Climate Negotiations, Senate Health Care and the Nobel Prize
Climate negotiators attempt to reach an agreement ahead of UN-sponsored talks in December.
“It’s a few years late, but it’s great to see the European Union finally acknowledge that the Kyoto Protocol has failed. CEI said Kyoto couldn’t possibly work after it was first negotiated in 1997, and we have been pointing out ever since that it was failing to reduce emissions and wasting huge sums of money even while failing. As negotiations on a new global warming treaty continue, I hope that when the European Union presents its next hare-brained scheme to save the planet from global warming, people will remember how wrong the EU was about Kyoto.”
The Senate Finance Committee prepares to vote on health care legislation.
“Most Americans agree that our health care system is broken and must be fixed. But it is increasingly clear that what ails health care is not too little, but too much government intervention. Federal and state tax preferences for employer-sponsored health insurance distort the market in a way that limits choices for individuals, reduces competition among insurers, and artificially inflates costs for health care services. For most working Americans, switching jobs often entails switching health plans and doctors or losing coverage altogether, while many others find non-employer-sponsored insurance unaffordable or difficult to obtain.”
Elinor Ostrom and Oliver Williamson share the Nobel Prize for Economics.
“Congratulations to Elinor Ostrom and Oliver Williamson. Both are highly deserving.
Ostrom’s work shows that market behavior emerges in settings not usually thought of as markets (condo associations, within government, etc.). Williamson has made brilliant contributions to the New Institutional Economics (NIE), which says that changing the rules of the game (the existing institutions) will alter the behavior of the people affected. Williamson’s work applies the economic way of thinking to deduce exactly how, with an emphasis on how transaction costs affect the interplay between individuals and firms.”
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