Richard W. Rahn

Venezuela is the latest global disaster caused by socialism. Over the last couple of hundred years, virtually every variety of socialism has been tried — from communism to national socialism (Nazism) and fascism, to various varieties of “democratic socialism” — with one common characteristic — they all failed. Despite the economic failures, loss of liberty […]

Which government agency has done the most to destroy innovation? The American Founders tried to create an environment to foster innovation, because they understood new inventions would increase the well-being of the citizens. And that is the reason the Constitution enabled Congress to create patents of limited duration. Most politicians say they favor innovation, but […]

There is an old adage that entrepreneurs often find to be true, and that is that things take three times as long and cost three times as you much as you thought. The Republicans claim they are going to get tax reform done this year – but this is not going to happen unless they […]

If mankind can figure out how to give everyone instant communication and all the world’s knowledge via the smartphone, why are we not smart enough to figure out equally convenient, quick, low-cost and secure ways of paying for goods and services to everyone on the planet? Actually, we are. At the moment, the Swedes and […]

Do you want your relatives, friends, business competitors and government bureaucrats to know precisely how much wealth you have, in what form, and how you spend all of your money? Most people were appalled when they learned the extent of monitoring of telephone and electronic communications by the various intelligence agencies. But what is even […]

Which portion of government spending provides little or no value? The president just released his budget proposal, and the predictable chorus of complaints immediately began from those who want more spending for “whatever.” A quarter of a century ago, I was leading an economic transition team in Bulgaria (from communism to free-market capitalism). The Bulgarians […]

By the time you read this, South Korea will have just elected a new president. There will be a peaceful transfer of power, coming after the previous president was impeached for corruption, but all done in proper democratic way. Few would have bet after the end of the Korean War, more than 60 years ago, […]

If you were really hungry and given the choice of half of an eight-inch pizza or a third of a twelve-inch pizza, which would you choose? Already, the normal group of know-nothings among the political class and the press are proclaiming that President Trump’s proposed reduction in the corporate tax rate will only benefit the […]

Kinder and gentler governments use market-based price incentives and less coercion. But all too many government officials forget about the superiority of the price system, and resort to the threat of or actual violence to get the people to do what they want. Business people use the price system to attract customers with lower prices […]

The administrative state began in earnest 130 years ago with the creation of the Interstate Commerce Commission in 1883, which was a major power giveaway by Congress to an independent agency. From that time, Congress has continued to delegate law and rulemaking to executive agencies, such as the Internal Revenue Service and the Environmental Protection […]