Assume The Worst About People And You

Low Inflation And Government Prudence May Be Harmful For Economic Development.

All The Alleged Key Causes Of Soe [state-owned Enterprise] Inefficiency - The Principal-agent Problem, The Free-rider Problem And The Soft Budget Constraint - Are, While Real, Not Unique To State-owned Enterprises. Large Private-sector Firms With Dispersed Ownership Also Suffer From The Principal-agent Problem And The Free-rider Problem. So, In These Two Areas, Forms Of Ownership Do Matter, But The Critical Divide Is Not Between State And Private Ownership - It Is Between Concentrated And Dispersed Ownerships.

The Washing Machine Changed The World More Than The Internet.

Financial Markets Need To Become Less, Not More, Efficient.

The Foundation Of Economic Development Is The Acquisition Of More Productive Knowledge.