Thursday , December 3 2020
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Tag Archives: growth

The “New Economy” Enriches Us All

In this New Republic essay on the coalitions that make-up the Democratic Party, Christopher Caldwell writes the following (emphasis added): Two titans of the finance world (Michael Bloomberg and Tom Steyer) sought to win the Democratic nomination by funding their own and various down-ballot candidacies. (Both would eventually back Biden.) There was also one impecunious primary candidate who had some original ideas about the tech world: Andrew Yang. The new economy provides wealth for so...

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Arnold Kling, always wise, is here especially wise. We Americans must not behave as if we are subjects of a banana republic. A slice: For me, the most important part of elections is that the transfer of power should be peaceful. The Democrats were wrong to scream “Russia!” and to attempt to remove President Trump via impeachment, and I think less of them for doing so. If Biden is declared the winner and then the Republicans scream “Fraud!” for months on end, I will think less of them. I...

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Bonus Quotation of the Day…

… is from page xiii of Deirdre Nansen McCloskey’s and Art Carden’s hot-off-the-press (2020) book, Leave Me Alone and I’ll Make You Rich: How the Bourgeois Deal Enriched the World: The evidence is overwhelming that liberty, not coercion by a private master or a public state, inspires people to continuous betterment. For the poorest. DBx: Yes. Yet this evidence, as overwhelming as it truly is, is ignored or dismissed by all who pray to the god-state to make the world more closely satisfy...

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Bonus Quotation of the Day…

… is from page 143 of Liberty Fund’s excellent 1993 collection of some of the writings of H.B. Acton (1908-1974), The Morals of Markets and Related Essays (David Gordon & Jeremy Shearmur, eds.): [S]cientific and technological discoveries have considerable effects on the development of society. It follows that societies in which scientific and technological discovery is particularly frequent must be societies in which predictions of their future condition is particularly hazardous....

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Jenin Younes tackles Paul Krugman’s execrable hatchet job on the Great Barrington Declaration. (If Krugman’s understanding of the Great Barrington Declaration and of AIER are any indication of his ability to understand epidemiology and the consequences of the Covid lockdowns, then there’s no reason to pay any attention to what he says about the disease and humans’ responses to it.) A slice from Ms. Younes’s essay: Those who continue to advocate extreme measures, such as lockdowns and...

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Quotation of the Day…

… is from page six of the print version of Art Carden’s and Deirdre Nansen McCloskey’s superb lead essay for the September/October 2020 Cato Policy Report – an essay (“How the Bourgeois Deal Enriched the World”) that is excerpted from their forthcoming book (for which I have already placed my order at Amazon, and encourage you to place yours), Leave Me Alone and I’ll Make You Rich): It would be cold comfort if the gains since 1800, or 1960, had gone to the rich, as you hear claimed every...

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Wisdom from Vernon Smith

In response to my note to Ms. Lori Baio on the dangers of so-called “stakeholder capitalism,” my emeritus Nobel-laureate colleague Vernon Smith e-mailed to me this bit of wisdom (shared here with Vernon’s kind permission): Don: May each of us as individuals and as firms collect more in revenue for what we produce than we incur in cost for the resources consumed in producing that revenue. Those who do not profit are a burden on others. Those who do account for the wealth of society. May...

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On the Origins of American Antitrust Legislation

I’m deeply honored to be the first of Juliette Sellgren’s guests – on her wonderful podcast, “The Great Antidote” – to be the first to appear for a second time. In this podcast, recorded earlier this week, Juliette and I discuss the history of American antitrust legislation. This legislation was not meant to promote economic competition; it was intended to protect politically influential firms from the competition that was being unleashed by new, entrepreneurial firms – especially those...

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Quotation of the Day…

… is from pages 224-225 of the 2015 Fourth Edition of Dartmouth economist Douglas Irwin’s superb volume, Free Trade Under Fire: Still, the best and most direct way to raise wages and labor standards is to enhance the productivity of the workers through economic development. Trade and investment are important components of that development, and therefore efforts to limit trade or to shut down factories are counterproductive. DBx: Doug here is writing specifically about developing...

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Writing in today’s Wall Street Journal, Steve Landsburg expresses his justified dismay at Joe Biden’s support for raising the minimum wage. Here’s Steve’s opening: For nearly four years, I’ve looked forward to voting against Donald Trump. But Joe Biden keeps testing my resolve. It isn’t only that I think Mr. Biden is frequently wrong. It’s that he tends to be wrong in ways that suggest he never cared about being right. He makes no attempt to defend many of his policies with logic or...

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