Too often, big government is more hurt than help.
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October 9, 2024
Welcome to The Lighthouse ([link removed]) , the weekly email newsletter of the Independent Institute covering politics, economics, current events, and everything in between.
Dear Readers,
As we witness the incoming Hurricane Milton on the heels of the incalculable devastation already caused by Hurricane Helene, stories of delayed government response and stalled aid have once again highlighted the weaknesses of public disaster relief systems.
At Independent Institute, we have long examined how bureaucratic red tape can create obstacles to recovery, especially after Katrina in 2005. Unfortunately, nearly two decades after the fact, little has changed about how governments operate during natural crises.
The following articles lay bare this incompetency, showing how markets and private initiative can foster rapid relief, how state and federal policies often obstruct recovery efforts, and why accurate information and forward-thinking planning are critical to effective disaster response. By revisiting these pieces, we hope to shed light on the current situation and show what policymakers can do better in the future.
Thanks for reading.
Jonathan Hofer
Managing Editor
Top picks this week
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** Disaster Relief as Bad Public Policy ([link removed])
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** by William F. Shughart II
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Only 25 percent of the respondents to a survey conducted in Mississippi after Hurricane Katrina identified government as their most important source of aid. Should we really be surprised?
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** Property Insurance for Coastal Residents ([link removed])
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** Governments’ “III Wind” ([link removed])
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** by Jeffrey J. Pompe and James R. Rinehart
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Federal and state subsidized flood and wind insurance have encouraged overbuilding in coastal zones, thereby worsening the economic destructiveness of hurricanes and severe storms.
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** Wal-Mart to the Rescue ([link removed])
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** Private Enterprise’s Response to Hurricane Katrina ([link removed])
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** by Steven Horwitz
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Wal-Mart delivered truckloads of supplies, including free prescription drugs, to those devastated by Hurricane Katrina almost immediately after the storm passed, rather than in the days—in some cases weeks—that it took government agencies to provide relief. The fundamental reason for such superior performance is that private ownership and the price system gave competitive firms stronger incentives and better information on how to act quickly and flexibly during this disaster.
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** Catastrophes and Performance in Property Insurance ([link removed])
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** A Comparison of Personal and Commercial Lines ([link removed])
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** by Patricia H. Born and Barbara Klimaszewski-Blettner
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Unexpected catastrophic events lead to great losses incurred by insurers. While insurers make immediate attempts to control losses by accurately appraising damage and investigating possible fraud, our regulatory regime greatly restricts their ability to adapt to changes in risk exposure.
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** Public and Private Responses to Katrina ([link removed])
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** What Can We Learn? ([link removed])
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** by Mary L. G. Theroux
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In the ultimate, horrible example of a bureaucratic Catch-22, the government kept people from leaving New Orleans … and the Dept. of Homeland Security would not let aid agencies in, arguing available aid in the city would create a magnet and keep people from leaving. Next time we hear a great new proposal for a great new government initiative that’s going to solve everything once and for all, let’s just say, “No, thanks. We’d rather do it ourselves.”
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** The Long Road Back ([link removed])
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** Signal Noise in the Post-Katrina Context ([link removed])
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** by Emily Chamlee-Wright
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Recovery from the devastation wrought by Hurricane Katrina stalled as residents and business owners waited for signs of whether and when their communities and customers were going to return. Tragically, many disaster-response policies and redevelopment initiatives distorted market signals that would have otherwise fostered a swift and sustained recovery.
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** “Hell to Pay” for Hurricane Death Statistics in Puerto Rico ([link removed])
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** by Craig Eyermann
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Withholding of accurate statistics related to Hurricane Maria’s death toll in Puerto Rico impaired the effectiveness of the U.S. government’s own relief efforts that relied on coordination with Puerto Rico’s government agencies.
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** California Wildfires ([link removed])
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** Key Recommendations to Prevent Future Disasters ([link removed])
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** by Lawrence J. McQuillan, Hayeon Carol Park, Adam B. Summers, and Katherine Dwyer
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Critics had warned for many years that worsening conditions across the state were increasing the risk of a “perfect storm” of cataclysmic wildfires. The failure to heed those warnings prompted the Independent Institute to award a group of public agencies its eighth California Golden Fleece® Award.
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** FEATURED BOOK - OUT NOW!
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** Good as Gold ([link removed])
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** How to Unleash the Power of Sound Money ([link removed])
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** Judy Shelton
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With clarity and moral courage, Judy Shelton has written a must-read for anyone invested in the future of the economy. You’ll walk away with more answers than questions—a rare experience for anyone who reads about monetary policy.
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