innovation

Matt Ridley on Innovation

– May 5, 2020

Innovation happens when ideas can meet and mate, when experiment is encouraged, when people and goods can move freely and when money can flow rapidly towards fresh concepts, when those who invest can be sure their rewards will not be stolen.

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Austrian Economics

An “Austrian” Agenda for Post-Coronavirus Recovery

– May 5, 2020

The “enemy” in our case is not a “them,” but the “us.” Only by facing, challenging, and defeating the ideas of collectivism, welfare statism, and the political paternalism of governmental planning with which too many Americans have become intellectually and culturally “infected,” is there a way back to the prosperity that we can have.

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It Is Not Our Ignorance that Will Kill Us, But Our Arrogance

– May 4, 2020

Join me in collectively repeating the following — I do not know what is best for everyone to do. If we internalize that, we begin to realize that is true for everyone. This prevents us from falling prey to what Adam Smith referred to as innumerable delusions. There is no panacea to our social ills. There are social ills, but there is no one size fits all solution to it.

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Reflections on the Economic Value of Life

– April 25, 2020

When New York Governor Andrew Cuomo said any efforts were worth it to save just one life, it likely came from a place of human decency, but it revealed an old moral compass that in a post-industrial, post-modern medicine world no longer makes sense.

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The Urgent Need for Intellectual Change

– April 24, 2020

The rebuilding of a free society after this chaos is over will require a great deal of work in the above four areas: mathematics, moral philosophy, history, and economics. In my darker moments I think that in fact we have gone back to ground zero in all these areas.

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How Wrong Were the Models and Why?

– April 23, 2020

Epidemiological expertise may convey specialized knowledge about the nature of disease transmission that is specifically suited to forecasting a pandemic’s spread. But it does not exempt the modelers from social scientific best practices for testing the robustness of their claims. Nor does it obviate basic rules of statistical analysis.

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We Don’t Need a Cure to Reopen

– April 21, 2020

I hope someday soon we will once again be having very rational yet vigorous discussions about the fundamental issues related to the liberal principles of justice and political economy, and we can point to the resiliency and ingenuity of a free people even in the face of adversity as one of the main arguments in favor of true liberal radicalism.

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Innovation and the Trouble with the Precautionary Principle

– April 20, 2020

Policies that frown upon entrepreneurial risk-taking actively disincentivize the building of new and better things. We must remove political barriers to productive entrepreneurialism or else we will never get back to being the builders we once were.

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Why Politicians Focus on Trivia in the Midst of Disaster

– April 20, 2020

Why would a city, short of tax money in a crisis, pay an enormous sum to disable a public space from being used by the citizens who paid for it? Because the city can do nothing about the virus.

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Pandemics and the Great Mind Fallacy

– April 17, 2020

A lot of people stop listening to economists when struggle to precisely articulate and explain the “solution” in minute detail. Yet it is precisely because we cannot specify in advance precisely how ‘the market’ will address the problem that makes markets indispensable.

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Prices Should Change in a Pandemic Shutdown

– April 15, 2020

After all, it’s not the sellers of oranges, toilet paper or water bottles that put the “exploited” buyers in their current predicaments. In contrast, they’re the saviors that offer them a way out.

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Tripartite Governance: A Guidepost for Proper Policymaking

– April 14, 2020

Public governance may be the most prominent or dominant type of governance in our lives, but we mustn’t ignore or deny that there are three main types of governance: public governance, private governance, and personal governance.

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