Author: Atanu Dey

Walter E. Williams insisted that the E in his name stood for excellent. He was excellent. He suffered no fools. He passed away today. About him, the wiki says:

Walter Edward Williams (March 31, 1936 – December 2, 2020) was an American economist, commentator, and academic. He was the John M. Olin Distinguished Professor of Economics at George Mason University, as well as a syndicated columnist and author known for his classical liberal and libertarian views.

 

A few quotes: Continue reading “Walter E Williams, RIP.”

Of all the American holidays I like Thanksgiving the best. For starters, it’s a secular holiday. Secular in the true sense of the term — not religious — and not in the way that secular is understood in India where it means “not Hindu.” In India, Islamic or Christian is secular but Hindu is not secular. In India, Diwali is not secular but Christmas is secular. But in the US, Christmas is not secular but Thanksgiving is secular. That is an important distinction.

But the main reason I like Thanksgiving is that it represents something that should be our perrenial attitude — that of gratitude for what we have. Certainly we wish we had more of the goodies of life but let’s also frequently pause and give thanks for all the good things we already have. I pause quite frequently and observe the simple fact that things are pretty good as they are. I ask myself “Isn’t this good?” and answer, “Yes, it’s good.”

That’s what I learned a long time ago. In Hesse’s book Siddhartha, the protagonist says to his friend Govinda, “the world is perfect in every moment.” The same idea is expressed thus in Desiderata: “And whether or not it is clear to you, no doubt the universe is unfolding as it should.”

Happy Thanksgiving.

 

I am always struck by the variations in human capacities. We humans are strikingly unequally endowed in physical and mental capabilities. Non-human animals of a particular species are generally very similar. For instance, individual members of the species common pigeon  are quite indistinguishable; if you’ve seen one, you’ve seen them all. The pigeons from Germany are not that different from the ones in India. Can you tell which one is a German pigeon and which one Indian?

But we humans are different. The range of human physiology is vast even though all humans belong to the same homo sapiens species. People from different regions of the world look different and we easily distinguish between Germans and Indians. Not just across regions, individuals vary within regions too. That is not an earth shattering fact but it is worth noting.

I believe that the range of mental variations is much wider than physical variations among humans. We are seriously unequally endowed when it comes to brains. Most of us are sort of average but among us there are outliers who are a few sigmas above the mean. The outliers also are varied. There are geniuses in chess, and in music, and mathematics, and physics, … the list goes on indefinitely. Continue reading “Wisdom, Genius, Knowledge and Intelligence”

In a recent email exchange, my correspondent wrote, “they say if everyone consumed like the US, we would need 2.5 earths.” That sort of claim is commonly made and readily accepted as true. A June 2015 BBC magazine article titled “How many Earths do we need?” begins with the claim “that if everyone on the planet consumed as much as the average US citizen, four Earths would be needed to sustain them.”[1]

Those types of claims are half-truths, and like most half-truths, they confuse rather than clarify. Fortunately, a little bit of reasoning and checking the facts are sufficient to get closer to the truth.

Earth is an Open System

The undeniable fact is that the earth is finite, which means nothing on earth — soil, water, minerals, etc. — is infinite. But for all practical purposes what we need is virtually infinite. The reason for virtual infinity in a finite earth is that the earth is not a closed system.

If you have some content in a finite box, that content has to be finite too. If you can neither add anything to the box or take anything out of the box, it is a closed system. Conversely if you can add or remove stuff from the box, it’s an open system.

The earth is an open system because it receives energy from the sun. That makes an enormous difference in that it enables material to be recycled. A simple example of that is water. We never “use up” the water we use. Though the amount of water is finite, the amount of rainfall on earth is unbounded because of the hydrological cycle: the sun’s energy continually evaporates water into the atmosphere and that falls back to earth as rain. This cycle has been going on for billions of years and will continue for the indefinite future. We cannot “use” up the limited water because it gets naturally recycled. Continue reading “Finite System, Infinite Cycles”

In an essay titled “Sham Battle” published in October 1936 in the Baltimore Evening Sun, H. L. Mencken enunciated a truth that is one of the core axioms of public choice theory. That axiom is the homely truth that politicians are people just like the rest of us. Homely truths, as Mark Twain recognized, are unpalatable. But they are true nonetheless.

People are motivated by their self-interest in their private lives. That is not to say that they are narrowly selfish but rather that they do what they believe to be in their interest, whatever those interests may be — including altruism if that is what interests them.

Homely truths endure. In 1936 Mencken wrote, “The state—or, to make the matter more concrete, the government—consists of a gang of men exactly like you and me.”

James Buchanan and Gordon Tullock developed public choice theory (PCT) in the 1960s. One of the assumptions of PCT is of behavioral symmetry: people behave the same way in their public capacity as they do in their private capacity. The person in the marketplace is the same person in the voting booth. A person is not transformed from a self-interested being with imperfect knowledge, foresight and morality in his private capacity into an other-directed being with perfect knowledge, foresight and goodwil in his public role as a politician, bureaucrat or a voter. By being elected or appointed to a public office, a person does not magically get endowed with the ability to know “the public good” and pursue that diligently. In other words, politicians are just like the rest of us. Don’t expect them to be better than you’d expect people to be. Continue reading “An Auction of Stolen Goods”