Vance Ginn Economic Consulting
  • Home
  • About
  • Media
  • Blog
  • Presentations
  • RESEARCH
  • CV
  • Home
  • About
  • Media
  • Blog
  • Presentations
  • RESEARCH
  • CV

Was Jesus a Socialist? Christian Libertarian Weighs In

11/20/2023

0 Comments

 
Don’t miss episode 71 of the Let People Prosper show with Dr. Norman Horn, president of the Libertarian Christian Institute and co-author of “Faith Seeking Freedom.”
​

We consider controversial questions to help Christians understand how to glorify God in the marketplace.

Dr. Horn and I discuss the following and more:
  • How individual liberty and free markets provide abundant ways to glorify God;
  • Whether or not Jesus would be socialist and what the role of government and churches should be in caring for "the least of these”; and
  • Encouragement for Christians in their careers, reasons for optimism for the future, separating conservative politics from Christianity.

    Full show notes here. 
0 Comments

The Problem with the President's AI Executive Order

11/18/2023

0 Comments

 
Picture
President Biden signed a sweeping executive order to “harness” and “keep” artificial intelligence, two words you never want to hear from the government. This new regulation will inhibit Americans’ flourishing because restricting free markets never works.

The EO is reported to ensure safety, equity, and responsible development. While these goals may appear laudable, delving deeper reveals that this motion will hinder economic progress and stifle the 
innovation it aims to promote. That’s why policies must always be judged by their results rather than their intentions.

Details of the order’s objectives include safety tests, industry standards, and government oversight to address potential risks associated with AI. Forcing AI companies to conduct safety tests before going public, known as “red teaming,” will significantly slow the development and deployment of AI technologies. 

It’s well-established that innovation thrives in an environment of minimal regulatory interference called “permissionless innovation.” So introducing these bureaucratic hurdles will hinder fast-growing AI and all the industries that have begun to rely on it. 
Medicine and biotech, in particular, have realized remarkable potential with AI that has life-saving ramifications. But Biden’s overreaching EO wants to harness that. 

As is the case with many regulations, the EO comes at not just a cost to the individuals it affects but to the government’s pocketbook as well. 


As part of its endeavor to “preserve individuals’ privacy,” the administration will fund the Research Coordination Network. At a time when 
wages aren’t keeping pace with inflation and the average American family is losing real money due to a suffering economy, the government adding an expense like this is an insult to injury. Congress needs to reduce spending, and the Fed needs to slash its bloated balance sheet now more than ever. 

One of the most troubling aspects of the EO is its emphasis on regulating AI in the workforce out of concern for the technology displacing workers. Although there has been some uproar out of concern over AI destroying jobs, 
research shows that only 34% of Americans fear job displacement due to AI. 

And for good reason. 


Not only now but historically, concerns about new technologies displacing workers have been overblown. A Harvard paper published in 2013 
predicted that by 2023, almost half of all American jobs would be replaced by AI. Clearly, the calculation has not come to pass. 

That’s because technology is a tool, not a threat. Frequently, implementing AI and technology like it allows humans to do more complex or human-facing jobs that AI can’t do or that people don’t want AI to do. 


AI is a transformative technology that has the potential to revolutionize various industries, from healthcare to finance and beyond. In a free market, competition drives innovation and efficiency, benefiting consumers and businesses. Restricting AI through excessive regulations and government oversight threatens this dynamic.


While the intention behind Biden’s EO on AI may be to ensure responsible development and safe use, the economic consequences could be dire. To maintain America’s leadership in AI and foster economic growth, lawmakers and leaders must avoid overregulation and unnecessary restrictions on this transformative technology. 


Instead, we should encourage innovation, protect intellectual property, and ensure that AI remains a powerful tool for driving economic prosperity and improving the lives of all Americans. 


In the fast-paced world of technology, the last thing we need is government interference that hampers progress.


​Originally published at Econlib.
0 Comments

China: Threatening World Superpower or Struggling Nation? The Truth May Surprise You

11/17/2023

0 Comments

 
Today, I cover:
  • National: New CPI report shows that inflation has moderated but the Fed must do more to cut its balance sheet, why American concern about China may be overblown, and the DOJ's Jonathan Kanter pushes radical antitrust and new findings about the costly Green Energy Agenda.

  • States: Texas continues its fourth special session of the year with Universal School Choice in limbo, and a new report from the Tax Foundation reveals which states are thriving and others that have plummeted in business tax climate rankings
  • Other: A recap of my recent episode with President of the National Taxpayers Union Pete Sepp, sneak peek of an upcoming episode with President of the Libertarian Christian Institute Dr. Norman Horn, and reflections from my 42nd birthday last week about letting people prosper.

    Full show notes here. 
0 Comments

GINN AND STANSEL: Does Economic Freedom Matter In States?

11/16/2023

0 Comments

 
Picture
New Hampshire has displaced Florida as the most economically free state, according to the Fraser Institute’s new Economic Freedom of North America report. The findings demonstrate that, while size and location account for some of a state’s success, free-market friendliness is everything. 

This annual report, now in its nineteenth edition (one of us is its lead author), offers a comprehensive analysis of economic freedom using 2021 data (the most recent available). The report defines economic freedom as “the ability of individuals to act in the economic sphere free of undue restrictions.” 

The top five states in the report are what one might expect. Unsurprisingly, these top five states tend to spend less, do not have a personal income tax, and have reasonable labor market regulations. 

New Hampshire improved its economic freedom score from 7.92 to 7.96 to retake the top spot after losing it in the prior year. Florida fell from the top as it dropped from 7.97 to 7.80. Tennessee declined from 7.85 to 7.73 for third place. Texas inched down from 7.67 to 7.64, and South Dakota fell from 7.73 to 7.59. 


Conversely, the least economically free states were New York (4.09), California (4.27), Vermont (4.27), Oregon (4.56), and Hawaii (4.58), all of which lost ground since the last report. Each state has some of the highest rates of taxation and government spending, as well as stringent labor market regulations. 


In the freest quartile of states, the population grew on average by one percent in 2022, compared to a 0.1 percent decline in the least free quartile. Americans are voting with their feet in favor of economic freedom, fueling the flood of California and New York refugees pouring into Texas and Florida.

Furthermore, hundreds of research papers have used the index, almost universally finding that more economic freedom correlates with positive outcomes such as higher incomes, faster income growth, lower unemployment, and more entrepreneurial activity.


Bluntly, states with less government spending, lower taxes, and less burdensome labor market regulations have more opportunities for people to flourish. 


While the report has many compelling findings, two states stand out: New Hampshire and South Dakota.

New Hampshire has embarked on a journey of economic liberation in recent years. In 
2021, the state had significantly reduced taxes and had begun its ongoing quest to abolish interest and dividends taxes, a huge step toward reducing the tax burden. While the state’s taxes are already relatively low, they continue to decline. 

New Hampshire does not have a state minimum wage, reducing labor market regulations allowing wages to be market-determined instead of government-mandated. This helps attract 
young people and others with less experience, training, or education. As a result, household incomes in the Granite State are among the highest in America. Consistently, states with low minimum wages draw more people than average, while states with high minimum wages — California, New York, Illinois — are experiencing out-migration. 

Not only businesses, but also parents and students in New Hampshire have seen their freedom expand through school choice, which will help improve economic outcomes. In its commitment to providing school choice for all, the state has implemented education freedom accounts. These accounts empower parents to make educational choices that best suit their children’s needs while promoting a competitive schooling landscape that benefits teachers and students.

South Dakota, too, has made remarkable strides in economic freedom, which became particularly evident during the challenging times of the COVID-19 pandemic. In 
2021, the state was an exemplar of resilience and recovery, boasting the lowest unemployment rate in the country after the pandemic hit. Its output recovered pre-pandemic levels before any other state, with its real GDP growing by nearly five percent. 

Fortunately, the state never issued stay-at-home orders or mask mandates. Instead, state leadership allowed individuals to make decisions concerning personal health and safety, a common theme that has assisted the state’s flourishing. 


One key factor contributing to South Dakota’s economic success is its unique 
tax policies. The state is a rare tax haven with no corporate or personal income taxes and no durational limits on trusts. By allowing families to hold wealth indefinitely within trusts, and letting earners keep more of their hard-won incomes, South Dakota has remained a top spot for entrepreneurs. 

This tax-friendly environment in South Dakota reaffirms a fundamental economic principle: spending and taxes influence individual choices. As evidenced by the state’s success, people gravitate toward regions with lower tax burdens and more favorable financial policies.


The success stories of New Hampshire and South Dakota underscore the power of economic freedom in fostering human flourishing. In a society where consumers are free to choose, businesses must continually improve the quality and affordability of their products and services. This dynamic situation fuels increased productivity and benefits everyone in the economy.


Economic freedom isn’t just about lower taxes. It encompasses a broader spectrum of policies that allow individuals to make decisions about their lives, finances, and education. It’s about governments empowering people with opportunities rather than restricting or directing activity. 


By following New Hampshire and South Dakota’s lead, other states can unleash the power of economic freedom to boost investment, create jobs, improve human flourishing, and make their regions more competitive and attractive places to live.

In a world where economic challenges are ever-present, these states serve as beacons of hope, proving that less government spending, lower taxes, and reduced labor market regulations can pave the way to a brighter economic future, full of greater opportunity for all.

Originally published at Daily Caller. 
0 Comments

Even Rockstars Can Make A Difference: Story of My Journey

11/14/2023

1 Comment

 
There’s much to every person’s journey. Mine has many cycles that made me the man I am today. The video above and the document below tells my story of a key cycle that highlights a peak, trough, and subsequent peak on the anniversary of this life-changing event. I've included pictures throughout that will hopefully give you a good perspective. 

Moral of the story: Even “rockstars” can make a difference! #LetPeopleProsper
1 Comment
<<Previous
Forward>>

    Vance Ginn, Ph.D.
    ​@LetPeopleProsper

    Vance Ginn, Ph.D., works to let people prosper.

    Follow him on X: @vanceginn

    View my profile on LinkedIn

    Archives

    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    January 2015
    November 2013
    September 2013
    May 2013
    February 2013
    August 2012
    July 2012
    January 2012
    May 2011
    April 2011

    Categories

    All
    Antitrust
    Biden
    Book Reviews
    Budgets
    Capitalism
    Carbon Tax
    Commentary
    Congress
    COVID
    Debt
    Economic Freedom
    Economic Prosperity
    Economy
    Education
    Energy Markets
    Fed
    Freedom Conservatism
    Free Trade
    Ginn Economic Brief
    Healthcare
    Housing
    Immigration
    Inflation
    Interview
    Jobs Report
    Let People Prosper
    Licensing
    Louisiana
    Margin Tax
    Medicaid
    Minimum Wage
    News
    Occupational Licensing
    Opportunity Project
    Pensions
    Podcast
    Poverty
    Property Taxes
    RAB
    Regulation
    Research
    Rules
    School Choice
    Socialism
    Social Media
    Spending Limits
    Taxes
    Tax Foundation
    Technology
    Testimony
    Texas
    This Week's Economy
    Transparency
    Video
    White House

    RSS Feed

Proudly powered by Weebly