The problem of Somali pirates, and especially the recent hostage situation, is being portrayed by many in the media as a challenge for Barack Obama and his administration. I agree wholeheartedly. In that spirit, here are the challenges as I see them. 1. I challenge Obama to admit that the State has no economically viable solution to the piracy problem and that the free market is the answer. The Somali pirates are economically-motivated. As such, they are making cost-benefit, risk-reward decisions. Their actions are immoral, without question. But from a utilitarian accounting calculation, the pirates see their actions as economically … Continue reading The Piracy Challenge