Two posts beneath this, the Blue Yeti has linked to an interview on the NewsHour with Ricochet's own Richard Epstein.

It's brilliant--just utterly, utterly brilliant.  Eight minutes of an unrelenting, unapologetic attack on the welfare state by a man so self-evidently brilliant that his questioner can only shake his head and splutter.

Watch it.  Really.  You've just got to.

Comments:


KC Mulville
Joined
Jan '11
KC Mulville
Samwise Gamgee: I love Richard's response to the PBS man's observation that in our time of most prosperity ...

Agreed. My brother, actually, uses this canard all the time, and considers it an ace of trump (an argument so dominant that it ends the game). It isn't.

Richard is exactly right. Let me add that the halcyon period of "highest prosperity" was an anomaly, not something that proved any principle.

  • The postwar period produced a huge rebuilding project worldwide, in which businesses had a clear demand. No one worried about whether a particular business would have a market - virtually all of them had a predictable market.
  • The dependability of demand is what drives a "boom." 
  • The higher tax rates were more than offset by the dependability of the demand.

We don't have that kind of demand right now. The postwar period artificially created huge demand, but now we're back to normal, where the standard suppressing effect of taxes is what it usually is.

And this was all before the Great Society, where (as Richard says), our taxes went back into the economy, not into welfare payments.

Troy Senik

Precisely, Todd. Richard may speak at encyclopedic length, but he also tends to be more informative than the average encyclopedia.

Todd

And the only reason we can all joke about the length of his answers is because every word is brilliant. · Oct 26 at 9:29pm


Joined
Jan '11
Chris Corrigan

Wish we could get our republican candidates to make even 1/10 of Prof Epstein's arguments


Joined
Nov '10
mfgcbot

Peter,

Professor Epstein was brilliant, as always.  Thank you for the referral.

Your friend Matt Continetti, in yesterday's Weekly Standard Newsletter, linked to a 1980 article by Irving Kristol which had originally appeared in Foreign Affairs, titled "Why Inequality Doesn't Matter".  It's a great, refreshing read, and I would link to it here if I knew how.  Help please?

Leslie Watkins
Joined
Sep '10
Leslie Watkins

Salman's (msp?) body language is priceless: arms crossed tight. They opened up a bit as Richard spoke, but at the end he went back to crossing his arms. Not very receptive to reality this guy. It's also obvious that he thinks disagreeing with the way the redistributionists want to pursue income equality is tantamount to not caring about income inequality. (Frankly, I don't care much about it: give me a problem I can solve!)

Edited on October 27, 2011 at 3:21pm

Joined
Jan '11
Anon

Epstein for SCOTUS - he can do arithmetic.


Joined
Dec '10
Stephen

Peter,

You are right, but I'm afraid "winning the argument" has never worked for us. We always win the argument on the merits (see Milton Friedman destroying Phil Donahue 30 years ago!). I'm starting to think Breitbart is right about the culture and media. The policy/economic battleground just doesn't strike the average voter. I work in an office of 40 people and I can safely tell you that 2 of those 40 would understand what Richard is talking about or care, but they would say they want to "save the environment" and "help the poor."


Joined
Sep '11
HPVDV

 As is often the case, I was watching the DVR'd news with one eye -- much of it being liberal drivel -- to hear that wonderful, grating familiar voice I'd heard on numerous podcasts.  I immediately gave the tube my complete attention to see the face of this Dickensian character, Richard Epstein.  He was delightful!  Since I'd consumed an adult beverage beforehand, I saved the episode so that I can savor it when I'm completely sober.  Well done RE!!

Duane Oyen
Joined
May '10
Duane Oyen

Todd

Duane Oyen: He did an EconTalk once about prescription drugs, and Russ Roberts asked one question- 20 minutes later he asked the second one.  But the oral monograph was 100% substantive, ordered, and relevant, and a true tour de force. · Oct 26 at 8:39pm

There was another episode where the guest commented "That was probably the longest answer in the history of Econtalk".  And Russ responded, "Well, long-time listeners know full well that that honor belongs to Richard Epstein."

And the only reason we can all joke about the length of his answers is because every word is brilliant. · Oct 26 at 9:29pm

Go get this seminar on oncology drugs from AEI (mp3 available at the link)- Prof. Epstein opens up the first panel and solves the FDA problem in 20 minutes. 

Of course, the next 8 hours featured mostly speakers who think the FDA needs to protect and save us or we will commit suicide by refusing normal medical care and treat our cancers using charlatan-promoted peach pits (i.e., laetrile).


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