Disaster Relief as Bad Public Policy

by William F. Shughart II

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?

Property Insurance for Coastal Residents

Governments’ “III Wind”

by Jeffrey J. Pompe and James R. Rinehart

Federal and state subsidized flood and wind insurance have encouraged overbuilding in coastal zones, thereby worsening the economic destructiveness of hurricanes and severe storms.

Wal-Mart to the Rescue

Private Enterprise’s Response to Hurricane Katrina

by Steven Horwitz

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.  

Catastrophes and Performance in Property Insurance

A Comparison of Personal and Commercial Lines

by Patricia H. Born and Barbara Klimaszewski-Blettner

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.

Public and Private Responses to Katrina

What Can We Learn?

by Mary L. G. Theroux

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.”

The Long Road Back

Signal Noise in the Post-Katrina Context

by Emily Chamlee-Wright

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.

“Hell to Pay” for Hurricane Death Statistics in Puerto Rico

by Craig Eyermann

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.

California Wildfires

Key Recommendations to Prevent Future Disasters

by Lawrence J. McQuillan, Hayeon Carol Park, Adam B. Summers, and Katherine Dwyer

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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Good as Gold

How to Unleash the Power of Sound Money

Judy Shelton

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.