You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.
One of the biggest problems of 'In Search of Excellence' is that it focused on giant, publicly-traded companies. There are thousands upon thousands of excellent companies. Some of them are two-person accountancies in a community of three thousand peo...
In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.'
Liberals seem to assume that, if you don't believe in their particular political solutions, then you don't really care about the people that they claim to want to help.
Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
Capitalism knows only one color: that color is green; all else is necessarily subservient to it, hence, race, gender and ethnicity cannot be considered within it.
The Congressional Budget Office has been embarrassed repeatedly by making projections based on the assumption that tax revenues and tax rates move in the same direction.
In various countries and times, leaders of groups that lagged behind, economically and educationally, have taught their followers to blame all their problems on other people - and to hate those other people.
Like a baseball game, wars are not over till they are over. Wars don't run on a clock like football. No previous generation was so hopelessly unrealistic that this had to be explained to them.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
There is a lot of kissing in 'Boeing-Boeing.' A lot! And not pecks on the cheek or lips - although there's some of that, too - but full-on, farcical lip locks. My poor husband. He definitely wasn't prepared for as much smooching as there is.
Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.
I think the understanding of the role of markets has really helped advance the values of entrepreneurship. It's helped shape public policy discussions in a whole variety of ways.
It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century.
The wooden hairbrush has two practical uses, the bristle side to be used on her silken locks, and the harsh, wooden side to be used on her shapely seat of learning
Buy a $100 U.S. bond and frame it to teach your children about inflation by watching the U.S. bond value diminish to almost nothing over the next 20 years.
If you're in any field, you should own a farm because one day you will be grateful that you are able to grow your own agricultural produce.
The Federal Reserve - all of them - could be sitting on a barrel of dynamite, and then pouring gasoline on top of it, and then light a cigar with matches, throw the match into the gasoline, and then not notice that there is any danger.
There's no such thing as a favorite investment. But I think I tend to invest in Asia in promising countries, in equities, in real estate, and I own precious metals, obviously.
