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FRASER INSIGHT
Issue 60 | Summer 2021
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Welcome back to Fraser Insight, the Fraser Institute’s U.S. newsletter. This summertime issue marks a milestone for Insight—our 60th issue. Thanks to you, we are going strong and growing.

This issue of Insight highlights our In Focus section, which always showcases in-depth research and analysis. In this issue, we feature two new additions to Fraser Institute’s Essential Scholars series: one focused on John Stuart Mill and one focused on the long-term influence of the Austrian School of economics.

Our In Print section highlights timely commentaries, op-eds and blogs. This issue features pieces covering President Biden’s tax-and-spend plans; climate and the environment; new angles on government responses to COVID-19; and several other pressing public policy topics.

Finally, the In Context section offers information on the upcoming EFNA Network conference, which happily returns to an in-person format this year.

We encourage you to share Fraser Insight with friends and colleagues by inviting them to sign up for Insight here [[link removed]]. Visit our website [[link removed]], which serves as a storehouse for cogent commentary [[link removed]] and in-depth analysis [[link removed]]—all from a free-market perspective. Follow us on Twitter [[link removed]]. Join us on Facebook [[link removed]]. And check out the In Touch section for more contact info.


In Print: Commentary and Review
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Does Climate Change Affect Economic Growth? [[link removed]]
National Post, June 23, 2021
In recent years, a strand of economic literature has argued that warming negatively affects not only the level of economic activity, but also the rate of income growth.

Death of Keystone Increases Risk to People and the Environment [[link removed]]
Calgary Sun, June 16, 2021
Voters in the U.S. and Canada have essentially voted for more risk when moving oil—more leaks and spills, more rail accidents, and higher-cost transportation.

Climate ‘Disclosure’: Don’t Take Extreme Slogans at Face Value [[link removed]]
National Post, June 10, 2021
Just because someone—even a scientist—issues warnings of impending doom doesn’t mean a company’s managers are obliged to instantly change their operations and issue warnings to shareholders.

Eliminating Patent Rights for COVID Vaccines Will Do More Harm than Good [[link removed]]
Vancouver Sun, May 14, 2021
Some national governments and social justice activists argue for waiving patent rights on COVID-19 vaccines as a “one-off,” in light of the pandemic’s effects.

Michigan’s Line 5 Shutdown Would be Devastating for Canadians and the Environment [[link removed]]
Fraser Blog, May 12, 2021
Michigan Governor Gretchen Whitmer announced she would revoke a permit that allows Enbridge’s Line 5 pipeline to cross the Straits of Mackinac, citing environmental concerns.

Global Corporate Tax Cartel Would Be Good for Politicians, Bad for Workers [[link removed]]
Fraser Blog, April 23, 2021
Under the Biden plan, the overall corporate tax rate in the United States will rise to more than 32 percent, the highest rate among developed countries.

President Biden’s First 100 Days of Tax and Spend [[link removed]]
Fraser Blog, April 29, 2021
Public policy has moved farther to the left, with President Biden proposing a major increase in the size, scope and cost of government.

Biden Administration Looks to Implement Anti-Jobs Tax Agenda [[link removed]]
Fraser Blog, April 8, 2021
Some of the president’s spending plans are financed entirely with debt. But the White House realizes there’s a limit to that approach, so it’s proposing several tax increases.

Biden Spending Spree Expands America’s Welfare State [[link removed]]
Fraser Blog, April 7, 2021
Proponents of a larger welfare state are already advocating to make European-style per-child allowances a permanent part of America’s welfare state, which would mean a multi-trillion dollar long-run increase in the size of government. The United States could very well be on the proverbial road to serfdom.

Beware Experts Bearing Consensus [[link removed]]
National Post, April 1, 2021
One of the potential long-term consequences of the COVID pandemic and recession is that experts will be elevated to positions of authority, influence and decision-making not commensurate with their actual knowledge—and contrary to the principles of democracy.


In Focus: Research and Analysis
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The Essential John Stuart Mill [[link removed]]
Mill’s 1869 On Liberty made the case for three forms of freedom: thought, conscience, and expression; tastes, pursuits, and plans; and to join other like-minded individuals for a common purpose. Mill believed that freedom was an essential part of human happiness—and how “human life…becomes rich, diversified, and animating.” Liberty holds a special place in Mill’s overall conception of happiness, serving both as a means to obtaining individual and societal happiness, and also as an essential component of being human.

The Essential Austrian Economics [[link removed]]
The origin of the Austrian School of economics is the publication of Carl Menger’s Principles of Economics in 1871. Menger, William Stanley Jevons, and Léon Walras are considered the co-founders of the “marginal revolution” in economics, a shift to the marginal utility theory of value from the labor theory of value. The revolutionists argued that value is not based on the amount of labor expended but reflects how useful people perceive the commodity to be in satisfying their ends.

Timely Access to New Pharmaceuticals in Canada, the United States and the European Union [[link removed]]
New medicines are only accessible by the public after they have been granted regulatory clearance by a jurisdiction’s responsible body, such as Health Canada, the Food and Drug Administration (FDA), and the European Medicines Agency (EMA). Past studies have shown that Health Canada takes longer to approve medicines (from the time of submission) and approves fewer medicines than its American and European counterparts. A delay in the availability of new drugs in one country in comparison with another can have two sources: a difference in approval time (efficiency) and a difference in when the drug was submitted for approval in the first place. In order to capture the total delay in timely access to new medicines, this study undertakes a drug-by-drug comparison for dates of approval granted by Health Canada, the FDA, and the EMA (including both the European Union’s centralized approval procedure and its mutual recognition approach).


In Context: News and Events
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EFNA Network Conference Back on Track
After shifting to a virtual format in 2020, due to government travel restrictions, we are happy to report that the 2021 EFNA Network conference is back on track as an in-person event. As in years past, SMU-Dallas will serve as host for the event, which brings together members of Fraser’s EFNA Network [[link removed]] from all across the U.S., Canada and Mexico. If your U.S.-based organization is interested in joining the EFNA Network, contact Alan Dowd, who serves as the network’s managing director, at [email protected].


In Touch: Connect with Us
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To learn more about our research team, visit our senior staff [[link removed]] and senior fellow [[link removed]] pages. We always welcome your feedback at [[email protected]]. To find out more about supporting the Fraser Institute, call (800) 665-3558, ext.568, or donate online [[link removed]].


STAY UP TO DATE
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The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of 86 think-tanks. Its mission is to measure, study, and communicate the impact of competitive markets and government intervention on the welfare of individuals. To protect the Institute's independence, it does not accept grants from governments or contracts for research. To find out more, call (800) 665-3558 ext. 590.

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