We Are Not Smart Enough To Leave

People 'over-produce' Pollution Because They Are Not Paying For The Costs Of Dealing With It.

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.

There Is A Big Logical Jump Between Acknowledging The Destructive Nature Of Hyperinflation And Arguing That The Lower The Rate Of Inflation, The Better.

The Free Market Doesn't Exist. Every Market Has Some Rules And Boundaries That Restrict Freedom Of Choice. A Market Looks Free Only Because We So Unconditionally Accept Its Underlying Restrictions That We Fail To See Them.

Since The 1980s, We Have Given The Rich A Bigger Slice Of Our Pie In The Belief That They Would Create More Wealth, Making The Pie Bigger Than Otherwise Possible In The Long Run. The Rich Got The Bigger Slice Of The Pie All Right, But They Have Actually Reduced The Pace At Which The Pie Is Growing.