances that we see from the innovation programs that we run at IMD — including the Driving Strategic Innovation program which we run in partnership with MIT's Sloan School of Management –  and which are missing from the ADL list, or could receive more emphasis than their CTOs/CIOs gave them. Among these new advances in innovation practice are:

Adoption of Design Thinking: Perhaps Steve Job's most pervasive legacy, the embracing of the advantages of design thinking are beginning to become celebrated within the innovation communities that we are talking with. By Design Thinking, what we are describing is a family of beliefs and approaches regarding innovation that include:

  • Jumping the curve — a willingness to pursue disruption, instead of waiting to be disrupted
  • Inclusive Innovation — involving as many "stakeholder" points of view as is possible in the early stages of innovation, in order to make the ideas more appropriate for those who will live with it, and to move it faster to adoption
  • Conversational Centrality — an appreciation that innovation is really all about better conversations, and then making the managerial choices which are necessary to have those better conversations
  • the Power of Diversity — innovative conversations almost always can be made better by including different points of view into them, and this is the real power of diversity
  • Making lots of little bets –  The idea that by following the lead of IDEO, and others, and instinctively prototyping everything in a rough, rapid & realistic fashion, a "culture of prototyping" is emerging with the result of increasing the specificity of stakeholder feedback, and reducing the costs and time involved in innovative risk-taking, and has become a way of life in many innovative communities.
  • Experience as the objective, not the platform or device — here is another Steve Jobs' lesson: work to make the customer's life better, not just to add attributes to a device.
  • Begin anywhere — you are your value-chain. An innovation anywhere along the value-chain will impact you and your customers and suppliers, so you need to be thinking strategically about what could be done differently, and who might do it?

The Tsunami of Co-Creation: The ADL report notes that "In future decades we will look back and realize that we are today with open innovation where we were with new product development and stage-gate processes in the late 1980s." No doubt, that's true, but we think that it will happen much sooner than a few decades. Our perception is that an acceptance of all forms of inclusive innovation, is moving across the innovation community landscape with tsunami speed and power.

Strategically Choosing to Capture Value rather than Creating It: At the moment, this is the story of much of Chinese innovation. Whether it will continue to be the chosen path for globalization in the future among Chinese firms is still unclear, but for sure it's a strategy that has implications for both value-creators [original inventors] and those doing the capturing.

Closer Value-Chain Collaboration Leads to Faster Innovation: Case in point: China! Why is China seen as being such a fast-follower in value-capture? It's the conversations among supply-chain partners! Why is the immediate future apparently unlimited for Apple's iPads and iPhones, and not for RIM and other failed tablet-makers? It's the Apps! Both China's speed and Apple's abundance of apps are the result of easier and more profitable value-chain collaboration. Remember: you are your value-chain!

Inclusive Probing of Uncertain Futures via Lead Users: In the face of an increasingly uncertain future, and faster industry clockspeeds, a need to rely more on what my Driving Strategic Innovation program colleague Eric von Hippel has referred to as lead-users is gaining renewed attention. Lead-users are struggling with next-generation issues way before the incumbents in an industry are (& certainly way before "early adopters" have even thought about these issues) and typically are "crafting" workable insights into the future as a result.

Increasing Reliance on Virtuoso Teams:Increasingly we are seeing a reliance upon temporary teams of high-performers, working under immense time-pressure and in physically intimate surroundings, as a way of breaking through the traditional barriers to new idea generation and then moving those new ideas rapidly to market. The successful realization of talent is the secret behind such virtuoso teams, and could well become one of the most effective differentiating advantages in the future.

Innovation is an inherently contradictory art — requiring strong, self-confident leadership: My partner in innovation studies, and good friend, Charlie Fine, of MIT's Sloan School, has often pointed out that there are no "simple fixes" to mastering the art of innovation. Contradictions are everywhere, and need to constantly navigated on your way to innovative success. For this reason, both he and I are constantly impressed by the advantage that strong, self-confident leadership brings to an innovation team. Contradictory as it may appear: great "bottom-up" (thousand points of light) innovation thrives under the direction of strong, self-confident, top-down leaders: think Edison! Think Jobs! Think different!


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Friday, September 30, 2011

September 29, 2011

Briefing Paper no. 122

Herbert Hoover: Father of the New Deal

by Steven Horwitz

Steven Horwitz is the Charles A. Dana is professor of economics at St. Lawrence University and affiliated senior scholar at the Mercatus Center at George Mason University.

Steven Horwitz is the Charles A. Dana is professor of economics at St. Lawrence University and affiliated senior scholar at the Mercatus Center at George Mason University.

Published on September 29, 2011

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Politicians and pundits portray Herbert Hoover as a defender of laissez faire governance whose dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the stock market crash in 1929. In fact, Hoover had long been a critic of laissez faire. As president, he doubled federal spending in real terms in four years. He also used government to prop up wages, restricted immigration, signed the Smoot-Hawley tariff, raised taxes, and created the Reconstruction Finance Corporation—all interventionist measures and not laissez faire. Unlike many Democrats today, President Franklin D. Roosevelt's advisers knew that Hoover had started the New Deal. One of them wrote, "When we all burst into Washington ... we found every essential idea [of the New Deal] enacted in the 100-day Congress in the Hoover administration itself."

Hoover's big-spending, interventionist policies prolonged the Great Depression, and similar policies today could do similar damage. Dismantling the mythical presentation of Hoover as a "do-nothing" president is crucial if we wish to have a proper understanding of what did and did not work in the Great Depression so that we do not repeat Hoover's mistakes today.

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Saturday, September 24, 2011

Kempt

Kempt

Watch the Throne

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Tokyo styleSee it full size

Just a few days after we crowned Hong Kong as having Asia's best suits, Tokyo gets in on the action. This pic from Colonial Goods shows the United Arrows braintrust showing off their soft-shouldered swagger in monochrome—and it's a sight to behold. The race is on, gentlemen.


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