Quote of the Day: Samuel Gregg

Thanks to Dr. Shawn Ritenour for sharing this article by the Acton Institute’s Samuel Gregg, published by The American Spectator. “Crony capitalism is about hollowing-out market economies and replacing them with what may be described as political markets. In political markets, the focus is no longer upon prospering through creating, refining, and offering products and […]

Some Quotes on Piketty and Capital

Ok, so these aren’t actually about Piketty. But I came across a few selections tonight reading through Jesus Huerta de Soto’s Money, Bank Credit, and Economic Cycles that are very relevant in light of recent discussions about Thomas Piketty’s book Capital in the Twenty-First Century and his r>g theory. The first is from Bohm-Bawerk: “There […]

Quote of the Day: Matt Ridley on “Carrying Capacity”

Matt Ridley has a great column in today’s Wall Street Journal combatting ecologists’ “carrying capacity” beliefs about earth’s resources and, by implication, political efforts to regulate resource consumption. “What frustrates [economists] is [ecologists’] tendency to think in terms of static limits. Ecologists can’t seem to see that when whale oil starts to run out, petroleum is discovered, or […]

More on Piketty

A friend informed me of economist Peter Klein’s apt analysis of the inequality debate as it relates to Piketty’s book Capital in the Twenty-First Century. From Klein’s blog: Piketty and his admirers define “capital” as a homogenous, liquid pool of funds, not a heterogeneous stock of capital assets. This is not merely a terminological issue, as those familiar […]

Quote of the Day: David Harsanyi

David Harsanyi published today at The Federalist: Like many progressives, Piketty doesn’t really believe most people deserve their wealth anyway, so confiscating it presents no real moral dilemma. He also argues that we can measure a person’s productivity and the value of a worker (namely, low-skilled laborers), while at the same time he argues that […]

Quote of the Day: Sandy Ikeda

Sandy Ikeda writing in The Freeman on April 17: “A planner can’t build an entire city (or neighborhood eve) because she can’t begin to design and construct the necessary diversity and social intricacy that happens spontaneously in a living city. And I don’t think she should even try because it can irreparably damage, even kill, […]

Quote of the Day: Arthur Brooks

Arthur Brooks, president of the American Enterprise Institute, has a great column in today’s New York Times. Tibetan Buddhists actually count wealth among the four factors in a happy life, along with worldly satisfaction, spirituality and enlightenment. Money per se is not evil. For the Dalai Lama, the key question is whether “we utilize our […]

Manufacturing industry’s health ≠ number of manufacturing jobs

We often hear that the American manufacturing industry is in major decline. In fact, the point often goes without saying these days, or at least without good data to back it up. That’s not to say that the number of manufacturing jobs in America hasn’t dropped off–that much is certain. But is the number of people employed in the […]