Sublime

Allowing Homo economicus to do as he wants, to give Ayn Rand– style freedom to let the market reign, will, by Becker’s measurements, increase welfare.

For something to become an object of commerce, it must be made scarce first.

In the eighth chapter of its first volume, Smith made the following novel argument: when a landlord, a weaver, or a shoemaker has greater profits than he needs to maintain his own family, he uses the surplus to employ more assistants, in order to further increase his profits. The more profits he has, the more assistants he can employ. It follows th

One is the neoclassical rational-choice-equilibrium argument that markets automatically come to the Pareto optimal equilibrium for society. This was Ken Arrow and Debreu’s great work. The second is more out of the Hayekian tradition, that markets are efficient at processing distributed information to help coordinate activity in the economy. But bot

If he had a unifying principle, politically and economically, it is what we have said: that concentrated power in any form is dangerous, that institutions should be built to human scale, and society should pursue human ends. Every institution, public and private, runs the risks of taking on a life of its own, putting its own interests above those o

The essential point for Marx was his belief that capitalism was incapable of translating its great growth potential into higher standards of material well-being for the workers.

Obviously Reich’s influence went way beyond just me. Alongside other authors such as Anthony Giddens[411] and Jeremy Rifkin[412], he was instrumental in crafting the message of a new generation of progressive leaders that the era of the steady, lifelong job was over. In a more global and unstable world, lifelong education was the new key to providi