A communications revolution that minted mere billionaires made it possible for computer owners to purchase goods and services on Amazon from around the world. This led to arguably the world first centibillionaire in Bezos.
When we’re sick, we go to a doctor. To keep our computers safe, we install anti-virus software. We rely on professionals to help out with lots of complex aspects of modern life: Why not have professionals help with data, too? Call them your privacy co-pilot.
We have an implicit [but wrong] assumption that intelligence and rationality go together—or else why would we be so surprised when smart people do foolish things?
Corporations become big because they serve the needs of consumers and customers well. It’s what they do after they become big that causes economic problems. It’s the attitude and behavior of big corporations that constitute the problem, not their size per se.
Arrow’s Impossibility Theorem can be summarized well-enough: he proved that a collection of people has no “will” in the way that we understand each individual person to have a will.
Singapore’s history shows that anticapitalist hostilities are by no means insurmountable. Singapore’s adherence to a liberal business model reflects the instinctive realization that a small island cannot afford the luxury of self-sufficiency.
Asset price inflation destroys the purchasing power of money in the same way that price inflation of consumer goods does. If stock prices rise from, say, $100 to $200, the purchasing power of the money unit would drop by 50 percent. The owner of the stock becomes richer, while the holder of dollars become poorer.
The promise of more public spending is no longer an animating political philosophy for most people. It’s just there, a dull humming noise. Britain proved that. America, while it watches the Pelosi impeachment revels, may follow.
The proposition “doing good while doing well” refers to the process by which entrepreneurs earn their wealth. It’s the benefit the community realizes as this wealth is accrued. To paraphrase Adam Smith, people enjoy the benefits of meat, beer, and bread as a result of their respective producers’ efforts to earn a profit.
Contrary to progressive belief, America is not divided into rigid economic strata. The incomes of the wealthy often decline, while many taxpayers go from being poor at one point to not-poor at another.
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