Chamber Blitz Clip for Tort Reform

BlitzGasolineCans2012-10-11.jpg “Blitz gasoline cans, at Ace Hardware in Miami, Okla., will soon disappear from stores. The company closed because of the costs of lawsuits contending that the cans were unsafe.” Source of caption and photo: online version of the NYT article quoted and cited below.

The “Mr. Flick” quoted below is Rocky Flick, the former CEO of Blitz.

(p. B1) Crusading against what it considers frivolous lawsuits, the United States Chamber of Commerce has had no shortage of cases to highlight, like the man suing a cruise line after burning his feet on a sunny deck or the mother claiming hearing loss from the screaming at a Justin Bieber concert.

Now, the lobbying group’s Institute for Legal Reform is showing a 30-second commercial that uses Blitz USA, a bankrupt Oklahoma gasoline can manufacturer, to illustrate the consequences of abusive lawsuits. The ad shows tearful workers losing their jobs and the lights going out at the 46-year-old company as a result of steep legal costs from lawsuits targeting the red plastic containers, according to the company and the institute.
The closing of the 117-employee operation this summer became a rallying point for proponents of tort reform. . . .
. . .
(p. B2) Blitz executives note that the company, which was the nation’s leading gas can producer, sold more than 14 million cans a year over the last decade, with fewer than two reported incidents per million cans sold. The company said the most serious incidents usually involved obvious misuse of the cans, like pouring gasoline on an open fire.
. . .
A decade ago, Mr. Flick said, the company would face one or two lawsuits a year. The number grew to six or seven a year, and finally to 25 or so last year when Blitz filed for bankruptcy.

For the full story, see:
CLIFFORD KRAUSS. “Two Sides of Product Liability: A Factory’s Closing Focuses Attention on Tort Reform.” The New York Times (Fri., October 4, 2012): B1.
(Note: ellipses added.)
(Note: the online version of the article is dated October 5, 2012 and has the shorter title “A Factory’s Closing Focuses Attention on Tort Reform.”)

View the Chamber video clip on the Blitz example:

FlickRockyFormerBlitzCEO2012-10-11.jpg

“Rocky Flick, Blitz’s former chief executive.” Source of caption and photo: online version of the NYT article quoted and cited above.

Vivid Examples of Government Obstacles to Entrepreneurship

EconomicFreedom.org/Stories is posting video clips of free agent entrepreneurs and the obstacles that government policies put in the path to their achievements. The videos give concrete examples and make the costs of regulations more real by connecting the costs to the faces of actual people.

Diamond to Teach Creative Destruction Colloquium in Fall 2012

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Colloquium Rationale:
Creative destruction is the process through which innovative new products are created, and older obsolete products are destroyed. In transportation, for example, cars creatively destroyed the horse and buggy, trains creatively destroyed horse-drawn wagons. Such innovations contribute to longer and richer lives, but may come at the cost of greater uncertainty in the labor market. Schumpeter claimed that the process of creative destruction is the essential fact about capitalism. Although Nobel-prize-winner George Stigler has described creative destruction as “heresy,” a growing number of economists and non-economists have found the concept useful in understanding the world. While most of the emphasis will be on the implications of creative destruction for business and the economy, the discussion will sometimes involve issues related to information science, sociology, medicine, law, engineering, psychology, literature, political science, architecture, and history.

You can hear me talking about last year’s version of the Creative Destruction Colloquium (which was offered last year under a different course number and a slightly different title) in the following YouTube video:

Entrepreneur Jobs Was an Exemplar of Creative Destruction

The clip embedded above from the CNBC web site, was broadcast on CNBC on Weds., Oct. 5, 2011.

I watched several commentaries on Steve Jobs after his death was announced today (Weds., Oct. 5). I think the one above, from CNBC, was one of the best.
It highlights many important aspects of Jobs’ life. That he came back from failure, that he brought us products we didn’t know we needed until he showed us what they could do, that his products disrupted the status quo of whole industries, that at his death he owned more shares of Disney than anyone else. (Steve Jobs and Walt Disney were two of the greatest “project entrepreneurs” of all time.)

Art Diamond Describes Honors Colloquium on Creative Destruction

The clip above is embedded from You Tube. It was recorded on July 6, 2011 in Mammel Hall, the location of the College of Business at the University of Nebraska at Omaha (UNO). I am grateful to Charley Reed of UNO University Relations for doing a great job of shooting and editing the clip.

Jon Stewart Skewers Media Bias Against Libertarian Ron Paul

The hilarious (but also seriously sad) clip above is embedded from the Mon., August 15, 2011 “The Daily Show with Jon Stewart.”
(Note: I thank Deirdre McCloskey for letting me know about the clip.)

Theft of Elderly Woman’s Air Conditioner Called “Murder”

Source of the “murder” quote is from:
J.D. Miles, reporter. “Elderly Woman Dies From Heat After A/C Stolen.” Dallas, CBS 11 News, August 5, 2011.
(Note: this report is the source of the “murder” quote which was stated by Mrs. Grissom’s neighbor Caroline Ware.)
(Note: Another version of the report with the “murder” quote has the title: “Texas Heat Wave.” CBS 11 News, August 5, 2011.)

Another report on the incident is:

Source:
Ed Lavandera, reporter. “Woman Dies After Air Conditioner Stolen.” CNN American Morning, August 5, 2011.

China’s Speculative Real Estate Bubble

Visit msnbc.com for breaking news, world news, and news about the economy

In a front page article on October 20, 2010, the New York Times reported on how the Chinese government encouraged a real estate investment binge that has resulted in a growing number of empty, speculatively built ghost cities. Now the video media has picked up the story in the well-done story linked to above and cited below.

Williams, Ian, reporter. “The Roads Not Taken: Visiting China’s Ghost Cities.” Broadcast on the Today Show, Sunday morning, May 30, 2011.

What Motivated Paterno to Win 400 Games—“Gettin’ Paid”

Paterno400WinsGettinPaidClip.jpgSource of image: screen capture from YouTube clip referenced below.

What motivates employees? Economists have emphasized pay as the primary incentive, while recognizing that there may be “compensating differentials” for aspects of the work that are pleasant or unpleasant.
In recent years many non-economists, such as Daniel Pink in Drive, have emphasized non-pecuniary incentives.
Joe Paterno entered the debate at age 83, after he became the first major college coach to win 400 games on November 6, 2010.
Right after the victory, he was interviewed on the field by “Heather” of ESPN. Starting at 1:33 seconds into the clip referenced below, here is the key dialogue:

Heather: “Coach Paterno, what has motivated you to get to this point?”

Paterno: “Oh geez, I don’t know—gettin’ paid.”

Source: YouTube clip at http://www.youtube.com/watch?v=jQzdVeYtm5w
(Note: the clip was posted on 11/6/10 by shellymic and has the title “Joe Pa FIRST to 400 Wins!”)

CNN Says Omaha Economy is Strong Because Citizens “Living Within Their Means”

“Why Omaha, Nebraska, is seeing a small business boom and boasts of having one of the lowest unemployment rates.” Source of caption and video: http://money.cnn.com/video/news/2010/05/06/n_omaha_economy.cnnmoney/

Several days ago, CNN Money ran a very nice clip focusing on why Omaha’s economy has fared better than the economies of many other U.S. cities. The piece was mainly brief fluff, though pleasant, complementary fluff.
But the one message of substance was that Nebraskans, and usually Nebraska governments, work harder at not spending more than we take in.

(The reporter for the piece is CNN Money’s Poppy Harlow. Posted by CNN on May 6, 2010. Run time: 02:09.)

Measuring High Level Entrepreneurship

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The Measurement Center of the Fraser Institute held a contest on the theme of what most needed to be better measured. I entered the contest, arguing that high level entrepreneurs are crucial to economic growth and human progress, and yet are not often the subject of systematic (as contrasted with anecdotal) study.
It turns out that my one minute video submission was picked as one of four “runners-up” in the contest.

Details of the contest and the winners, can be found at:
http://www.fraserinstitute.org/programsandinitiatives/measurement_center.htm
My minute video can be viewed at:
http://www.fraserinstitute.org/files/videos/Motivation-characteristics-of-high-level-entrepreneurs.wmv