Java Zen:Thinking Out Loud Friday, 2020.08.14
A "new" economics is beginning to emerge. Based on the critique of Keynesianism
by the "monetarist" school, as further developed (in a rather heterodox way) in
the work of such economists as Robert Mundell and Arthur Laffer, and as
vigorously publicized by Jude Wanniski of The Wall Street Journal and
Congressman Jack Kemp, it is still in an embryonic condition and the world has
not yet taken much notice of it. . . .

One uses the inverted commas around that term "new" because, in truth, much of
the "new" economics is very old—as old as Adam Smith, say. Its focus is on
economic growth, rather than on economic equilibrium or disequilibrium, and it
sees such growth arising from a free response (e.g., investment, hard work,
etc.) to the economic incentives of a free market. . . . At the moment, and
under the existing circumstances, the major emphasis by far of the "new"
economics is on the need for a substantial, across-the-board cut in tax rates,
because it is the high level of tax rates that is stifling incentives to growth.
. . .

It is hard to overstate the importance of the fact that, for the first time in
half a century, it is the economic philosophy of conservatives that is showing
signs of intellectual vigor, while the economic philosophy of liberalism keeps
tying itself into ever more elaborate knots.

		Irving Kristol, Toward a 'New' Economics?, May 9, 1977


Want A Pancake Breakfast? Papers, Please! Papers! Quickly!

It’s tragically laughable that a Quincy, Mass. IHOP would require photo ID’s before seating people for a pancake breakfast:

John Russo has been a victim of identity theft. So when he was asked to fork over a photo ID just to be seated at an IHOP pancake restaurant, he flipped. “‘You want my license? I’m going for pancakes, I’m not buying the Hope diamond,’ and they refused to seat us,” Russo said, recounting his experience this week at the Quincy IHOP.

The restaurant now has agreed to reverse the policy of requiring customers to turn over their driver’s licenses before they can order – a rule that was enacted to discourage “dine and dash” thefts.

This part, however, made me gargle my coffee:

Russo said a security guard at the restaurant had “at least 40” licenses in hand when he arrived to eat.

40 people actually handed over their licenses! With sheeple like this, why the hell worry any more about open boarders, sleeper cells, egregious “surveillance” by governement and employers, corrupt bureaucrats and weak-ass enforcement of the Constitution?

(H/T: Bruce Schneier)

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