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Past Events

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The Kids are Not Alright: How Government Causes Youth Unemployment

Dr. Scott Beaulier - Executive Director, Manuel H. Johnson Center for Political Economy and Adams-Bibby Chair of Free Enterprise, Troy University

Picture of Scott Beaulier
The Free Market Institute hosted a public lecture presented by Dr. Scott Beaulier, who addressed the topic of youth unemployment in the United States. Dr. Beaulier introduced his remarks by asking whether the milennial generation is indeed, a "lost generation," as many scholars and public commentators contend and discussing the worldwide problem of youth unemployment. He explored the hypothesis that milennials are different than previous generations from a professional development perspective, particularly with regard to their experience and engagement with the development of technology. Dr. Beaulier challenged the assertion that milennials are fundamentally different and, instead, offered an alternative hypothesis that labor market and macroeconomic policies have contributed to the slow recovery and uncertainty that characterize the economic outlook in the United States and other developed countries since the onset of the Great Recession in late 2007. He presented several figues that demonstrate the fundamental differences in the most recent recovery from previous periods of recession in the United States. Dr. Beaulier's remarks also addressed the role that particular labor market policies, such as the minimum wage, play in driving higher unemployment among young people, especially minority youths. He concluded that government fiscal and monetary policy designed to combat the Great Recession, coupled with policy governing labor markets and the provision of healthcare since the passage of the Affordable Care Act have limited the ability of entrepreneurs to create opportunities youth employment and wealth creation more generally.

What Can the United States Learn from Europe? A Panel Discussion

A Free Market Road Show Event Co-Sponsored by the Austrian Economics Center (Vienna, Austria) and Liberty Fund, Inc.

Picture of Dr. Barbara KolmPicture of Dr. Enrico ColombattoDr. Barbara Kolm - Director, Austrian Economic Center and President, Friedrich A. v. Hayek Institut

Dr. Enrico Colombatto - Professor of Economics, University of Turin

Picture of Dr. John Charalambakis
Dr. John Charalambakis
- Chief Economist, BlackSummit Financial Group, Inc.

The Free Market Institute co-sponsored a panel discussion focused on the European economic and political experience following the onset of the international financial and economic downturn. Each speaker addressed different aspects and what caused the crisis and the role that government fiscal, monetary and regulatory policies have played in prolonging - and, in some cases, worsening - economic conditions throughout the European Union and in countries on the periphery of the European Union.

Dr. Barbara Kolm discussed the impact of labor laws and regulations on unemployment among the general working population and, in particular, young men and women in European countries. Dr. Kolm's remarks focused on minimum wage laws, labor market inflexibility and other regulatory policies that make it difficult to hire and fire workers. Dr. Enrico Colombatto discussed the broader regulatory environment with a particular focus on how the consistent stream of regulatons coming out of Brussels impacts incentives for the creation and expansion of small and medium-sized businesses throughout the European Union. Dr. John Charalambakis discussed the role that fiscal and monetary policies played in precipitating the events that occurred in Greece and Cyprus that caused the initial downturn that eventually spread to other parts of Europe. Following the formal remarks, the panelists addressed questions from the audience and attempted to shed light on any lessons that U.S. policymakers can learn from the European experience.

Do We Still Have a Constitution?

Judge Andrew P. Napolitano - FOX News Senior Judicial Analyst

Picture of Judge Andrew P. NapolitanoThe Free Market Institute hosted a public lecture with Judge Andrew P. Napolitano, who is FOX News Senior Judicial Analyst. The event drew nearly 700 attendees from both the university and local communities to the Allen Theatre in the Student Union Building of Texas Tech University. Judge Napolitano remarks addressed the role of the United States Constitution in preserving and upholding individual liberty and economic freedom in America. Judge Napolitano also drew on his vast experience and knowledge of constitutional law to relate how throughout American history, the federal government, in concert with the judicial system, has actively undermined the original intent of the Constitution and ultimately usurped the individual liberties that the document was intended to uphold and protect.


Don't Hurt People and Don't Take Their Stuff

Matt Kibbe - President and CEO, FreedomWorks

Picture of Matt Kibbe
The Free Market Institute hosted a public lecture with Mr. Matt Kibbe, who is President and CEO of FreedomWorks. Mr. Kibbe's presentation was based on his most recent book Don't Hurt People and Don't Take Their Stuff: A Libertarian Manifesto. Matt spoke about the evolution of his thinking about political and economic issues and placed his experience in the context of a variety of views about the ideal role of government in a free society. Citing several "rules" that form the basis of his book, Matt outlined his framework for evaluating the justice and efficacy of various government policies, while recommending alternatives to the current status quo that are more supportive of individual liberty and economic freedom.


Debate on Immigration Policy

Question: Should the United States Significantly Liberalize Immigration Policy?

Picture of Bryan CaplanPicture of Herbert London
Dr. Bryan Caplan, Professor of Economics, George Mason University

Dr. Herbert London, President, London Center for Policy Research

The Free Market Institute and the Institute for the Study of Western Civilization co-hosted a public debate about the desirability of significantly liberalizing immigration policy in the United States.  Unfortunately, due to an illness, Dr. Herbert London was unable to participate in the debate with Dr. Caplan.  Dr. Steve Balch, Director of the Institute for the Study of Western Civilization, offered Dr. London's prepared remarks on his behalf and responded to Dr. Caplan's arguments on his own behalf.  Dr. Caplan presented a radical case for open borders, offering both a moral and empirical argument for why the United States ought to seriously pursue an open borders policy.  Dr. London's remarks and Dr. Balch's response offered a cautious and measured approach to the possibility of expanding immigration, citing the potential for negative political, cultural and broader social consequences that an open borders policy could create.


Rethinking Housing Bubbles: Recessions Since 1929

Dr. Vernon L. Smith - George L. Argyros Endowed Chair in Finance and Economics, Chapman University

2002 Recipient of the Nobel Memorial Prize in Economic Sciences

Picture of Dr. Vernon L. Smith

The Free Market Institute and the Jerry S. Rawls College of Business Administration co-hosted a public lecture with Dr. Vernon L. Smith, who is the 2002 co-recipient of the Nobel Memorial Prize in Economic Sciences "for having established laboratory experiments as a tool in empirical analysis, especially in the study of alternative market mechanisms."  Dr. Smith's presentation was based on his research in experimental economics on asset bubbes and empirical research for his co-authored volume (with Steven Gjerstad), Rethinking Housing Bubbles: The Role of Household and Bank Balance Sheets in Modeling Economic Cycles (Cambridge University Press).  Dr. Smith argued that the empirical evidence demonstrates that - with relatively few exceptions - household and bank balance sheet crises, driven by speculative bubbles in housing finance and construction industries, have been the primary drivers of the business cycle in the United States from the Great Depression through the Great Recession of 2007-2008.  Dr. Smith provided historical examples - from the United States and other countries - of how activist monetary and fiscal policy and adherence to the notion of "too big too fail" have exacerbated problems associated with household and bank balance sheet crises.

Liberty Applied: Current Events and Controversies

A Weekend Seminar Presented by Free Market Institute (Texas Tech University) and Institute for Humane Studies at George Mason University

The Free Market Institute (FMI) and the Institute for Humane Studies (IHS) co-hosted an On-Campus Education program, Liberty Applied: Current Events and Controversies.  IHS On-Campus Education programs examine the historical, economic and philosophical foundations of a free society and how these principles apply to contemporary issues.  The program brings together undergraduates and recent graduates for an introduction to classical liberal ideas through an informative and enjoyable collection of lectures, discussions and evening socials.

Prison Gangs and Governance: Order in the Criminal Underworld

Dr. David B. Skarbek - Lecturer in Political Economy, King's College London

Picture of Dr. David SkarbekThe Free Market Institute hosted Dr. David Skarbek to discuss his research addressing the history, function and purpose of prison gangs in the United States penal system.  His research explains why prison gangs did not emerge as a regular part of the penal system until the second half of the 20th century.  Prior to the emergence of prison gangs, informal reputational norms provided the dominant form of governance among prisoners.  As inmate populations increased dramatically in the second half of the 20th century, prison gangs emerged as the primary form of governance in state prisons in California.  Prison gangs primarily provide security in instances where formal protection is inadequate and decrease transaction costs for illicit exchange.  Dr. Skarbek drew on research related to rational choice theory and new institutional economics to make a compelling case that prison gangs, while extralegal and having to rely on violence as an enforcement mechanism, produce positive benefits for members and have been instrumental in lowering overall levels of violence and producing sustained order in the penal system.  Dr. Skarbek's research has broader implications for scholars seeking to understand how individuals in situations where they lack freedom, resources and effective political rights can nevertheless organize to overcome these difficulties and gain benefits from coordinated cooperation.

It's a Small World After All: Globalization, Interconnectedness, and the Wealth of Nations

Dr. Andrew T. Young - Associate Professor of Economics and BB&T Scholar, West Virginia University

Picture of Dr. Andrew T. Young
The Free Market Institute hosted Dr. Andrew Young to discuss his ongoing research efforts that examine the impact of increased worldwide internet access on comparative institutional quality.  Dr. Young cited research that demonstrates the impact that institutional quality has in producing beneficial economic outcomes related to income and a host of other indicators of wealth.  The vast increase in worldwide internet access over the last 15-20 years has largely been driven by vast increases in wealth that are the result of general improvements in institutional quality that promote greater economic freedom.  The emergence of the internet as a widely-used communications medium has fundamentally changed the quantity and quality of information that individuals access about the quality of life in other places throughout the world. This increase in the availability of information has dramatically expanded the potential for institutional spillovers to develop.  Additionally, individuals are hardwired to express empathy in response to their observance of hardship in other places.  In wealthy countries, the propensity for empathy can create demands for deliberate political efforts to alleviate those hardships, such as through the provision of foreign aid programs.  Demands for increased foreign aid create a paradox in developing nations where the well-intentioned efforts of wealthier nations actually serve to retard the process of institutional change that produces economic development.  In effect, increased worlwide internet access is a consequence of growing wealth that results from improvements in instutional quality.  However, the enhanced ability to understand the plight of indviduals in developing nations can create demands for developed nations to institute policies that slow the wealth-generating process in developing areas of the world.

The Role of Government in a Free Society

Dr. Walter E. Williams - John M. Olin Distinguished Professor of Economics, George Mason University

Picture of Dr. Walter E. WilliamsThe Free Market Institute and the Office of the Chancellor of the Texas Tech University System hosted world-famous economist and nationally syndicated columnist, Dr. Walter E. Williams.  The event drew over 800 attendees from the Texas Tech University and broader Lubbock communities.  Dr. Williams discussed the ideal role of government in a free society in light of constitutional principles, the major writings and statements of the Founding Fathers and current trends in political economy.  Dr. Williams highlighted the net benefits provided by institutional rules that safeguard the integrity of contracts and justly acquired private property, promote voluntary exchange in the marketplace, provide for relatively free trade both domestically and internationally and ensure a limited scope for regulatory restrictions and redistribution of wealth by political authorities.

Debate on The Future of the Western Welfare State

Picture of Michael D. TannerPicture of Dr. Peter H. LindertMichael D. Tanner - Senior Fellow, Cato Institute

Dr. Peter H. Lindert - Distinguished Professor of Economics, University of California at Davis


The Institute for the Study of Western Civilization and the Free Market Institute at Texas Tech University co-hosted a debate about the future economic feasibility and sustainability of the modern western welfare state.  Michael Tanner argued that massive unfunded liabilities driven by demographic changes will mitigate against any possible economic feasibility of US government social spending programs in the long run.  Dr. Peter H. Lindert recognized the significance of demographic changes as drivers of the long-run cost of government social spending programs.  However, if properly defined and modified to cope with the problems of demographic change, wealthy western states will be able to indefinitely afford and provide government social spending programs.  Both participants recognized a fundamental need for structural changes of social spending programs, but disagreed on the long-term economic feasibility of such programs.


The Church and the Market: A Catholic Defense of the Free Market

Dr. Thomas E. Woods, Jr. - Senior Fellow, Ludwig von Mises Institute and Host, The Tom Woods Show

Picture of Dr. Thomas E. Woods, Jr.
The Texas Tech Catholic Students Association, the Free Market Institute and the Leadership Institute hosted New York Times bestselling author, Dr. Thomas, E. Woods for a lecture discussing fundamental economic principles and their consistency with the tenets of Catholic Social Teaching. Dr. Woods cited several examples of papal declarations on issues related to economic issues and social justice. In each case, he carefully explained the issue at hand and whether the official Church perspective comported with economic logic and evidence from historical experience. In some cases, the moral imperatives laid out for Catholics in these papal declarations bolstered institutions that create lasting and wide-shared prosperity. In other cases, they have flown in the face of economic logic and, in the long run, have undermined the concern for material and spiritual improvement in the lives of the poor. Dr. Woods laid out a case for recognizing and promoting the moral imperative of "the preferential option for the poor" as being manifest in the institutions of private property, the rule of law and the market economy.

The Invisible Hook: The Hidden Economics of Pirates

Dr. Peter Leeson - Professor of Economics and BB&T Professor for the Study of Capitalism, George Mason University

Picture of Dr. Peter T. Leeson
The Free Market Institute and the Department of Political Science at Texas Tech University hosted Dr. Peter T. Leeson for a lecture discussing his research on the law and economics of early eighteenth century piracy.  The lecture focused primarily on material from his book, The Invisible Hook: The Hidden Economics of Pirates (Princeton University Press, 2009).  Dr. Leeson highlighted the establishment of radical democratic constitutions as the primary form of governance aboard pirate ships.  He also discussed various economic propositions and theories including rational choice theory, the principal-agent problem, the theory of signaling and credible commitments in the context of pirate curiosities such as the use of "pirate codes," the "jolly roger" and pirate torture.  Dr. Leeson's conclusions indicate that pirates practices, while criminal and violent, were not the product of an irrational pursuit of violence and crime for its own sake.  Rather, pirate customs and law were a rational, profit-motivated response to prevailing economic conditions aimed at maximizing booty and, in some ways, these practices predated and influenced the evolution of similar institutions under democracy as administered by the nation state.

The Rise and Decline of Economic Freedom in the United States

Dr. Robert A. Lawson - Jerome M. Fullinwider Centennial Chair in Economic Freedom, O'Neil Center for Global Markets and Freedom, Southern Methodist University

Picture of Dr. Robert A. Lawson
The Free Market Institute officially launched in early March with a public lecture by Dr. Robert A. Lawson.  Dr. Lawson is co-author of the widely-cited Economic Freedom of the World Annual Report (Fraser Institute), which produces an index of economic freedom for over 140 countries.  Dr. Lawson's lecture provided a brief overview of the history and methodology of Economic Freedom of the World Annual Report.  The lecture focused particularly on the recent decline of the United States' rankings in the index with connections to recent and ongoing public policy issues.  Dr. Benjamin Powell, Director of the Free Market Institute, offered introductory remarks about the Economic Freedom Project and the mission and vision of the Free Market Institute at Texas Tech University.



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