We wanted to do something different for this week's IR. Our modern economy is a strange (and currently depressing) system.
So, we wanted to share some intriguing—and dare we say “hopeful?”—conservative perspectives we've found. Plus, a Modern Age article from more than 40 years ago that's as relevant now as it was in 1979! If these pique your interest, then you'll definitely want to register for ISI's upcoming American Economic Forum.
Happy reading!
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CATEGORY: ECONOMICS: THE MARKET (11 min)
What do you call a business strategy that puts social justice or environmental responsibility ahead of profits?
A fraud, argues David L. Bahnsen in National Review’s Capital Matters. “Any company more focused on ‘world consciousness’ than ‘growing revenues’ is dead on arrival.”
What Bahnsen calls ‘fraud’ others call “stakeholder capitalism”—the idea that companies and investors should really prioritize something tangential to making money.
It’s a very trendy idea—and, Bahnsen argues, a very foolish one. Especially because, deep down . . . everyone knows it’s foolish.
In fact, the foolishness of stakeholder capitalism is written all over three recent dramas (Apple TV’s WeCrashed, on WeWork . . . Showtime’s Super Pumped, on Uber . . . and Hulu’s The Dropout, on Theranos).
There are lessons to be learned in the untold billions of dollars of destroyed capital value.
“Hope is not a strategy, and world consciousness is not a viable business model.”
The takeaway? You can read it for yourself right here.
If you don't have NR Plus, the editors have also made this article free to listen to.
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CATEGORY: ECONOMICS: EMPLOYMENT (5 min)
Despair not, class of 2022.
Yes, COVID torpedoed your college years. Sure, gasoline costs $6 a gallon. And OK, we’re now staring recession in the face.
But you know what? “You’re entering the best job market in generations,” according to Virginia Backaitis in the New York Post.
There are open positions in almost every field, and 33% more jobs are available now than a year ago.
That means college graduates are in a plum position to land a good job . . . if they follow some sensible steps.
Backaitis distills “useful information and advice from experts” for the job seekers out there, and you can find it all right here.
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Unprecedented inflation, a decreasing workforce, Big Tech, woke capital, a rising China, and a dwindling middle class . . .
. . . these are just some of the factors causing many Americans to ask, “will my children have the same opportunities I had?”
ISI invites you to our 2022 American Economic Forum, to be held July 29-30 at the Omni Shoreham Hotel in Washington, D.C., to hear leading conservative politicians, intellectuals, and thought leaders debate the best way for conservatives in 2022 to apply fundamental economic principles to our current crises.
For a limited time, students register for free. And if you’re under 30, weekend tickets are only $50.
The speakers include:
- Congressman Jim Banks
- Heritage Foundation President Kevin Roberts
- Former Ambassador Robert E. Lighthizer
- Acton Institute Research Director Dr. Samuel Gregg
- ResPublica Director Phillip Blond
- And many more
You’ll hear panel discussions on a range of important topics, including: cronyism in the administrative state, China geonomics, Big Tech Censorship, Woke Capital, Middle-Class Prosperity, and more.
This is a conversation you don’t want to miss.
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Because our student editors and writers are bravely bringing conservative ideas to their campuses, we’re highlighting their efforts here.
Student Workers of the World, Unite! via the Dartmouth Review
Pepperdine SGA Strikes Statement on Sexual Morality via the Pepperdine Beacon
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CATEGORY: ECONOMICS: INFLATION (3 min)
The pieces from Bahnsen and Backaitis are timely, but we know that the laws of economics never change . . .
. . . and this 1979 review of Henry Hazlitt’s The Inflation Crisis and How to Resolve It provides plenty of proof.
In his review, Douglas K. Adie hones in on an often-overlooked point made by Hazlitt—inflation promotes immoral behavior.
“Inflation rewards gambling and speculation instead of effort. For some, gambling becomes too risky and corruption and crime a surer path for quick reward,” writes Adie.
This prescient piece paints a grim picture for the future of the U.S. if we stay on this path. But according to Adie, Hazlitt offers a possible solution—a return to the gold standard.
Before you roll your eyes at the idea, read the argument. The principles behind the gold standard could be applied in new ways today.
Our office is abuzz talking about this archive pull. It’s bringing up a lot of interesting discussions about gold and bitcoin.
This really is a must-read.
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Thought of the Day:
“The worst thing that can happen to a good cause is, not to be skillfully attacked, but to be ineptly defended.”
—Frederic Bastiat
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Thank you for reading. Share with a friend!
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