For many firms, their reputation is their most valuable asset. They will go to great lengths to protect it.
Imagine there are two people, Jason and Namor, and they have these production possibilities for crimes prevented and movies made per year.
The labor problems facing the Sanders campaign should make us pause for just a second and ask what it says about our ability to deliberate over, form, and articulate a Glorious Plan that will cure people’s ills, correct injustices, and secure domestic tranquility.
Milton Friedman was the very model of a careful thinker, a first-rate scholar, and a clear communicator. He left an intellectual and institutional legacy that will be often imitated but likely never equaled. Our world is better because he was with us.
Until they were transformed by ideas and culture, minerals and oil were just so much dirt and goo.
A government could, undoubtedly, make beer. But the right beer with the right flavor profiles for a world of nearly infinite variety of tastes — not all of them consistent? For that, you need a market.
You’re not spreading prosperity when you choose the labor-intensive option just because it’s labor intensive. You’re actually wasting resources.
Should we study and learn from the past? Of course we should. Should we yearn for the past, seek to return there, and perhaps undo the progress of the last several centuries? Of course we shouldn’t.
Or in the musical context, the capitalist achievement consists not of softer seats at the opera for the king and queen but access to a practically infinite library for pennies a day.
Let’s just try a mental experiment. Let’s regard the players on the team as some seem to regard themselves, exploited and underpaid. The same claims are made for many people around the world. The commonly proposed solution is the boycott.