Mark GoodwinPhoto links here, here, here, here and here.
I loathe nothing more than laboring for profane achievements.
Who has ever seen mountains of gold and silver
last through 10,000 generations?--Wang Gonquan
Peter Leeson, Peter Boettke, and Jayme Lemke
The economic structure of the media business is not fundamentally different from that of business in general. The most-prevalent sources of industrial strength are the mutually reinforcing competitive advantages of scale and customer captivity. Content creation simply does not lend itself to either, while aggregation is amenable to both.--Jonathan Knee
... most of [Gary Kasparov's] world-class expertise comes from how he sees and looks at the chess board, not from his calculation ability. The traditional picture of the chess master as a calculating prodigy is bogus.--Sanjoy Mahajan
Try this test: see if you can read [Paul] Krugman's blog and NY Times column for two weeks and not find him, at least once, attributing motives to those economists he disagrees with that you are pretty sure are not their real motives.--David Henderson
now we have a politician justifying petty corruption by arguing that since every American cop is in fact corrupt, we can’t call it corruption. Fixing tickets isn’t wrong. It’s just a perk that comes with a badge. Unfortunately, this entitlement mindset – the notion that my individual or group interests are special and more deserving than the interests of others – is deeply embedded in our society. Why do so many homeowners who face foreclosure flip out when losing their homes? They’ve convinced themselves that it’s unjust…that they’re somehow entitled to a home they bought with a 2% or 3% downpayment. The entitlement mindset is most destructive when it comes to Medicare and Social Security, the programs that are bankrupting our nation. Unlike fixing traffic tickets, Social Security and Medicare are offered to all Americans of a certain age. And because these entitlement programs are so universal, most Americans think that they must be “fair.” Of course, they’re not “fair.” As currently configured, Medicare and Social Security are transfer payments from younger and future generations of Americans to their elders. Worst of all, the economics of these programs simply don’t work.Too little money going in and too much money going out. Even the AARP has finally figured this out. ... Entitlements corrupt, and Medicare and Social Security corrupt absolutely.--Evan Newmark
Some of the slow-down in the American economy is undoubtedly due to problems in the world economy: the excessive Greece debt and other serious economic problems facing a slowly growing European Community, the nuclear disaster in Japan and the sluggishness of the Japanese economy, and the possible slowing of the rapid growth in both the Chinese and Indian economies. Another part is explained by the policies that slowed the early stages of the recovery, perhaps especially uncertainty about the effects of the financial reform act, and lack of clarity about the cost implications to business of the health care act. I am persuaded that an important third part is due to concerns that the US will be unable to control its fiscal situation. The ratio of federal government spending to GDP grew from about 21% in 2007 to 25% in 2011, a very rapid change compared to the relative stability of this ratio during the prior 25 years. Unfortunately, there is not yet a strong enough will in Congress and by the president to lower this ratio during the coming decade. Indeed, with the looming enormous growth in entitlement spending, especially Medicare, the spending to GDP ratio could well increase sharply in the coming decade, along with the fiscal deficit and the federal debt.--Gary Becker
Nick Gillespie and Matt Welch