Author: Thomas L. Knapp

Judicial overreach

Source: Adam Smith Institute
by Madsen Pirie

“It used to be the United States that had problems trying to have its courts make rulings that would make other countries follow its rulings, but other courts have been ploughing the same furrow. And judicial activists in several countries have been using that tendency to subvert the decisions of elected governments and have them overruled by unelected judges. The UK’s Supreme Court has tried to extend a remit it was not given, namely to judge on the constitutionality of Parliamentary decisions. Its declaration that the late Queen’s prorogation of Parliament was illegal was described by Jacob Rees-Mogg as a ‘constitutional coup.’ He was correct. Its use of external courts such as the ECHR to void decisions made by elected UK governments effectively negates the sovereignty of Parliament, which is one of the cornerstones of our democracy.” (01/06/26)

https://www.adamsmith.org/blog/judicial-overreach

Thomas L. Knapp

WY: Supreme Court Declares Abortion Bans Unconstitutional

Source: Cowboy State Daily

“The Wyoming Supreme Court in a 4-1 majority ruled Tuesday that Wyoming’s abortion bans are unconstitutional, under the state Constitution’s promise of health care autonomy. The decision doesn’t defer to an earlier decision by Teton County District Court Judge Melissa Owens, but charts its own course through the constitutional amendment to arrive at the same ultimate result. … The ruling concludes four years of legal challenges that have fraught Wyoming since its 2022 abortion ban ‘triggered’ into place with the overturn of the federal abortion right under Roe vs. Wade. One sequel to that law and other abortion bans and restrictions have followed.” (01/06/26)

https://cowboystatedaily.com/2026/01/06/wyoming-supreme-court-declares-abortion-bans-unconstitutional/

Thomas L. Knapp

Hyundai Motor Group plans to deploy humanoid robots at US factory from 2028

Source: CNBC

“Hyundai Motor Group plans to deploy humanoid robots at its U.S. manufacturing plant in Georgia starting in 2028, marking a step toward ⁠automating higher-risk and repetitive manufacturing tasks, the South Korean company said. Hyundai unveiled the production version of ‍the Atlas humanoid robot, ‍developed by its ‍unit Boston Dynamics, at the Consumer Electronics Show in Las Vegas. The company did not disclose the volume or cost of the robots, but said in a ‌statement ‌it aims to roll out adoption across all ​of its manufacturing sites as part of a push into ‘physical AI.'” (01/06/26)

https://www.cnbc.com/2026/01/06/hyundai-motor-group-plans-to-deploy-humanoid-robots-at-us-factory-from-2028.html

Thomas L. Knapp

Accounting vs. Economic Profit

Source: EconLog
by Jon Murphy

“In any principles of economics class, students learn the difference between accounting profit and economic profit. Accounting profit, which is what one typically understands when discussing ‘profit,’ is total revenue minus your monetary costs. It is what appears on the bottom line of an accounting statement as ‘profit.’ Economic profit is a broader term. Recall that, for economists, ‘cost’ is a term of art: it is the highest-valued alternative not undertaken. This includes both monetary costs and alternative uses of your resources, often called implicit costs. Economic profit, thus, is total revenue minus total costs (both your monetary and your implicit costs). Implicit costs do not show up on an accounting statement, yet they are still vital to making life decisions.” (01/06/26)

https://www.econlib.org/econlog/accounting-vs-economic-profit

Thomas L. Knapp

Pope Leo closes Holy Year with critique of consumerism and xenophobia

Source: NBC News

“Pope Leo XIV on Tuesday closed out the Vatican’s 2025 Holy Year by denouncing today’s consumerist and anti-foreigner sentiment, capping a Jubilee that saw some 33 million pilgrims flock to Rome and a historic transition to the first American pontiff. With cardinals and diplomats looking on, Leo kneeled down in prayer on the stone floor at the threshold of the Holy Door of St. Peter’s Basilica. He then stood up and pulled the two doors shut, symbolically concluding the rarest of Jubilees: one that was opened by a feeble Pope Francis in December 2024, continued during his funeral and the conclave, and then was closed by Francis’[s] successor a year later. Only once before, in 1700, has a Holy Year been opened by one pope and closed by another.” (01/06/26)

https://www.nbcnews.com/world/pope-leo-xiv/pope-leo-xiv-closes-2025-holy-year-critique-consumerism-xenophobia-rcna252520

Thomas L. Knapp