Saturday , December 5 2020
Home / Tag Archives: Other People’s Money

Tag Archives: Other People’s Money

Quotation of the Day…

… is from page 71 of Deirdre McCloskey’s and Art Carden’s superb new (2020) book, Leave Me Alone and I’ll Make You Rich: How the Bourgeois Deal Enriched the World: An ethical market economy, we further claim, has been best achieved not by industrial policy from Paris or Washington but by a free society, one with no masters: modern liberalism. DBx: As I obsessively point out, proponents of industrial policy have no answer to the question “How will government officials know enough to carry...

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Some Links

George Will explains that America has already been injected with a large dose of socialism, and the dosage of this poison is increasing. A slice: Wading waist-deep into political policies, the Fed is adopting, Eberstadt says, “the role of managing and even micromanaging the American economy through credit allocation, potentially lending vast sums not only to financial institutions but also directly to firms it judges suitable for government support. The Fed already dominates the markets...

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Bonus Quotation of the Day…

… is from page 102 of the May 9th, 2020, draft of the important monograph – forthcoming this month jointly from the Adam Smith Institute and AIER – by Deirdre McCloskey and Alberto Mingardi, The Myth of the Entrepreneurial State: And why suppose that profit is inversely correlated with social values? The supposition is fundamental to the statist left: profit is seen as a sin, a pointless and indeed evil extraction by the bosses, when the whole average product of labor should go to labor...

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Quotation of the Day…

… is from a passage in John Milton’s 1660 tract, The Ready and Easy Way to Establish a Free Commonwealth, as found on page 231 of Will & Ariel Durant’s 1963 volume, The Age of Louis XIV: Should one entrust the commonwealth to those to whom nobody would entrust a matter of private business? DBx: Milton here warned against the danger of democracy giving to people the power to govern the affairs of their fellow human beings – power that those fellow human beings would not voluntarily...

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Some Links

Jeffrey Tucker mourns the passing of the great Wall Street Journal editor and columnist George Melloan. A slice: It didn’t surprise me at all that Melloan was an anti-lockdowner. He was an old-school liberal who believed “markets are like Mother Nature, not to be messed with.” He was a solid free trader (remember those?), a proponent of tax cuts and fiscal restraint, an advocate of sound money, and a genuine humanitarian who believed that wealth creation through free enterprise is the...

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Quotation of the Day…

… is from page 88 of the May 9th, 2020, draft of the important monograph – forthcoming in October jointly from the Adam Smith Institute and AIER – by Deirdre McCloskey and Alberto Mingardi, The Myth of the Entrepreneurial State (links added): The State’s projects that in fact prove foolish, such as the Concorde and the Carmichael mine, last for a long, long time, with tax-and-regulation subsidization. The Carmichael mine would be producing coal that nobody would buy at the high cost at...

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Bonus Quotation of the Day…

… is from pages 87-88 of the May 9th, 2020, draft of the important forthcoming monograph from Deirdre McCloskey and Alberto Mingardi, The Illiberal and Anti-Entrepreneurial State of Mariana Mazzucato (emphasis original to McCloskey and Mingardi; link added): Private companies, according to a lovely diagram, are said to never, ever to provide for public goods (this despite massive empirical evidence à la the first female Nobelist in economics, Elinor Ostrom, that companies and other...

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Quotation of the Day…

… is from page 221 of my good friend and old teacher Randy Holcombe’s superb 2019 book, Liberty in Peril: Democracy and Power in American History: Democratic institutions act as a filter on public opinion, sifting out small costs and benefits that are spread among the population at large and focusing instead on concentrated costs and benefits that have large impacts on narrow interests. For this reason, democratic political institutions favor policies that impose small costs on most...

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Modern Democracy

Here’s a letter to MarketWatch: Editor: Your story today headlined “Senators Elizabeth Warren and Chuck Schumer say U.S. should immediately cancel $50,000 in student loans for millions of borrowers” reaffirmed this realization: Modern democracy is a political system under which it is both a serious crime and an atrocious ethical offense for politicians to attempt to buy votes with their own money, but under which it is not only legal, but in the eyes of many saintly, for politicians to...

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Bonus Quotation of the Day…

… is from page 87 of the May 9th, 2020, draft of the important forthcoming monograph from Deirdre McCloskey and Alberto Mingardi, The Illiberal and Anti-Entrepreneurial State of Mariana Mazzucato (original emphasis): But the State is not akin to a private company. It is from a very different kinship system, that of coercion rather than persuasion. It does not start a software company in a garage, like Bill Gates. It does not go out of business if its investors quit or if its customers do...

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