For about 20 years, Ray Keating wrote a weekly column - a short time with the New York City Tribune, more than 11 years with Newsday, another seven years with Long Island Business News, plus another year-and-a-half with RealClearMarkets.com. As an economist, Keating also pens an assortment of analyses each week. With the Keating Files, he decided to expand his efforts with regular commentary touching on a broad range of issues, written by himself and an assortment of talented contributors and columnists. So, here goes...

Friday, December 31, 2021

A 2022 New Year’s Resolution for America: Less Politics

 by Ray Keating

The Keating Files – December 31, 2021

 

Here’s a suggestion: Americans need to come together to make a joint New Year’s Resolution. What should that resolution be? Less politics in 2022 – a lot less.



Nearly everything touched by politics gets corrupted. It’s not really a question of “if” but only of “when.” That is, how long will it take for the corruption to become manifest? Make no mistake, the ills of politics long have been spreading throughout our society, undermining institutions, and making daily life far less joyful. But the descent seems to have accelerated in recent years, with fewer Americans recognizing the corruption.

 

To paraphrase William F. Buckley, Jr.’s declaration in 1955 that his new magazine, National Review, “stands athwart history yelling stop,” it’s time in 2022, to stand athwart politics yelling stop.

 

And it must be understood that “politics” and “government” cannot be separated in any coherent manner. Politics merely is the control over government, the exercise of authority, or the art, if you will, of governing. Quite frankly, more government means more politics.

 

Of course, history is laden with warnings about politics and politicians. The psalmist had good reason to exhort: “Put not your trust in princes…” (Psalm 146:3) And in Common Sense (1776), Thomas Paine bluntly declared: “Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one.”

 

James Madison, often referred to as the Father of the U.S. Constitution, noted: 

 

“If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controls on government would be necessary. In framing a government which is to be administered by men over men, the great difficulty is this: You must first enable the government to control the governed; and in the next place, oblige it to control itself. A dependence on the people is, no doubt, the primary control on the government; but experience has taught mankind the necessity of auxiliary precautions.” 

 

Madison very much understood the need for checks and balances in government given his concerns regarding the abuse of power.

 

None of this should be news to Americans, but it seems to be for many these days.

 

The political Left long has been at the forefront politicizing society. After all, the Left views government action not only as a cure-all for any and all real or perceived ills in life, but politics as the path to progress and improvement. Hence, the label “progressives.” So, to say the least, the Left has not been on board with Psalm 146, with Thomas Paine’s take on government, nor quite frankly, with Madison and much of the Constitution. On that last point, if doubted, understand that the predominate view of constitutional interpretation on the Left is judicial activism, which amounts to the Constitution saying whatever at least five members of the U.S. Supreme Court say it says, never mind what is actually written in the document itself.

 

However, new to this particular march of politicization have been many on the Right. Though they usually call themselves conservatives, those now embracing the expansion of politics, and therefore government, rank as populists, who also are supported or fueled by political panderers and opportunists. Like those on the Left, these populists see themselves as victims. It’s about being a victim of political enemies; big business, especially “Big Tech”; immigrants; international trade; and of course, elites. The list goes on.

 

So, the primary thrust of our politics these days is between progressives and populists each seeking to use government. The agendas differ (though not always), but the goal stands the same, i.e., seize and use the power of government. This has led to an intensely divisive political battle being engaged far beyond the typical realms of politics.

 

The Christian Church

 

Christianity, for example, has been anything but immune. The Left long has been playing politics within the Church. Mainline Protestant churches and parts of the Catholic Church have been in the business of tossing aside the truths of Holy Scripture – to varying degrees from the Ten Commandments to Jesus’ incarnation, death and atonement for the sins of all, and resurrection – in favor of taking up assorted political causes in the name of the Church. Political activism by many leaders in the Church not only takes place in areas where Christians have the freedom to disagree, such as where Scripture is silent, but even where Scripture points in the opposite direction.

 

More traditional or conservative Christian churches and movements have pushed back against such efforts for decades. But now, large swathes of evangelicals and “conservative” Christians have moved beyond a defense of more traditional Christianity to an ends-justify-the-means politicization. That has included, for example, a see-no-evil, character-does-not-matter embrace of President Donald Trump because he was perceived as being “on our side” on various issues, like abortion, but interestingly not on marriage.

 

Perhaps even more troubling, however, is how a Trumpian divisiveness has reached into the Church to create a scenario whereby Christians, including assorted clergy, view their political opponents as evil and unreachable. That flies in the face of what Jesus teaches. In fact, some movements within Christianity argue for a general retreat from society itself due to assorted political and cultural developments – a turn inward. You know, let’s just preach to the choir. Again, that’s not what Jesus calls for, and it flies in the face of the Great Commission: “Go therefore and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching them to observe all that I have commanded you. And behold, I am with you always, to the end of the age.” (Matthew 28:19-20)

 

These developments are about politics trumping God’s Word. They are about greater confidence in politics than in the Church and its mission. They are about the corrupting nature of politics. And we see it flourishing now among both the Left and Right within the Church.

 

The list continues.

 

Economics or Politics?

 

My own profession overflows with examples of politics corrupting the economics discipline. While considerable disagreement exists among economic schools of thought on an array of issues, how much of that disagreement springs from various economists ignoring fundamental laws of economics due to their own political preferences? 

 

The temptation to dress up political preferences in the garb of economics has been around a long time, especially given how economics and economists get tied to policy analyses and proposals. Arguably, the door was blown open to politics being dressed up as economics when John Maynard Keynes in the 1930s justified massive government action to juice up aggregate demand and the economy. From that point forward, it has been increasingly easy to find economists willing to slap some economics makeup on almost any governmental action. Today, that goes for government spending being an engine of economic growth to justifying protectionist trade policies to advocating for increases in a government-mandated minimum wage to ignoring any possible negatives of raising costs on entrepreneurs, businesses and investors to asserting that immigrants are negatives for the economy. None of this makes economic sense; instead, it’s about the politics of various economists.

 

The corruption of politics is clear.

 

Sports and Politics

 

How about sports? Sure. We’ve seen where a handful of players use their spots as professional athletes to advance political causes. Politicians react, especially in hopes of fueling anger and action among their respective bases. Matters escalate far beyond the simple reality that a few athletes in a particular league have taken a controversial, usually shallow, stand. Sports become politicized. Interestingly, though, with sports, politics tend to be short-lived rather than something more substantive. Causes come and go, as do the reactions. People declare that they’ll never watch a game again because some players disagree with them on this or that political point. But not long after, everyone is gathered back around the television wearing their jerseys. 

 

But another political storm no doubt will emerge, or be manufactured, and divisions will again be accentuated.

 

The Politics of Business?

 

How about business? At one time, American businesses were studiously nonpolitical. After all, why wade into politics and potentially aggravate half of your customers? Of course, there are cases where politicians seek to impose additional burdens on businesses, and it would be irresponsible for companies not to make clear their positions on such matters. But the pressure and willingness to get political beyond those situations have been ramped up in recent times.

 

Many business executives are stuck wondering which issues are actual trends in the marketplace, and which are stirred up by politicians and activists. Other executives seem to lack a fundamental understanding of the role of profits in a business, as well as in the marketplace in terms of allocating resources, and have embraced political causes as guides for running companies. Eventually, though, businesses that make decisions that run counter to what consumers want and need will be punished in the marketplace.

 

There’s more, of course, including in education, in “Hollywood,” in publishing, in news reporting, etc. Heck, largely via political manipulation, we’ve even managed to politicize getting vaccinated to save lives and limit the spread of a pandemic. The list is rather exhausting.

 

Populists, Progressives and No Real Surprises

 

The populist Right seems to be a strange mix of a harsh libertarianism with extreme distrust of everything government is involved in, including running elections; a politically-focused chunk of evangelicalism that seems more Republican than Christian; a paranoia regarding technology, large businesses, immigrants and the international economy; an isolationism regarding foreign policy; and yet, an authoritarian streak if their people (like Donald Trump) were running the government. 

 

This contrasts with a progessive Left that is no longer shy about brandishing its ignorance of economics, its unwavering love of government, and its willingness to call for adopting socialism (though it’s not clear that many of these pro-socialists actually know what socialism is, and the same goes for many of today’s critics of these efforts). These progressives certainly see no ills in imposing higher taxes and increased regulations, but instead view these as minor, preliminary matters in their larger plans. They share with the populists a penchant for isolationism on most international matters, such as trade and U.S. global leadership, that is, unless an international effort advances the Left’s secular religion of environmentalism. For good measure, the Left’s social agenda no longer allows for mere disagreement, discussion or even civil argument with others, but instead, it is a matter of punishing those who fail to get on board. The temptations of Stalinism are never completely lost on the Left.

 

So, in this era where one major political party is immersed in a radical progressivism and the other in a radical populism, no one should be surprised by the spread of politics and divisiveness across society. We can be saddened by it, distressed by it, and worried about where the U.S. might be headed, but being surprised is no longer in the cards. In a real and tragic sense, we have caught up to the descent that’s been going on in parts of Europe for some time now, that is, a rampaging progressivism on the Left and a dark populism on the Right.

 

Another Option?

 

What to do? Is there another option? Yes. Traditional, or American, conservatism offers insights. That is, the conservatism with roots in the American founding, and made clear in much of the thinking and actions of assorted individuals like Abraham Lincoln, Calvin Coolidge, Jack Kemp, William F. Buckley, Jr., George Will, and Ronald Reagan.

 

Regarding politics and its proper role as they relate to this time and topic, the conservative would say that men and women have a right to be free from arbitrary force; that political freedom cannot be separated from economic freedom; and that the purpose of government is to protect freedom by protecting life, limb and property, providing for a national defense, and administering justice. This limited view of government naturally points to a limited view of politics. As conservative historian Lee Edwards put it: “The conservative looks upon politics as the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order.” 

 

Yes, this description leaves plenty of room for diverse views, disagreement and debate. It always has. But in today’s politics, both Left and Right, Democrats and Republicans, seem to stand against or in ignorance of these basic tenets. And given that Democrats never claimed to be conservatives, this ignorance or opposition is a far more egregious offense for Republicans and others who label themselves as being “conservative.”

 

Think about this traditional view of politics, and compare it to our current affairs, and to both the Democratic and Republican parties. Again, it’s deeply troubling. But is all lost?

 

No. From the traditional Christian to the traditional conservative (for which, by the way, there is a great deal of overlap, with Judeo-Christian values serving as part of the foundation of conservativism – but alas that is a subject to delve more deeply into on another day), while serious reasons for worry exist, this does not, or should not, translate into a loss of confidence in truths and principles. But it does mean that hard work lies ahead in order to teach, persuade and correct, and treat civilly, not denigrate and name call, those with whom we disagree.

 

I think of my favorite quote, which I reference often, from President Reagan: “We’ve made much progress already. So, let us go forth with good cheer and stout hearts – happy warriors out to seize back a country and a world to freedom.”

 

And yes, this all can start with a New Year’s Resolution for less politics in 2022. It’s a conservative resolution that perhaps many Americans, who are sick of the spreading corruption of politics, now stand open to considering and perhaps adopting.

 

_________

 

Ray Keating is a columnist, novelist, economist, podcaster and entrepreneur. The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

Keating writes the Pastor Stephen Grant thrillers and mysteries. Vatican Shadows: A Pastor Stephen Grant Novel is the 13th book in the series, followed by Past Lives: A Pastor Stephen Grant Short Story and What’s Lost? A Pastor Stephen Grant Short StorySigned books are available at www.RayKeatingOnline.com.

 

Some of Keating’s best columns and essays are available in Behind Enemy Lines: Conservative Communiques from Left-Wing New YorkAnd his other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know. Again, signed books at www.RayKeatingOnline.com.

 

In addition, get organized in 2022 with either of Ray Keating’s TO DO List Solution Planners – The Lutheran Planner 2022 or The Disney Planner 2022.

 

Also, check out Ray’s podcasts – the Daily Dose of DisneyFree Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

 

Check out Ray Keating’s Disney news and entertainment site at www.DisneyBizJournal.com.

What's the Supply Chain Anyway?


Free Enterprise in Three Minutes with Ray Keating – Episode #132: What’s the Supply Chain Anyway? – Ray Keating provides some supply chain basics, including that there in fact is a vast number of supply chains for particular industries and businesses. Listen here!


Thursday, December 16, 2021

What Did Jesus Actually Say about Economics and Justice?


PRESS CLUB C Podcast with Ray Keating – Episode #72: What Did Jesus Say about Economics and Justice? – Ray gets to talk to Jerry Bowyer about his fascinating book The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. Looking at the economy of the times, Bowyer engrosses and enlightens. Tune in here!

Wednesday, December 8, 2021

Reviewers Bestow Accolades on the Pastor Stephen Grant Thrillers & Mysteries! A Unique Series Featuring a Former Navy SEAL, Onetime CIA Operative and Now a Lutheran Pastor


Kirkus Reviews has called Ray Keating’s Pastor Stephen Grant “an engaging and multifaceted character” and “a consistently entertaining hero.” Lutheran Book Review says, “I miss Tom Clancy. Keating fills that void for me.” The retired host of KFUO radio’s BookTalk declares, “Ray Keating is a great novelist.” David Keene of The Washington Times calls these novels “great reads.”  Another reviewer observes, “How I'd love to see Pastor Grant on Netflix!” 

 

And BookSeriesinOrder.com declares, “Many noteworthy critics have given rave reviews to books of the series and have applauded the efforts of author Ray Keating in coming up with such an exciting series and unique character. Ray Keating has also received praise from his fellow writers for his mind-blowing work in the series. The first book of the series has succeeded in making it to the top 10 self-published books of the year by the World magazine. Other novels also followed and achieved great success. The worldwide success of this series helped Ray Keating in establishing himself in the ranks of the noteworthy authors of the spy thriller/espionage genre.”

 

And in an article titled “If James Bond Became a Pastor,” author and columnist Gene Veith notes, “Mr. Keating knows how to tell an exciting story. And these books, like the James Bond novels, are ridiculously entertaining. As for larger themes, there is vocation, of course. I see these books as honoring the pastoral ministry. Because in real life, pastors are heroes engaged in saving the world.”

 

Finally, in a 5-star Amazon review: “I've had the pleasure of reading four of the Pastor Stephen Grant novels, with others on my nightstand waiting to be read. I've thoroughly enjoyed reading each of these books thus far, with The River being my absolute favorite as of this writing. But I would be remiss if I did not give props to Warrior Monk, the first book in the series. Honestly, I was intrigued by the basic concept. A CIA operative turned Lutheran pastor finding himself being pulled back to his old skills seems to blend the James Bond thrillers with the Father Brown stories penned by G K Chesterton. Keating combines interesting theological concepts with action and personal interest, all the while taking the time to engage the reader with current events filtered through a Christian perspective. These elements come together to create a pitch-perfect novel, and as a fledgling author myself, I am envious that I hadn't written it first.” 

 

15 page-turners and counting…


Friday, October 29, 2021

“The Lutheran Planner 2022: The TO DO List Solution” Helps With Getting Organized, While Keeping Proper Perspective

 Daily Reflections from Holy Scripture and Christian Thinkers Provide Encouragement, Inspiration and Consolation from the Christian Faith

We all need to get things done each day, and plan our coming week, month or year. At the same time, each of us needs to keep such matters in proper perspective. The Lutheran Planner 2022: The To Do List Solution is meant to be a tool in this ongoing endeavor. And, no, you don't have to be a Lutheran to use this planner!

 


Get organized and set goals using Ray Keating’s TO DO List Solution, while enjoying and reflecting upon quotes from Holy Scripture, Church fathers, and other Christian thinkers. In addition, feasts, festivals and commemorations throughout the Church year are marked.

 

The Lutheran Planner 2022: The To Do List Solution combines a simple, powerful system for getting things done – using monthly, weekly and daily to-do lists – with encouragement, inspiration and consolation from the Christian faith. 

 

The Lutheran Planner 2022: The To Do List Solution comes with a handy spiral binding for easy use, and is available at https://raykeatingonline.com/products/lutheranplanner2022.

 

Ray Keating, who also is the author of the Pastor Stephen Grant thrillers and mysteries, explains: “We all seem to be busy these days no matter what happens to be our calling or vocation in life. As a Christian – of the Lutheran variety – I try to stay on track with daily devotional readings and prayer. Unfortunately, I often falter along the way. The various quotes each day in this planner help, giving me pause for further reflection.”

 

Keating adds, “Using ‘The TO DO List Solution’ also provides benefits by requiring reflection on goals; prioritization; being more realistic about time management; and serious thought on how to best get things done.”

 

The Lutheran Planner 2022: The TO DO List Solution is one of two TO DO List Solution 2022 planners from Ray Keating. The other is The Disney Planner 2022: The TO DO List Solution.

 

Review copies, and author interviews and appearances are available upon request. 

 

Contact: Ray Keating

E-mail: raykeating@keatingreports.com

Facebook: @FreeEnterpriseEconomics 

Twitter: @KeatingNovels

RayKeatingOnline.com

Who is Pastor Stephen Grant?

 


PRESS CLUB C Podcast with Ray Keating – Episode #64 (Book Stuff 1): Who is Pastor Stephen Grant? – Ray talks about the main protagonist in his series of Pastor Stephen Grant thrillers and mysteries, that is, Stephen Grant. What’s the deal with a character about which some have said: Think James Bond as your pastor or priest? Tune in here!


Thursday, October 21, 2021

Politics Distorting and Undermining Markets

 by Ray Keating

The Keating Files – October 21, 2021

 

I know this will shock you, but here goes: Politics can fundamentally distort and undermine markets and the economy. 

 

Of course, given that most politicians choose to ignore economics – after all, economic truths and facts can be so inconvenient – no one should be surprised that politicians often act in ways that go against market logic, and therefore, damage or restrain economic growth. Just look at most tax increases.



But what I’m getting at here is how views of an entire sector of our economy can be so distorted by a political agenda that market signals, entrepreneurship, investment and innovation suffer in major ways. This is about politics changing how market players view what they choose to do in the marketplace.

 

Consider the environmental movement. Green politics has become so vocal and ubiquitous that it’s easy to find prices of green stocks being completely disconnected from the actual business, from the realities of future cash flows and earnings – and not just for a brief time. That’s striking. (Think Tesla.)

 

Under normal circumstances, entrepreneurs, businesses and investors work to gain customers and profits by presenting new and improved goods and services to consumers. That is, they’re working to provide something that consumers want or need, products that they currently or will value. Entrepreneurs and businesses compete to add value, to improve the lives, in some way, of customers.

 

But consider, for example, electric cars and renewable energy. Due to politics, these have become market darlings. But what exactly are they presenting, other than lining up with the preferences of a political agenda? Not much. 

 

In fact, bizarrely, it’s easy to make the case that even as these green stocks experience price appreciation, and companies seem to be falling all over each other in announcing various green investments and endeavors, they actually are working to offer products that will make life more difficult and costly for consumers. The full costs of wind and solar power, and of electric cars run far ahead of, for example, energy produced by oil, natural gas and coal, and gas-fueled autos. And that will be the case for the foreseeable future. Why? Politics overriding sound economics.

 

For good measure, a political agenda driven by climate change assumptions, for example, means that industrializing, or developing, nations will have to be compensated by industrialized nations for adopting green energy policies – if not, then the policies in developed nations will be for naught from the environmentalist’s point of view. But the price tag is never spoken of because the costs register at mind-blowing and economy-destroying levels.

 

Whenever politics supplants market freedom, innovation, competition and consumer sovereignty, the results are always negative. But when a political agenda runs as deep as the green movement’s at this moment, an even more troubling kind of market corruption is at work, and if this political agenda takes full hold, the undermining of true innovation and economic growth promises to be grim. Indeed, there’s emerging talk that anti-fossil-fuels politics has already undercut investments in fossil fuels that we need now and for the immediate future, never mind over the long haul. But common sense will be restored … at some point … I hope.

 

_________

 

Ray Keating is a columnist, novelist, economist, podcaster and entrepreneur.  Keating has three new books out. Vatican Shadows: A Pastor Stephen Grant Novel is the 13th thriller/mystery in the Pastor Stephen Grant series. Get the paperback or Kindle edition at Amazon, or signed books at www.raykeatingonline.comPast Lives: A Pastor Stephen Grant Short Story is the 14th book in the series. Get the paperback or Kindle edition at Amazon, or signed book at www.raykeatingonline.comAnd order the 15th book in the series What’s Lost? A Pastor Stephen Grant Short Story.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

You also can order his book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books  at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know

 

One of the best ways to enjoy Ray Keating’s Pastor Stephen Grant thrillers and mysteries is to join the Pastor Stephen Grant Fellowship! For the BEST VALUE, consider the Book of the Month Club.  Check it all out at https://www.patreon.com/pastorstephengrantfellowship

 

Also, check out Ray’s podcasts – the Daily Dose of DisneyFree Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

 

Check out Ray Keating’s Disney news and entertainment site at www.DisneyBizJournal.com.

Saturday, October 16, 2021

Unintended Consequences and Frederic Bastiat

 by Ray Keating

The Keating Files – October 16, 2021

 

The idea of unseen or unintended consequences might appear rather straightforward, but to get people, especially policymakers, to understand or consider what is unseen or unintended often can be a monumental task.



Frederic Bastiat was a leading economic and political thinker in the first half of the 19thcentury. He opened his famous essay “What Is Seen and What Is Not Seen” this way:

 

In the economic sphere an action, a habit, an institution, or a law engenders not just one effect but a series of effects. Of these effects only the first is immediate; it is revealed simultaneously with its cause; it is seen. The other merely occur successively; they are not seen; we are lucky if we foresee them.

The entire difference between a bad and a good economist is apparent here. A bad relies on the visible effect, while the good one takes account both of the effect one can see and of those one must foresee.

 

In day-to-day economics, Bastiat’s point is untidy in terms of nailing down numbers and estimates, but that makes it no less real nor does it mean that it lacks importance. Indeed, quite the contrary. Economists can wind up spending a great deal of time explaining the full effects of various actions, especially those effects not intended or of a first order, and especially on the public policy front. 

 

In fact, as economist David Henderson noted in The Concise Encyclopedia of Economics: Among other issues, Bastiat “emphasized the unintended consequences of government policy (he called them the ‘unseen’ consequences). Friedrich Hayek credits Bastiat with this important insight: if we judge economic policy solely by its immediate effects, we will miss all of its unintended and longer-run effects and will undermine economic freedom, which delivers benefits that are not part of anyone’s conscious design. Much of Hayek’s work, and some of Milton Friedman’s, was an exploration and elaboration of this insight.”

 

Bastiat applied the concept of unseen effects or unintended consequences to a variety of topics, such as trade barriers, taxes, and government spending. And economists continue to do so today, or at least, they should. The idea of unintended consequences indeed is central to being a good economist, and is something that economists need to teach others, especially politicians.



_________

 

Ray Keating is a columnist, novelist, economist, podcaster and entrepreneur.  Keating has three new books out. Vatican Shadows: A Pastor Stephen Grant Novel is the 13ththriller/mystery in the Pastor Stephen Grant series. Get the paperback or Kindle edition at Amazon, or signed books at www.raykeatingonline.comPast Lives: A Pastor Stephen Grant Short Story is the 14th book in the series. Get the paperback or Kindle edition at Amazon, or signed book at www.raykeatingonline.comAnd order the 15th book in the series What’s Lost? A Pastor Stephen Grant Short Story.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

You also can order his book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books  at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know

 

One of the best ways to enjoy Ray Keating’s Pastor Stephen Grant thrillers and mysteries is to join the Pastor Stephen Grant Fellowship! For the BEST VALUE, consider the Book of the Month Club.  Check it all out at https://www.patreon.com/pastorstephengrantfellowship

 

Also, check out Ray’s podcasts – the Daily Dose of DisneyFree Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

 

Check out Ray Keating’s Disney news and entertainment site at www.DisneyBizJournal.com.

Friday, October 15, 2021

Space, the Wealthy Frontier? Yeah, For Now

 by Ray Keating

The Keating Files – October 15, 2021

 

Dean Martin reportedly once said in reference to his buddy Frank Sinatra, “It’s Frank’s world, we just get to live in it.” When I periodically see what 90-year-old William Shatner is up to, I sometimes think that it’s Captain Kirk’s world, and we just get to live in it. That sentiment was reinforced, once more, seeing Shatner blast off with Jeff Bezo’s Blue Origin on October 13 to become the oldest person to journey into space.


Courtesy of Blue Origin


Cheers to Shatner. Good for him. 

 

(Now, if only Paramount would come to its senses, and follow Bezos’ lead by putting Shatner as Captain Kirk back into space one more time. Don’t get me started on how egregiously bad Kirk’s death was in Star Trek: Generations. Okay, let’s not go down the Star Trek rabbit hole…)

 

Indeed, much of the reaction to Shatner’s trip seems to have been positive (except for petty remarks by Shatner’s Star Trek co-star George Takei – these guys don’t like each other). However, envy and economic ignorance did pop up, building on recent misguided attacks on Bezos, Virgin Galactic’s Richard Branson, and Elon Musk’s Space X for passenger flights to space. 

 

Before such anti-space rants become more commonplace, it should be noted that such complaints generally come from envy or zero-sum thinking, or both.

 

One has to wonder why critics either don’t care or even get all goo-goo when government ventures into space, but are downright hostile when space travel is undertaken by wealthy individuals in the private sector? 

 

After all, these space-faring individuals are using their own money – whether as entrepreneurs, investors or passengers – to take the journey, rather than undertaking ventures completely funded by others who have no real say, that is, the taxpayers. Wealthy individuals become wealthy by earning it in the marketplace. How? By providing goods and services that others need or want. But critics usually don’t understand such basic economic realities. Based on envy, they assume that wealth merely exists, so that government can tax it and then ramp up spending on their own political preferences – by the way, also turning a blind eye to government’s unwavering ability for failure and waste. Indeed, ignoring the basic right that people who earn their money can spend it as they see fit, some critics have even asserted that journeys into space make clear the need to tax the wealthy even more. There’s that envy thing again.

 

The critics of billionaires and Star Trek actors heading to space disregard other economic fundamentals. New products introduced to the market tend to be very expensive, and it’s the wealthy who are able to dive in first. Further innovation, efficiency and competition then drive down the costs, while also enhancing the quality, incidentally. For space travel, that will not only mean that it becomes more affordable, but also safer, to the point of being the equivalent of taking an airplane trip.

 

For good measure, by blazing affordable trails to space, other entrepreneurs will create new spaced-based industries, that is, goods and services largely unimagined today. This is how opportunity is expanded and economic growth occur, in turn, creating new wealth, higher incomes, expanded consumer choices, and new jobs. Just like on Earth, space is not a place for zero-sum thinking.

 

Finally, arguing that private space travel means ignoring Earth-bound problems and opportunities pushes aside that basic notion that we can walk and chew gum at the same time. Great ideas and opportunities on Earth will not be grounded because some entrepreneurs and investors also see opportunities in space. It’s not really and either/or. Instead, those complaining loudest tend to favor undertakings informed by their politics, and once more long for more taxes to fund their escapades.

 

So, is space the wealthy frontier? Well, for now, yes. But thanks to the likes of Bezos, Branson, Musk and other space entrepreneurs taking on the initial uncertainties, risks and investments, it will become far more commonplace as innovations and efficiencies make it safer and more affordable for the rest of us to journey to, and create businesses and work in or related to space.



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Ray Keating is a columnist, novelist, economist, podcaster and entrepreneur.  Keating has three new books out. Vatican Shadows: A Pastor Stephen Grant Novel is the 13ththriller/mystery in the Pastor Stephen Grant series. Get the paperback or Kindle edition at Amazon, or signed books at www.raykeatingonline.comPast Lives: A Pastor Stephen Grant Short Story is the 14th book in the series. Get the paperback or Kindle edition at Amazon, or signed book at www.raykeatingonline.comAnd order the 15th book in the series What’s Lost? A Pastor Stephen Grant Short Story.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

You also can order his book Behind Enemy Lines: Conservative Communiques from Left-Wing New York  from Amazon or signed books  at RayKeatingOnline.com. His other recent nonfiction book is Free Trade Rocks! 10 Points on International Trade Everyone Should Know

 

One of the best ways to enjoy Ray Keating’s Pastor Stephen Grant thrillers and mysteries is to join the Pastor Stephen Grant Fellowship! For the BEST VALUE, consider the Book of the Month Club.  Check it all out at https://www.patreon.com/pastorstephengrantfellowship

 

Also, check out Ray’s podcasts – the Daily Dose of DisneyFree Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

 

Check out Ray Keating’s Disney news and entertainment site at www.DisneyBizJournal.com.