Markets work. That’s the “First Law” of the Extended Order of Social Interactions. I just made up that EOoSI bit but the ‘markets work’ bit is a genuine law in the sense that it expresses an observed regurality in human societies.
What does it mean? Among other things, it means that when the need (the demand) for something arises, the market spontaneously figures out a solution (the supply) without the need for some controlling authority passing orders to get that need met. Those who address the needs of people are sometimes referred to as entrepreneurs. These are the people who look around for unmet needs and figure out some way of meeting those needs.
People all across the world follow personalities. There’s something in the human psyche that makes this particular failing so prevalent. Perhaps it confers some selective survival advantage to groups that follow personalities instead of principles. Maybe principles-based thinking is hard for people and there are gains from “outsourcing” the thinking to some chosen person who is believed to be wiser. It shows up everywhere, from messiahs (Jesus is the prototypical example), to gurus (the Pope and other charlatans come to mind), to politicians (Mohandas Gandhi, Hitler, Stalin, etc are exemplars of this breed).
On Wednesday, it was Mahanabami of Durgotsav or pujo as we Bengalis refer to it in short. I went to check out some puja in the neighborhood with a friend Sudipta and his wife Suvagata. We first went to the Bay Area Durga Utsav Santa Clara, and then to the Paschimi Durga Puja at the Santa Clara Fairgrounds. Both were done quite nicely. The crowds were reasonably large, all dressed up and excited to be there. Pujo is always fun.
I find fast trains fascinating. Hence this little item caught my attention.
A Japanese magnetic levitation train has broken its own world speed record, hitting 603km/h (374mph) in a test run near Mount Fuji. The train beat the 590km/h speed it had set last week in another test.
Maglev trains use electrically charged magnets to lift and move carriages above the rail tracks.
Central Japan Railway (JR Central), which owns the trains, wants to introduce the service between Tokyo and the central city of Nagoya by 2027. The 280km journey would take only about 40 minutes, less than half the current time. [BBC. April 2015.]
I find it interesting that the BBC did not explicitly mention the French TGV in the list of fast trains. The “Eurostar” category subsumes the TGV trains. Anyway, the TGV are the only fast trains I have had the pleasure of traveling in. Here are a few facts about the TGV:
- The LGV opened to the public between Paris and Lyon on 27 September 1981.
- The TGV holds the world speed record for conventional trains. On 3 April 2007 a modified TGV POS train reached 574.8 km/h (357.2 mph) under test conditions on the LGV Est between Paris and Strasbourg.
- The TGV has carried over 1.6 billion passengers.
- In almost three decades of high-speed operation, the TGV has not recorded a single fatality due to accident while running at high speed.
“The argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better.” ~ F. A. Hayek
A few days ago on Oct 14th, Rajesh Jain was at “The Next Billion” event of Quartz India in New Delhi. Rajesh spoke with Bobby Ghosh, editor in chief of Quartz Events. Rajesh spoke about the need for a new constitution for India — the point that Rajesh and I had made in an article in Quartz earlier.
“. . . how absurd it is to judge relative performance by rate of growth, which is as often as not evidence of past neglect rather than of present achievement. In many respects it is easier and not more difficult for an undeveloped country to grow rapidly once an appropriate framework has been secured.”
Source: F. A Hayek. The Political Order of a Free People. 1979. Page 190. Volume 3 of Law, Legislation and Liberty.