Apparently, “underground” and “shadow” economy are now being replaced by “informal.” This is appropriate the basic objection by evaluators is that the failure to fill our bureaucratic forms prevents them from knowing what is going on. One would think that after two centuries of market development there would be greater buy-in if people’s life experiences had been improved. The World Bank has sponsored a study which is available for download. Continue reading →
Illicit, illegal and unlawful all refer to actions which re undesired because they do not conform to some law. They do not describe injurious or criminal behavior. Rather, they violate ab assumption (for which there is no legal basis) that all enterprise is properly consistent with some governmental regulation. In fact, at least under the U.S. Constitution, agents of government have no lief to hinder or assist unless
asked. Which is why they have invented a complex network of bribes to induce compliance with state directives.
The thing about economic analysis is that it ignores time and, therefore, misses cumulative effects. It cannot anticipate tipping points. Those who had been following the growth of the underground economy and appreciated that this sector helped the U.S. avoid the 2008 crash turning into a depression, are not surprised that the pandemic increased the informal growth. Yes, the homeless are a big and growing problem because they are evidence that it is possible to survive without holding down a job. There are multiple causes and cascading effects.
Vladimir Putin wants Europe to pay for oil and gas in rubles. Ha, ha, ha.
He does not understand that the value of currency is entirely dependent on the probity of the issuer. The ruble is in the toilet. Continue reading →
Georgia arranges for newly elected public servants to be trained. Apparently, the curriculum does not emphasize the importance of deference to the public that employs them. Either that, or Mr. O’Quinn was not paying attention.
I would note that the money wasted is the least of our problems. Incompetence is wasting our time and jeopardizing lives. Continue reading →
All are designed to assign authority on the basis of heritage, rather than performance. The U.S. corporateocracy is on shaky ground because the guardians of the natural resource base on which power rests is liable to being arrogated by the public at any time.