Markets guided by prices daily lead each of us to share happily and abundantly with each other despite the reality that we are, to each other, mostly strangers. Familiarity, affection, and brotherly love are virtuous feelings but these feelings do not contribute as reliably to our material well being as does market exchange.
Since neither politician, activist, nor voter are held responsible for our actions when a policy goes wrong, blame (or praise for that matter) is also highly distributed. This distribution of blame then diminishes the responsibility of those who might plausibly be held most culpable for the bad consequences.
The theory of perfect competition should be utterly rejected, both as a theory of competition (which it is not) and as offering an appropriate standard against which to judge real-world markets (which it does not).
There is an indissoluble link between capitalism and the stock market. Over the long run, stocks will rise when capitalism flourishes and fall when the entrepreneurial spirit wilts. Therefore, a crash is not to blame on the stock market but on the erosion of capitalism that has preceded the collapse.
Women have come a long way. Isn’t it ironic, then, that women’s freedoms are today being constrained by misguided government policies enacted in the name of increasing that freedom? In other words, there are still battles yet to be won and disasters yet to prevent.
The public discourse concerning the state of the financial system that once took place in trade associations and committees of concerned citizens has disappeared, replaced by a cold and sterile managerialism practiced by an insular and self-perpetuating macroeconomic elite.
The wonderful movie based on the life of Freddie Mercury and his band makes a great case that commerce can be and is the friend to art. It has always been so, but we are only now fully coming to terms with what this implies for the artistic endeavor generally.
Modern democracy suffers from the contradiction that while most citizens mistrust the politicians and the state, and want fewer taxes and less state control, each voter is eager to use their vote in such a way as to get the largest piece of the cake.
Remember: numerical measures are by their very nature retrospective. Epistemologically, information derived exclusively from data analysis will by be both backward-looking and prone to the shortcomings associated with the snapshot fallacy. Which is to say: they are essentially without context.
Julian Simon’s most notable contribution is his demonstration that the human mind is, as he described it, “the ultimate resource.” The human mind is the ultimate resource because it, and only it, creates all of the other economically valuable inputs that we call “resources.”
Despite the warnings made by many economists who urge officials to rethink putting additional restrictions on home-sharing services, residents from other European countries have also been pressuring officials to “do something” about all the prosperity the services have helped to provide.
We are probably being overly confident in claiming that the great merit of crypto is disintermediation of all things. That probably won’t happen.