Wednesday, October 1, 1997

1997 No. 4

Two Deficits That Just Don't Matter

by Charles Wolf Jr., Walter B. Wristonvia Hoover Digest
Thursday, October 30, 1997

Day in and day out, politicians and the press harp on the trade deficit and the federal deficit. Hoover fellow Charles Wolf Jr. and former Citicorp chairman Walter Wriston explain why they should save their breath.

Why a Crash Wouldn't Cripple the Economy

by Gary S. Beckervia Hoover Digest
Thursday, October 30, 1997

Now that human capital has become the most important form of wealth in America, even a very serious stock market correction would have only a relatively minor effect on employment, output, and wages. Alan Greenspan, lighten up. By Nobel Prize–winner and Hoover fellow Gary S. Becker.

Keeping Savers from Saving

Keeping Savers from Saving

by David A. Wise, John Shovenvia Hoover Digest
Thursday, October 30, 1997

Beginning in the 1980s, the government began introducing individual retirement accounts and 401(k) programs--widely heralded moves. Since then, in widely unheralded moves, the government has imposed new, all but confiscatory taxes on the saving these programs have encouraged. An analysis by Stanford dean John B. Shoven and Hoover fellow David A. Wise.

Securing Social Security

by Rita Ricardo-Campbellvia Hoover Digest
Thursday, October 30, 1997

Hoover fellow Rita Ricardo-Campbell chaired President Reagan's 1981 task force on Social Security. Here she looks at the latest proposals for fixing the system.

Global Chill

by Thomas Gale Moorevia Hoover Digest
Thursday, October 30, 1997

Hoover fellow Thomas Gale Moore argues that in the name of cooling the global climate the United States is about to ice its economy.

State Department Goes Green

by Henry I. Millervia Hoover Digest
Thursday, October 30, 1997

American soldiers being sent overseas to combat . . . noxious emissions? According to a new State Department document, the notion isn't as far fetched as it sounds. Hoover fellow Henry I. Miller, M.D., examines the latest wrinkle in the administration's foreign policy.

Joe Camel: Brought to You by the FTC

by David R. Hendersonvia Hoover Digest
Thursday, October 30, 1997

Why didn't tobacco companies ever compete with one another to produce safer cigarettes? It turns out that many years ago they started to do just that--until the federal government stopped them. Hoover fellow David R. Henderson explains why Washington regulators are hazardous to your health.

How Congress Can Rein in the Courts

by Edwin Meese IIIvia Hoover Digest
Thursday, October 30, 1997

Judges have assumed vast powers the founders never intended. The solution? Congress should assert a few powers the founders did intend. An analysis by Hoover fellow and former Attorney General of the United States Edwin L. Meese III.

Illustration by David Ridley

States' Rights--and Wrongs

by Barry R. Weingast, John Ferejohnvia Hoover Digest
Thursday, October 30, 1997

Republicans on Capitol Hill say they're determined to shove power out of Washington and back to the states. Hoover fellows John A. Ferejohn and Barry R. Weingast examine the issue, arguing that there are both right ways and wrong ways to restore power to the states.

Robin Hood Lives in Texas

by Robert J. Barrovia Hoover Digest
Thursday, October 30, 1997

Last spring, Governor Bush proposed a hike in the state sales tax to fund Texas schools. Hoover fellow Robert J. Barro explains what the governor was up to, why the financing of Texas schools is such a mess, and how the problem really ought to be solved.

Supply-Side Politics

by Thomas Sowellvia Hoover Digest
Thursday, October 30, 1997

If you want to understand politics, argues Hoover fellow Thomas Sowell, look at the supply side--the kinds of people who make politics their career. It's the candidates, stupid.

George F. Will

George F. Will Tours the Scene

by George F. Willvia Hoover Digest
Thursday, October 30, 1997

At the Hoover Institution's dinner for its Board of Overseers this past summer, the columnist and television commentator George F. Will discussed the political scene. A tour d'horizon that is also a tour de force.

Job Woes in Europe? Don't Blame High Tech

by Gary S. Beckervia Hoover Digest
Thursday, October 30, 1997

In the face of high, chronic unemployment, European politicians are blaming high technology for stealing jobs. Nobel Prize–winner and Hoover fellow Gary S. Becker argues that, instead, they should blame the big governments they built.

When Business Don't Get No Respect

by Tibor R. Machanvia Hoover Digest
Thursday, October 30, 1997

Now that communism has fallen, why hasn't Eastern Europe embraced capitalism more wholeheartedly? Hoover fellow Tibor R. Machan explains.

Communist Party  election poster

The Election of ´96

by Michael McFaulvia Hoover Digest
Thursday, October 30, 1997

The good news about last year's presidential election in Russia is that communism was defeated forever. The bad news is what won. Hoover fellow Michael A. McFaul examines the present state of Russian democracy.

The Bear Sharpens Its Claws

by Richard F. Staarvia Hoover Digest
Thursday, October 30, 1997

As a proportion of Russia's overall budget, defense has been shrinking steadily in recent years. Or has it? Hoover fellow Richard F. Staar argues that Russia has actually more than doubled its spending on one aspect of defense, research and development.

Ignoring Taiwan at Our Peril

by Arnold Beichmanvia Hoover Digest
Thursday, October 30, 1997

The mainland wants to rule Taiwan. Taiwan has other ideas. Hoover fellow Arnold Beichman argues that sooner or later there's going to be trouble.

Margaret Thatcher

No Regrets

by Margaret Thatchervia Hoover Digest
Thursday, October 30, 1997

Hoover honorary fellow Margaret Thatcher wonders whether she did the right thing when she signed the 1984 Sino-British Joint Declaration, under the terms of which Hong Kong reverted to Chinese rule. She doesn't wonder long.

What Latin America Owes to the "Chicago Boys"

by Gary S. Beckervia Hoover Digest
Thursday, October 30, 1997

Economists educated at the University of Chicago have for some two decades been putting free market reforms into effect in Chile, Argentina, and other Latin American countries. One of their teachers, Nobel Prize–winner and Hoover fellow Gary S. Becker, examines the results. What does he find? Dictatorships that have been turned into democracies and economic stagnation that has been transformed into growth.

Defanging the Cobra

by Timothy Charles Brownvia Hoover Digest
Thursday, October 30, 1997

In Nicaragua, the army and intelligence services remain under the control of former Sandinistas. Hoover fellow Timothy C. Brown argues that President Alemán must change--fast.

Lead or Move Over

by William Ratliffvia Hoover Digest
Thursday, October 30, 1997

Hoover fellow William Ratliff argues that President Clinton's interest in Latin America has proved wayward at best. If the president were serious about the region, here's what he would do.

Ten Tests for Latin Democracy

by Larry Diamondvia Hoover Digest
Thursday, October 30, 1997

Latin America has seen one authoritarian regime after another replaced by democratic institutions during the last decade and a half. Hoover fellow Larry Diamond nevertheless argues that Latin American democracy remains shallow and unstable--and he presents ten challenges that Latin American democracies must yet overcome.

A Black Man Confronts Africa

by Thomas Sowellvia Hoover Digest
Thursday, October 30, 1997

Hoover fellow Thomas Sowell examines a new book, Out of America: A Black Man Confronts Africa. The book is honest, Sowell finds, a quality that by itself is enough to render the volume "almost shocking."

Democracy in Congo? Laugh On

by Robert J. Barrovia Hoover Digest
Thursday, October 30, 1997

No sooner had Laurent Kabila overthrown the dictator of Zaire, Mobutu Sese Seko, and renamed the country the Democratic Republic of Congo than Westerners began clamoring for Kabila to hold elections. The response of Hoover fellow Robert J. Barro? "You have to be kidding."

Judge Robert P. Patterson

The Man Who Mobilized America

by Keith Eilervia Hoover Digest
Thursday, October 30, 1997

At the outbreak of World War II, the United States found itself with a weak, outmoded military and a civilian population utterly unprepared for the shock of total war. Serving as undersecretary of war, Judge Robert P. Patterson mobilized the nation. An appreciation by Keith E. Eiler.

The Marshall Plan

by Peter J. Duignan, Lewis H. Gannvia Hoover Digest
Thursday, October 30, 1997

An essay by Hoover fellows Peter Duignan and the late Lewis H. Gann on the fiftieth anniversary of "the greatest voluntary transfer of resources from one country to another."

Ronald Reagan in Berlin

Tearing Down That Wall

by Peter M. Robinsonvia Hoover Digest
Thursday, October 30, 1997

In 1987, President Reagan stood before the Berlin Wall and addressed a challenge to the general secretary of the Soviet Union: "Mr. Gorbachev, tear down this Wall!" Ten years later, Hoover fellow Peter Robinson, who drafted the historic address, tells how the speech came about.

Kenneth Arrow

Rich Man, Poor Man

by Kenneth Arrow, Kenneth L. Judd, Peter M. Robinsonvia Hoover Digest
Thursday, October 30, 1997

The difference between the income of rich and poor in the United States is growing--and growing dramatically. In talking recently with Hoover fellow Peter Robinson, two experts, Stanford professor and Nobel Prize–winner Kenneth Arrow and Hoover fellow Kenneth L. Judd, agreed about the reasons but disagreed about whether anything should--or could--be done.

Stanford Students, Meet the Hoover Archives

by Elena Danielsonvia Hoover Digest
Thursday, October 30, 1997

The Hoover Institution recently presented an exhibit with a twist. The exhibit: A selection of British posters from Hoover's world-famous poster collection. The twist: The exhibit was curated by Stanford undergraduates. Archivist Elena S. Danielson explains.

Rose and Milton Friedman

The Case for Free Trade

by Milton Friedman, Rose D. Friedmanvia Hoover Digest
Thursday, October 30, 1997

In international trade, Hoover fellow Charles Wolf Jr. argues above, deficits don't much matter. Here Milton Friedman and Rose Friedman discuss what does: freedom. A ringing statement of logic and principle.

A comprehensive listing

via Hoover Digest
Thursday, October 30, 1997

A comprehensive listing of recent writings of Hoover fellows and publications from the Hoover Press.