Trading Places

“What protection teaches us, is to do to ourselves in time of peace what enemies seek to do to us in time of war.” –Henry George When Donald Trump can propose tariffs on imported steel, aluminum, washing machines, and solar-panels without being roundly booed off the stage, one has to wonder if reason has any…

Roving Bandit, Stationary Bandit, and Income Tax

When a mugger or a home invader accosts you, he points a gun at you or waves a knife in your face and demands your wallet or some other property. In most cases, if you surrender your property to him as he demands, he takes it and flees, and you will most likely never see him again. He is, in the classic phrase, the roving bandit. In contrast, the state is, in Mancur Olson’s classic term, the stationary bandit.