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April 9, 2025

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,

Amid international market turbulence, this week, Craig Eyermann emphasizes the Congressional Budget Office’s warning about a fiscal crisis, as the interest on the national debt is poised to balloon.

Perhaps coincidentally, the public discourse about business itself is shifting, with some asking whether businesses should be more focused on social welfare. Kenneth Costello criticizes this trend of stakeholder capitalism and “corporate responsibility,” arguing it is missing the forest for the trees.

Allen Gindler analyzes why tariffs and trade deficits are such a misconception, using the humble café and hardware store to describe how open commerce comes more naturally than nationalists are willing to admit.

Scott Beyer describes how California's suffocating regulatory regime compares to medieval guilds that restricted entry and innovation.

Read more about these topics in the latest issue of Independent Weekly!

Jonathan Hofer
Managing Editor

Top picks this week
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** The Cost of Politicians and Bureaucrats Doing Business as Usual ([link removed])
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** by Craig Eyermann
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The CBO’s analysts summarize the U.S. government’s fiscal outlook: neither the national debt nor the government’s annual budget deficits are moving in a sustainable direction.
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** What Should Society Expect from Business? ([link removed])
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** A weird view of capitalism ([link removed])
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** by Kenneth W. Costello
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What societal purpose do private companies serve, and what are their roles? These questions lead to the current focus on corporate social responsibility (CSR) and “stakeholder capitalism."
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** Tariffs and Trade Deficits ([link removed])
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** Lessons from the hardware store and the café ([link removed])
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** by Allen Gindler
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Next time you hear “tariffs will save us,” think of that hardware store and café. Trade deficits aren’t the boogeyman they’re made out to be—they’re just snapshots of people living their lives.
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** California’s Regulatory State Has Come To Resemble Medieval Guilds ([link removed])
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** The same oppressive regulations that caused people to escape Europe for America are now creating an exodus from blue states. ([link removed])
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** by Scott Beyer
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States like California are repeating past mistakes by allowing regulatory overreach and empowering guilds. Residents may not have voted for deregulation, but they're opting to move to areas without such powers.
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** FEATURED EVENT
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** Why Are Colleges Failing and What Can Be Done? ([link removed])
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Join us at the Independent Institute Conference Center on Thursday, April 10, for a reception and discussion of Senior Fellow Richard K. Vedder’s groundbreaking new book, Let Colleges Fail: The Power of Creative Destruction in Higher Education. Seating is limited, so reserve your spot today!
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