The first thing we do, let’s kill all the rich

I think envy drives more people to do bad stuff than ambition or greed ever did. And politicians regularly depend on envy to motivate the masses to elect them on the promise that the wealthy are evil and therefore deserving of the pain that they are sure to suffer. Naturally the crookedest of the politicians … Continue reading The first thing we do, let’s kill all the rich

Margaret Thatcher’s Tribute to Friedrich von Hayek

To mark the 75th anniversary of the publication of Friedrich Hayek's The Road to Serfdom, several of Hayek's personal items were auctioned at Sotheby's in London on March 19th. Hayek, together with Gunnar Myrdal (the economist from the opposing camp), was awarded the "Nobel Memorial Prize" (not really a Nobel prize) in 1974. At Sotheby's … Continue reading Margaret Thatcher’s Tribute to Friedrich von Hayek

What Explains China’s Rise? — Part 3

Samuel Johnson (1704 - 1789), the great lexicographer, noted that "knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it."[1] Although I know fancy little about China, I do know where that knowledge can be had. There are very credible experts on the subject of … Continue reading What Explains China’s Rise? — Part 3

What Explains China’s Rise? — Part 2

The most concise answer to the question, "What explains China's rise?" is one word: luck. (On the left, the Chinese character for luck.) Actually luck has been a major factor in the rise of all nations that escaped the grip of poverty. Economists, starting with the classical economists like David Ricardo and Adam Smith around … Continue reading What Explains China’s Rise? — Part 2