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Bonus Quotation of the Day…

Summary:
… is from David Hart’s excellent October 4th, 2018, essay, “The Problem of Terminology: Why ‘Capitalism’?” (available here): When one gets anguished over the poor conditions faced by some people at any given stage of economic and historical development, one is obliged to ask two fundamental questions: compared to what and why were they poor in the first place? DBx: Indeed so. Everyone this side of sociopathy feels genuine sympathy and sadness for fellow human beings whose lives are, by the standards of the day, unusually difficult and materially and spiritually deprived. But feeling such sympathy and sadness does not imply the existence of practical and likely-to-work policies, implemented by the state, to remedy the perceived problems. Unfortunately, given that so many people regard

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… is from David Hart’s excellent October 4th, 2018, essay, “The Problem of Terminology: Why ‘Capitalism’?” (available here):

Bonus Quotation of the Day…When one gets anguished over the poor conditions faced by some people at any given stage of economic and historical development, one is obliged to ask two fundamental questions: compared to what and why were they poor in the first place?

DBx: Indeed so. Everyone this side of sociopathy feels genuine sympathy and sadness for fellow human beings whose lives are, by the standards of the day, unusually difficult and materially and spiritually deprived. But feeling such sympathy and sadness does not imply the existence of practical and likely-to-work policies, implemented by the state, to remedy the perceived problems. Unfortunately, given that so many people regard the state as possessing near-god-like knowledge and power, this false implication is too often drawn.

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Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

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