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“In ancient times, mankind extended the division of labor across tribes, turning enemies into friends. Later came trade across national boundaries, with similar largely peaceful effects. Now, humans are prepared to extend it still further: into the final frontier. Doux commerce is coming to the stars. NASA just made a ‘giant leap for mankind.’ Everyone…
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“Which view of man prevails – man seen as a reasonable but imperfect person who can guide and direct his own life, or man seen as an irrational being constantly needing someone else to direct and dictate how and what he does – will determine the future for mankind, not only out of the current…
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“As an educator myself, I am happy to grant that teachers produce value for students, and for society. But even the most marginal teacher, at the worst and least motivated public school, can’t-wait-for-retirement clock puncher, makes far more than the marginal basketball player. You can’t compare the marginal unit of water, or teachers, with diamonds.”…
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“Cases like Citbank’s $900 million mispayment and $846,000 bank drafts stuck in financial limbo make for interesting stories. But keep in mind that the participants in these transactions are the accidental victims of a payments system that provides hard finality. What is unseen is the huge amount of trade that the certainty of hard finality…
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“The problem isn’t that the world’s poorest don’t work hard. The problem is that they work hard in societies where restrictions on economic freedom throttle growth.” ~ Art Carden
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“Lindbeck was a great economist and public voice of economic sanity. He will be sorely missed.” ~ Joakim Book
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“The key to getting wealthy in a capitalistic society is to produce something so valuable that millions of people want to trade for it.” ~ Raymond C. Niles
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“Money makes possible an incredible amount of interpersonal coordination in the market. Rules of private property and contract, of various kinds, predate money. But widespread market integration and economic growth only result when there is a critical mass of people in a single commercial network linked by money.” ~ Alexander W. Salter
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“For those who find stock price gains inexplicable and therefore terrifying, the Yardeni-Reynolds Model offers a purely empirical explanation of a seemingly high trailing P/E ratio – extremely low global inflation and bond yields combined with an artificially low P/E denominator of past earnings that includes the terrible second quarter of 2020.” ~ Alan Reynolds
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“Disasters and emergencies are bad enough without policies that make things worse. That’s exactly what price gouging laws are: rules that actually make these worse for the least of these among us by snuffing out the signals that would tell the rest of us precisely what is needed where.” ~ Art Carden
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“Space remains the final frontier. Just as with the terrestrial frontier, private enterprise should be the driving force for exploration, development, and settlement.” ~ David R. Henderson & Alexander W. Salter
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“Recognizing that private investment usually works better than public investment does not mean that public investment is never desirable. But it does put the burden of proof on those who champion public investment projects. Rather than offering faux refutations of the crowding-out argument and citing anecdotal evidence, as Skidelsky does, those in favor of a…