RECOMMENDED READING
American Compass Releases Conservative Economic Agenda for 118th Congress
Hayek’s Broken Promise
Comparative Disadvantage

Marco Rubio has not let the coronavirus crisis go to waste. Landmark legislation usually doesn’t emerge out of the Senate Small Business and Entrepreneurship Committee, but the Florida Republican used his chairmanship to create the Paycheck Protection Program, the most innovative policy included in the roughly $2 trillion economic rescue package enacted in March. …

Rubio’s essays and speeches on his idea of common-good capitalism draw heavily from his Catholicism, quoting papal encyclicals that hold man’s labor above capital, and from the work of economists such as Oren Cass, who recently left the conservative Manhattan Institute to start a new think tank, American Compass.

Cass called the PPP one of the first major legislative wins for Republican populist principles.

“One of the most important things about PPP is that it represents a widening of the lens for economic policy,” he said.

“Traditionally, the GOP has vacillated between ‘Thou shalt not get involved’ and ‘Well, obviously, we need another tax cut,’” Cass said. “PPP illustrates how a conservative applying principles to real economic problems can generate solutions beyond those defaults.”

Continue Reading at Roll Call
Recommended Reading
American Compass Releases Conservative Economic Agenda for 118th Congress

Today, American Compass is releasing New Direction: Conservative Principles & Policies for the 118th Congress, an agenda for economic renewal, focused on the interests of worker, their families and communities, and the nation.

Hayek’s Broken Promise

It is a tragedy that Friedrich Hayek’s excesses, invested with the authority of his (deserved) reputation, became the unexamined default for right-of-center economic thinking in America.

The resulting orthodoxy too often combines a Panglossian insistence on defending market outcomes regardless of their quality with a reflexive belief that policy intervention can only be distortive for the worse.

But when it comes to international trade’s effect on the American economy, a knowing assertion that nothing should be done, followed by yet another “analysis” working backward to an argument that nothing needs doing, will no longer do.

Comparative Disadvantage

If comparative advantage is created rather than discovered, refusing to play the game has consequences.