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If we were to make no better use of victory than to countenance existing trends in this direction, only too visible before 1939, we might indeed find that we have defeated National Socialism merely to create a world of many national socialisms, differing in detail, but all equally totalitarian, nationalistic, and in recurrent conflict with each other.
Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets.
The abjectly poor, and all those person whose energies are entirely absorbed by the struggle for daily sustenance, are conservative because they cannot afford the effort of taking thought for the day after tomorrow; just as the highly prosperous are conservative because they have small occasion to be discontented with the situation as it stands today.
Loss aversion is a really disproportionate anxiety about stuff that doesn't matter very much. So for instance, if you lose $5, you feel really bad about the $5 you've lost. You're cursing yourself. You're going through it again and again. If, on the other hand, you find $5, you go - hey, great, five bucks. And you've forgotten about it really quickly.
I think just as armament had a major impact of a negative kind in the world, education is something which has a major impact of a positive kind in the world. And I think the American population, with its humanity and with its concern about the future of the world, has a real reason to think about what it can do to help the world in expanding education.
For those who fancy that government's projects are uniquely important, or for those who imagine that holding government office makes someone unusually saintly or trustworthy, entrusting government with power that we would never entrust to our neighbors or other private citizens might seem sensible. To me, it's dangerous, unjustified, and unjustifiable.
Barack Obama has done more than anyone else to promote the dangerous illusion that we can choose whether to have a war or not. But our enemies have already made that choice. Retired Marine Corps General James Mattis said: “No war is over until the enemy says it's over. We may think it's over, we may declare it over, but in fact, the enemy gets a vote“.
What does calling this medical care legislation "historic" mean? It means that previous administrations gave up the idea when it became clear that the voting public did not want government control of medical care. What is "historic" is that this will be the first administration to show that it doesn't care one bit what the public wants or doesn't want.
Society is composed of men, and every man is a FREE agent. Since man is free, he can choose; since he can choose, he can err; since he can err, he can suffer. I go further: He must err and he must suffer; for his starting point is ignorance, and in his ignorance he sees before him an infinite number of unknown roads, all of which save one lead to error.
The libertarian good society lies... in the maximum dispersion of property compatible with effective production or, as process, in progressive reconciliation of conflicts between equality and efficiency. Such process involves increasing dispersion both of wealth among persons and families and of proximate productional control among enterprises or firms.
The phenomenon of economic ignorance is so widespread, and its consequences so frightening, that the objective of reducing that ignorance becomes a goal invested with independent moral worth. But the economic education needed to reduce such ignorance must be based on austere, objective, scientific content—with no ideological or moral content of its own.
Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations.
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
The evolutionary vision is agnostic in regard to systems in the universe of greater complexity than those of which human beings have clear knowledge. It recognizes aesthetic, moral, and religious ideas and experiences as a species, in this case of mental structures or of images, which clearly interacts with other species in the world's great' ecosystem.
These various habits of thought, or habitual expressions of life, are all phases of the single life sequence of the individual; therefore a habit formed in response to a given stimulus will necessarily affect the character of the response made to other stimuli. A modification of human nature at any one point is a modification of human nature as a whole.
In many ways, love seems to be totally divorced from economics. But then you realize - well, the stakes are high. This is something that matters to us. We're dealing with scarcity. I mean, if you're dating one person, at the very least, you don't have as much time to date another person. And you may well find that you can only date one person at a time.
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.
A recently reprinted memoir by Frederick Douglass has footnotes explaining what words like 'arraigned,' 'curried' and 'exculpate' meant, and explaining who Job was. In other words, this man who was born a slave and never went to school educated himself to the point where his words now have to be explained to today's expensively under-educated generation.
The income tax has spawned an intrusive bureaucracy, creating so much complexity and red tape that millions of ordinary citizens have to go get some accountant to fill out the forms for them - and then sign under penalty of perjury that it was done right. If you knew how to do it right, you wouldn't have to go to somebody else to have it done, would you?
The Obama administration seems to be following what might be called 'the Detroit pattern increasing taxes, harassing businesses, and pandering to unions. In the short run, it got mayors re-elected. In the long-run, it reduced Detroit from a thriving city to an economic disaster area, whose population was cut in half, as its most productive citizens fled.
When you pay social security taxes, you are in no way making provision for your own retirement. You are paying the pensions of those who are already retired. Once you understand this, you see that whether you will get the benefits you are counting on when you retire depends on whether Congress will levy enough taxes, borrow enough, or print enough money.
Obama is already setting a new historic course by reorienting the economy from private consumption to public investments... Rightwing pundits bemoan the evident intention of Obama and team to 'tell us what kind of car to drive'. Yet that is exactly what they intend to do...and rightly so. Free-market ideology is an anachronism in an era of climate change.
Thus those reformers, who look for a remedy by creating artificial carrying-costs for the money through the device of requiring legal-tender currency to be periodically stamped at a prescribed cost in order to retain its quality as money, or in analogous ways, have been on the right track; and the practical value of their proposals deserves consideration.
Economically, we are gain weaker. Millions of Americans have no health insurance - including many poor children. if they do not get the care they need, they may become scarred for life; but the President George W. Bush vetoed the children's health insurance bill - evidently we couldn't afford it. But we were talking about just a few days fighting in Iraq.
The President [Barack Obama] became quite emotional about transgender student rights, threatening to pull Department of Education funds from school districts that do not comply with federal regulations. Black children are suspended from school three times more than white children are, and there is no evidence that black children are three times as unruly.
I think on the efficiency level, not only the distribution level, capitalism is a flawed system. It probably has the same virtues as Churchill attributed to democracy: It's the worst system except for any other. And I think that's right, but it cannot be thought that some unmitigated belief in free markets is a cure even from the efficiency point of view.
There is a history of mathematical models of oligopolistic competition dating from Cournot to the theory of games. There is also a literature generated by institutional economists, lawyers, and administrators interested in formulating and implementing public policy. It has been the tendency of these groups to work almost as though the other did not exist.
One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them 'productively' because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.
Price fixing does not represent simply windfall gains and losses to particular groups according to whether the price happens to be set higher or lower than it would be otherwise. It represents a net lose to the economy as a whole to the extent that many transactions do not take place at all, because the mutually acceptable possibilities have been reduced.
According to the Tax Foundation, taxes now consume more than 38% of the average family's budget. That is more than is spent on food, clothing, housing, and transportation combined. Compare this to the plight of medieval serfs. They only had to give the lord of the manor one-third of their output - and they were considered slaves. So what does that make us?
When people put their ballots in the boxes, they are, by that act, inoculated against the feeling that the government is not theirs. They then accept, in some measure, that its errors are their errors, its aberrations their aberrations, that any revolt will be against them. It's a remarkably shrewd and rather conservative arrangement when one thinks of it.
World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education instead. This would have led to future productivity increases.
The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come.
Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee business success. But business is far too complicated, far too difficult an activity to distil into a few simple commands ... It is failure rather than success which is the distinguishing feature of corporate life.
I think that's something that investment banks have worried about for a long time and are continuing to worry about, but it's not an easy solution when you have lots of people betting the company's money, how do you really allocate those risks? How do you make sure that the people that take the risks are feeling the risks in an appropriate kind of fashion?
The vision of the anointed is one in which ills as poverty, irresponsible sex, and crime derive primarily from 'society,' rather than from individual choices and behavior. To believe in personal responsibility would be to destroy the whole special role of the anointed, whose vision casts them in the role of rescuers of people treated unfairly by 'society'.
Now, legal plunder can be committed in an infinite number of ways. Thus we have an infinite number of plans for organizing it: tariffs, protection, benefits, subsidies, encouragements, progressive taxation, public schools, guaranteed jobs, guaranteed profits, minimum wages, a right to relief, a right to the tools of labor, free credit, and so on, and so on.
I find it hard to understand why those who demand Unitary Education by the State do not also demand a Unitary Press by the State... Either the State is infallible, in which case we could not do better than to submit to it the entire domain of intelligent thought, or it is not, in which case it is no more rational to hand over education to it than the press.
It must be admitted that the tendency of the human race toward liberty is largely thwarted, especially in France. This is greatly due to a fatal desire-learned from the teachings of antiquity-that our writers on public affairs have in common: They desire to set themselves above mankind in order to arrange, organize, and regulate it according to their fancy.
My objective is that before the end of the millennium Europe should have a true federation. The Commission should become a political executive which can define essential common interests... responsible before the European Parliament and before the nation-states represented how you will, by the European Council or by a second chamber of national parliaments.
If you create an artificial scarcity through public policy, artificial rent so to speak - setting up a new import quota or giving out a particular office that is very beneficial - people are going to invest money, time and resources in trying to secure that opportunity. If the value is created independently of the search for it, the search for it is wasted.
Consider Social Security. The young have always contributed to the support of the old. Earlier, the young helped their own parents out of a sense of love and duty. They now contribute to the support of someone else's parents out of compulsion and fear. The voluntary transfers strengthened the bonds of the family; the compulsory transfers weaken those bonds.
I mean, we've always had gold bugs, but now we sort of realize that Treasure Bills might be in the same category. And we have derivatives like credit default swaps which are in this category, and we have derivatives like volatilities that are actually an asset class that we can invest in which are now - would out perform if we have another financial crisis.
I think what we need is better understanding of how to do risk analysis of a CDO, but that they still can perform a very valuable function because they can aggregate these risks and pass them around so that mortgages or other kinds of loans can be packaged and sold to investors all over the world, who in most times, would justify a small amount of each one.
Charles Murray, however, clearly believes that being able to cure fatal diseases is more important than some other things and that Rembrandt was a greater artist than your local sidewalk cartoon sketcher. Most people might regard this as obvious common sense but some of the intelligentsia may be seething with resentment at seeing their pet fetishes ignored.
If we're ignorant of the historical sacrifices that made our liberties possible, we will be less likely to make the sacrifices again so that those liberties are preserved for future generations. And, if we're ignorant, we won't even know when government infringes on our liberties. Moreover, we'll happily cast our votes for those who'd destroy our liberties.
The libertarian creed...offers the fulfillment of the best of the American past along with the promise of a far better future. Libertarians are squarely in the great classical liberal tradition that built the United States and bestowed on us the American heritage of individual liberty, a peaceful foreign policy, minimal government, and a free-market economy.
The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.
LTCM lost money when Russia defaulted on a certain class of bonds, and then they had other investments like on the spread between two different kinds of shares of Royal Dutch Shell Oil Company. Now that seems completely unrelated to Russian bonds. But they were related because other hedge funds saw similar discrepancies and they were all making similar bets.