Sublime

Markets become inefficient when one of these conditions is violated, and the most likely condition is almost always lack of diversity. We are social animals. Instead of believing different things, we correlate our beliefs.

industry has

Education economist Greg Duncan,

politics

Friedrich Hayek’s book The Fatal Conceit: Errors of Socialism expressed with clarity and authority what I had long felt but was unable to express, namely the unwisdom of powerful intellects, including Albert Einstein, when they believed that a powerful brain can devise a better system and bring about more “social justice” than what historical evolu

“Private capital tends to become concentrated in [a] few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of the smaller ones,” Albert Einstein wrote in 1949 in the Monthly Review in expla

One way to give labor more power is to make it easier to organize workers by passing labor law reform bills—the perennial campaign promises of Democratic candidates that go perennially unfulfilled. Another is to direct large-scale government investments into key national sectors—clean energy, manufacturing, education, and caregiving—to create jobs,

the returns to their investors. Just like players in any game, they are doing whatever is necessary to win. But just as all games require rules to define fair play, the economy relies on government to set the economic ground rules. If the government wanted to do