In contrast to what many people in Britain and the United States believe, the true figures on growth (as best one can judge from official national accounts data) show that Britain and the United States have not grown any more rapidly since 1980 than ...
Have you heard the joke about the chemist, physicist and economist who get wrecked on a desert isle, with a huge supply of canned baked beans as their only food? The chemist says that he can start a fire using the neighbouring palm trees, and calcula...
And with distance in time it is the same as with distance in place. The imagination has its atmosphere and its sunlight as well as the earth has; only its mists are even more gorgeous and delicate, its aerial perspectives are even more wide and profo...
Suppose a country starts its independence with the three economic characteristics that globally make a country prone to civil war: low income, slow growth, and dependence upon primary commodity exports. It is playing Russian roulette. That is not jus...
Equality of opportunity is not enough. Unless we create an environment where everyone is guaranteed some minimum capabilities through some guarantee of minimum income, education, and healthcare, we cannot say that we have fair competition. When some ...
A mere enumeration of government activity is evidence -- often the sole evidence offered -- of "inadequate" nongovernment institutions, whose "inability" to cope with problems "obviously" required state intervention. Government is depicted as acting ...
Remarkably, studies of visual perception have found that two-dimensional images projected onto the retina only achieve full dimensionality as a result of our perception: we infer the third dimension of depth. Sadly, though, as the urgency to expedite...
**New business concepts are always, always the product of lucky foresight.** That's right - the essential insight doesn't come out of any dirigiste planning process; it comes form some cocktail of happenstance, desire, curiosity, ambition and need. B...
In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance, or malversation (the corruption of officials) engendered during the mania. It seems clea...
Failure to use tax money to finance things not liked by the taxpaying public is routinely called ‘censorship.’ If such terminology were used consistently, virtually all of life would be just one long, unending censorship, as individuals choose wh...
What sense would it make to classify a man as handicapped because he is in a wheelchair today, if he is expected to be walking again in a month, and competing in track meets before the year is out? Yet Americans are generally given 'class' labels on ...
We live in a society and a culture and an economic model that tries to make everything look right. Look at computers. Why are they all putty-colored or off-fucking-white? You make something off-white or beige because you are afraid to use any other c...
When I have my interview with my God, our conversation will focus on the individuals whose self-esteem I was able to strengthen, whose faith I was able to reinforce, and whose discomfort I was able to assuage—a doer of good, regardless of what assi...
Our democratic societies rest on a meritocratic worldview, or at any rate a meritocratic hope, by which I mean a belief in a society in which inequality is based more on merit and effort than on kinship and rents. This belief and this hope play a ver...
It takes no more research than a trip to almost any public library or college to show the incredibly lopsided coverage of slavery in the United States or in the Western Hemisphere, as compared to the meager writings on even larger number of Africans ...
If the world were full of the self-seeking individuals found in economics textbooks, it would grind to a halt because we would be spending most of our time cheating, trying to catch the cheaters, and punishing the caught. The world works as it does o...
History, practical experience, common sense and economic theory all agree: economic competition is probably one of the greatest ideas humans ever came up with. When people compete to achieve the same goal, great things seem to happen that otherwise w...
While there are certainly informational spillovers as ideas move from person to person, it is hard to see why in most instances they are not priced. Although it is possible to imagine examples such as the wheelbarrow where an idea cannot be used with...
Although the view that, once discovered, ideas can be imitated for free by anybody is pervasive, it is far from the truth. While it may occasionally be the case that an idea is acquired at no cost—ideas are generally difficult to communicate, and t...
They saw me. Milton's smile curled off his face like unsticky tape. And I knew immediately, I was a boy band, a boondoggle, born fool. He was going to pull a Danny Zuko in when Sandy says hello to him in front of the T-Birds, a Mrs. Robinson when she...
The English language is like London: proudly barbaric yet deeply civilised, too, common yet royal, vulgar yet processional, sacred yet profane. Each sentence we produce, whether we know it or not, is a mongrel mouthful of Chaucerian, Shakespearean, M...
