Government Spending and Regime Uncertainty—a Clarification
Bob Higgs on regime uncertainty.He writes: "I consider regime uncertainty as a form of uncertainty related to the public’s—especially the private investors’—confidence in the future security of private property rights, which can be impaired by future regulatory changes (e.g., Dodd-Frank and Obamacare regulations), court decisions, administrative twists and turns, tax increases in various forms (e.g., Obamacare penalties enforced through the income-tax system), monetary-policy changes that threaten the dollar’s purchasing power and distort the allocation of credit, and personnel changes in the government’s corps of executives, judges, and assorted capos."
I recommend the full post as well as a read of his excellent book - Crisis and Leviathan.
Bonus Quotation of the Day…
4 minutes ago