David R. Henderson  

Notes on Kauffman Bloggers Forum

The Employment Report... A Problem With Minimum Require...

I watched live almost all of each morning presentation today. Some highlights:

1. Ben Wildavsky's point that when talent moves from country to country and back, it's not a brain drain. He had another good expression that I forgot to write down but the idea was that it's a "brain circulation." (That might have been his expression.) He also pointed out (not that almost anyone in his immediate audience of economists and the economically literate would have doubted this) that we shouldn't lament the rise of competition in education from other countries. Competition is good.

2. Megan McArdle's very sobering and informed presentation on the antibiotic crisis. The resistance develops very quickly now and so we're running out of antibiotics. One thing I didn't quite get was whether she thinks the FDA's policy of having a very high hurdle (on safety and efficacy) for new antibiotics to be approved is a good policy. She seemed to take it as given. It seems to me to be cruel. Maybe she handled it and I missed it.

3. Bryan Caplan's presentation of his book on children. Excellent. I think Bryan comes across as a very lovable man. I loved Tim Kane's intro: Tiger Mom vs. Dolphin Dad.

4. Bob Cringely's interesting take on non-Silicon Valley start-ups. Good to see Arnold Kling ask the question that I was dying to ask, about the start-up that Cringely chose to highlight: How positively excited should we be about a start-up that appears to depend on government subsidies for its existence? Cringely answered that it would be a winner without the subsidies. I'd like to see the data.
One question that he didn't answer well: is it necessarily the case that we have too few start-ups, given that the majority of businesses fail? My gut feel is that the rules are rigged (think of permissions, government approvals, and "progressive" income taxes) against start-ups but I didn't think Cringely answered the question.

COMMENTS (3 to date)
Philo writes:

"The resistance develops very quickly now and so we're running out of antibiotics." Can't we keep one step ahead of the bacteria? We're smarter than they are!

Alex writes:

The FDA policy could be unintentionally good if it preserves more antibiotics for use by future generations.

Bill Drissel writes:

No one should be allowed to use the term "brain drain" without immediate contradiction. People do not gravitate away from their lands of birth ... they have to be driven away.

So make your talker say "brain pump" ... tell him if he doesn't want bright youngsters to leave their homes to turn the pumps off.

Bill Drissel
Grand Prairie, TX

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