As part of PERC's Lone Mountain Forum, "Reconciling Economics and Ecology," PERC Board Member Steven Hayward sits down with author Charles Mann to revisit contemporary understandings of the pre-Columbian world.
Widely credited with launching the modern environmental movement when published 50 years ago, Rachel Carson’s Silent Spring had a profound impact on our society. As an iconic work, the book has often been shielded from critical inquiry, but this landmark anniversary provides an excellent opportunity to reassess its legacy and influence. In Silent Spring at 50: The False Crises of Rachel Carson a team of national experts explores the book’s historical context, the science it was built on, and the policy consequences of its core ideas. The conclusion makes it abundantly clear that the legacy of Silent Spring is highly problematic. While the book provided some clear benefits, a number of Carson’s major arguments rested on what can only be described as deliberate ignorance. Despite her reputation as a careful writer widely praised for building her arguments on science and facts, Carson’s best-seller contained significant errors and sins of omission. Much of what was presented as certainty then was slanted, and today we know much of it is simply wrong.
by Brennan Jorgensen
by Pete Geddes
Some economic histories are valuable because they provide insights into events and places previously not fully explored, while others contribute through a well-formulated test of economic propositions. In Commerce by a Frozen Sea, Ann M. Carlos and Frank D. Lewis have given us a marvelous melding of the two. The authors have written a carefully researched and well-organized discussion of the early fur trade in the very northern reaches of North America as well as a fascinating use of basic economic theory. The book extends our understanding of the overall extent of the trade and the interaction between the European traders -- primarily the French and British -- and indigenous tribes. Europe wanted furs, primarily beaver, and the resident tribal groups valued the commodities available from the more economically-developed countries.When Adam Smith published his Wealth of Nations in 1776, he devoted a bit more than a page to the Hudson Bay Company, which was over a hundred years old at that point, having been created by royal charter in 1670. Smith places his discussion of the Company in his section discussing the costs and benefits of joint stock companies, and thinks the Hudson Bay Company probably had a reasonable level of profits, despite some of the principal-agent problems inherent in such organization.Smith could have made the Company and its relations with the Native Americans in the region around Hudson Bay a prime example of one of his basic assumptions about human nature, “the propensity to truck, barter, and exchange one thing for another.” He also argued that the division of labor is limited by the extent of the market and he would have found in the activities of the Hudson Bay company a surprisingly robust case study of entrepreneurial efforts to further extend the market and hence the division of labor.Commerce by a Frozen Sea is, at its core, an account of the gains from trade when two very different cultures with very different resources and productive abilities come into contact. And that contact itself was not exogenous, but driven by farsighted individuals who were able to organize trade across thousands of miles in the most difficult of circumstances. The Hudson Bay was frozen for most of the year, so the outposts or “factories” along the edges of the Bay depended upon the yearly vessel that would bring rations for the Europeans stationed at the factory as well as trade goods. These goods were often ordered specifically by the Indians the year before. The ship would then load the furs that had accumulated at the trading post for the return trip to Europe.
Last week, PERC was featured on the Fox Business Channel's Stossel program for a Thanksgiving special giving thanks to property righ
by Shawn Regan