The Difference Between Kidneys and Babies

The most interesting question that I’ve addressed in a debate recently has been whether there should be a market for adoption and surrogacy. Although the concept jars with most people, the real reason to oppose such a market isn’t immediately clearly.

After all, if two individuals can make themselves happier through the exchange of money for services, what business does the state have in prohibiting it? We have markets for everything else, and there’s strong evidence to suggest that organs trade should be legalised. So what is the difference between a kidney and a baby?

Why Tobin Taxes Wouldn’t Have Prevented The Financial Crisis

The Economist discusses the populist rhetoric from Gordon Brown on the topic of the Tobin Tax, a fee levied by government on any financial transaction. US Treasury Secretary Tim Geithner admits that any such policy would be useless unless adopted world-wide, because trading would simply migrate to unregulated jurisdictions.

Public support for such measures is worrying though, as the Tobin Tax is ineffective in preventing risk-taking in financial markets or harmful asset price bubbles. It would be extremely effective at making markets inefficient though..

Why Fees Aren’t Free

The decision by the Irish government to repeal the reintroduction of fees has been met with joy by students around the country. But ‘free fees’ promotes inefficiency and propogates inequality, by not imposing the true cost of education on students.

Those who criticised the reintroduction of fees claim that students couldn’t afford to pay them, and that access to education would be limited as a result. Unfortunately, inequality in educational opportunity may stem from differing financial conditions – but free fees does nothing to stop this. As long as wealthier families can gain an advantage through spending (either through private tuition or grind schools), they will do so.

A Different Kind Of Carbon Leakage

The Irish Government recently decided to ban fur farming in Ireland. Their justification for this, presumably, stems from concern for animal rights and the cruelty of the practice.

In fact, this measure may end up harming animals – by pushing fur farming out of jurisdictions with responsible and concerned governments, they are forcing fur farming into more permissive and cruel states.

Turning The Tide

President Hu Jintao of China was lauded at the UN climate change summit last week for his bold plans to counter global warming, reports China Daily. His remarks represent a turn-around in China’s attitude and policy.

It is all very reminiscent of the Slave Trade Act of 1807, which banned the international trade of slaves in the British Empire. For fear of becoming economically uncompetitive, the British went on to tirelessly campaign against the practice elsewhere.

Bacik To The Dark Ages?

Senator Ivana Bacik claims in Trinity News that “the Minister for Justice has brought us back to the Dark Ages” with the revision of Ireland’s law on blasphemy. Unfortunately, censorship may be reappearing in response to a newer and far more malevolent force than catholic conservatism.

This week, it will have been 4 years since a terrifying manifestation of this – the controversy and violence resultant from the publication of cartoons depicting the prophet Mohammed in the Danish newspaper, Jyllands-Posten.

Rolling Back the Rules of the Road

The Christian Science Monitor has a fascinating piece on how traffic laws cause accidents, by diminishing the attention that drivers pay to the roads and reducing their reliance on their own best judgement. Could their complete absence improve matters?

There is clearly a simple trade-off here. Drivers can choose to concentrate on the road, thus making them better equipped to react to unexpected occurrences and more aware of their surroundings. They could alternatively just trust the lights and the signs.

Marketing Health Care

Economist Paul Krugman claims that the market cannot provide health care, because of the inevitable conflict of interest between health insurers and consumers. He draws far too many conclusions from the phenomena that he observes.

The health care debate tends to conflate the two elements associated with a market: supply and demand. The imperfections in the free market affect both sides differently, and require different approaches. Luckily though, they can be separated and dealt with accordingly.

Better Late Than Never

The Irish Times reports on remarks made by Minister of State for Labour Affairs, Dara Calleary that suggest a willingness to let firms plead ‘inability to pay’ the minimum wage. Minister for Finance, Brian Lenihan also indicated that such measures may be considered if it becomes clear that it is a barrier to job creation.

Back in April, some arguments for reducing the minimum wage in Ireland were considered here. The debate has taken on new urgency in light of budgetary conditions, as the state is desperate to keep people in jobs and off the dole. Although long overdue, their proposal is far from perfect.

Passing the Buck

The New York Times reports as the largest pension fund in the country, the California Public Employees Retirement System (CalPERS) sues credit rating agencies for forcing them to make risky investment decisions and ignore the potential for a market down-turn. Oh, no wait. That’s not an accurate description of the events that transpired at all.