Quotulatiousness

February 18, 2019

Mis-measuring inequality

Filed under: Britain, Economics, Government — Tags: , , , , — Nicholas @ 03:00

Tim Worstall explains why any protest in a western country about “inequality” is probably bogus from the get-go:

Their opening line, their justification:

    We live in an age of astonishing inequality.

No, we don’t. We live in an age of astonishing and increasing equality. Thus any set of policies, any series of analysis, that flows from this misunderstanding of reality is going to be wrong.

And that’s all we really need to know about it all.

The problem is that their measurements – the ones they’re paying attention to – of inequality just aren’t the useful ones, the ones we’re interested in. They’re usually pre-tax, pre-benefits. They’re always pre-government supplied services. And they never, ever, look at the thing we’re actually interested in, inequality of living standards.

To give an example, the Trades Union Congress did a calculation a few years back looking at top 10% households in the UK and bottom 10%. They took the average of each decile – so, the average of the top 10% households, the average of the bottom. Then they looked at the ratio between them.

The top 10% gain some 12 times the market income of the bottom 10%. Now take account of taxes and benefits. Then add in the effects of the NHS, free education for all children and so on. Government services. We end up with a ratio of 4 to 1. Life as it’s actually lived gives the top 10% four times the final income – income being defined by consumption of course – of the bottom 10%.

That’s not a high level of inequality.

January 1, 2019

Blog traffic in 2018

Filed under: Administrivia, Media — Tags: , , — Nicholas @ 03:00

As I try to remember to do every New Year, here’s a snapshot of the blog statistics gathered for me by the CyStats WordPress plug-in from 1 January to mid-morning 31 December (click to embiggenate):

As you can tell if you compare this to last year, CyStats have updated their UI so that relevant bits aren’t quite as easy to screencap.

Overall, the numbers are down a bit from 2017, but I still feel it’s worthwhile to carry on…

December 30, 2018

The Long-Run Aggregate Supply Curve

Filed under: Economics — Tags: , , — Nicholas @ 02:00

Marginal Revolution University
Published on 25 Apr 2017

The long-run aggregate supply curve is actually pretty simple: it’s a vertical line showing an economy’s potential growth rates. Combining the long-run aggregate supply curve with the aggregate demand curve can help us understand business fluctuations.

For example, while the U.S. economy grows at about 3% per year on average, it does tend to fluctuate quite a bit. What causes these fluctuations? One cause is “real shocks” that affect the fundamental factors of production. Droughts, changes to the oil supply, hurricanes, wars, technological changes, etc. can all have big and potentially far-reaching consequences.

Next week, we’ll dig into why wages are considered “sticky,” or slow to change.

December 3, 2018

US immigration – two views

Filed under: History, Politics, USA — Tags: , — Nicholas @ 03:00

In the latest Libertarian Enterprise, John Walker presents two fascinating charts illustrating the levels of immigration to the United States since the beginning of the nineteenth century. Depending on which one you see, your interpretation will likely differ substantially. The first, the way the statistics are usually presented, show the current rate of immigration to be a very significant — even unprecedented — economic and political concern:

Immigration shown in raw numbers.

The less common way of illustrating the immigration numbers is showing it proportional to the whole population, which would not work anywhere near as well to support certain narratives:

Immigration to the US shown in proportion to the population.

This is a very different picture. There are clearly two different epochs. In the first, between 1820 and 1930, the U.S. was “filling up the empty country” by admitting large numbers of immigrants. Then, due to immigration restrictions in the Immigration Act of 1924 and the subsequent economic depression and war, immigration remained at low levels until 1946 when, in the immediate postwar period, it jumped. In this view, the impact of the Immigration and Nationality Act of 1965 was not the discontinuous change some present it as (at least in terms of absolute numbers; it may have changed the composition of the immigrant population, which is not captured in these statistics).

Instead, the trend established after 1946 continued to rise continuously until 1989–1991 when it went all whacko. These numbers, as a fraction of the population, haven’t been seen 1923 or since. If you take out those crazy years, the overall trend of immigration as a fraction of the existing population continues to rise almost linearly since 1946.

November 26, 2018

You can make a strong case that “nutrition science is not just misguided but actually harmful”

Filed under: Food, Health, Media, Science, USA — Tags: , — Nicholas @ 03:00

Alex Berezow outlines the ferment and upheaval in modern nutrition science reporting:

One day, coffee causes cancer; the next, it cures cancer. One day, wine is good for you; the next it kills you. Given its self-contradictory wishy-washiness, can nutrition science be trusted?

Not at all, say Edward Archer and his co-authors, in a new paper published in Frontiers in Nutrition. They believe nutrition research is so bad that they call our current scientific discourse on the relationship between diet and disease to be “fictional.”

This isn’t the first time that Dr. Archer lobbed a grenade into the field of nutrition. In an article for RealClearScience, he (in)famously called the U.S. dietary guidelines a “scientific fraud” based on “implausible” data that “create[s] fear and uncertainty in American citizens.”

Clearly, Dr. Archer believes that nutrition science is not just misguided but actually harmful. That’s an extraordinary statement that requires extraordinary evidence.

Any nutrition study that’s based on self-reporting depends on the participants to be honest and fully revealing of their food and drink intake. At a time when we’re food-shamed on a daily basis by the government and the media for our “failings”. Even mostly honest reporters are likely to ever-so-slightly under-report their intake of whatever foods are the subject of this week’s “two-minute hate”. One of my favourite examples of blatant under-reporting is that — if you believe the reports — approximately half of all the booze sold in Britain is just poured down the drain:

The only real pitfall in this kind of research is the problem of people under-reporting how much they drink. The amount of alcohol sold in the UK is about twice the amount that people claim to drink, so unless we throw away a huge amount of booze, it is certain that people either forget about how much they drink or they deliberately lie to researchers. In either case, we can assume that the people who say they consume two drinks a day are probably consuming three or four drinks, in which case the amount that you have to drink to assume the same level of risk as a non-drinker is even more than this graph suggests.

H/T to Blazing Cat Fur for the link.

November 21, 2018

Statistics Canada’s instrumentalist philosophy

Filed under: Cancon, Government, Liberty, Politics — Tags: , , , — Nicholas @ 03:00

In the Financial Post, Bruce Pardy discusses the motivation behind Statistics Canada’s recently revealed demand for the private financial records of half a million Canadians:

Recently it was revealed that Statistics Canada sought to obtain the private banking information of half a million Canadians without their knowledge or consent. Jennifer Robson, professor of political management at Carleton University, in an interview with the CBC, justified the data sweep on the grounds that governments need this information to make good policy. But don’t be concerned, she said, it is not for ideological purposes, since Statistics Canada is ideologically neutral. That made me laugh. The very idea of policy based on data reflects an instrumentalist belief that governments should solve social problems by political means. That requires an ideological confidence in the administrative state, to which the agency is a handmaiden.

Ideology is not a dirty word. An ideology is merely a worldview, a lens through which to perceive society. Political parties, by definition, each have one (and sometimes extra ones for special occasions). But it is another thing for a public agency to act independently in furtherance of its own ideology while pretending to be neutral.

Statistics Canada’s deep dive into banking records — presently on hold while federal privacy commissioner Daniel Therrien investigates its legality — appears not to have been directed by government officials but was undertaken on its own initiative. The agency’s decision is consistent with a conviction that the more personal data available to government, the better off we will be; that governments are benevolent; that private financial matters call for public policy management; and that a bigger government is a better government. A commitment to social policy, wrote Milton Friedman “involves the acceptance of the socialist view that political mechanisms, not market mechanisms, are the appropriate way to determine the allocation of scare resources to alternative uses.”

November 16, 2018

QotD: Defining hate speech

Then, of course, there is the question of where hate-speech ends and legitimate commentary starts. It is generally easy to recognise the vilest abuse that is intended only to inflame and not to argue, just as it is easy to recognise pure pornography (I use the word ‘pure’ in its chemical, not its moral sense, of course). But often matters are much more complex than this.

For example, I recently saw the following statistic in a serious article on the internet: that Nigerian immigrants to Switzerland are seven times as likely to be convicted for a crime as Swiss citizens. Surely no one who wrote such a thing could think that it was calculated to create warm feelings in the hearts of the Swiss towards Nigerian immigrants, except those very few of Fabian mentality, who see in serial killers a cry for help (from the killers, of course, not from their victims).

The statistic – let us assume – is true. But then let us ask whether it has been corrected for the different sex and age structures of the two populations, that of the Nigerian immigrants and that of the Swiss population.

If it has not (and the article does not say), it is easily conceivable that a better, or at least different, statistic would be that Nigerian immigrants are only twice or three times as likely to be convicted for a crime as Swiss citizens. And if this were in fact the case, would the man who published the article be guilty of hate-speech, or merely of intellectual error? Is the test of hate-speech to be whether something does in fact bring a group into hatred, ridicule and contempt, or whether it is intended to do so?

It is easy to multiply examples. In this country, young Moslem men far out-fill their quota in prison, while young Hindu and Sikh far underperform where criminal conviction is concerned. Is this an interesting and important sociological fact, or an incitement to hatred, ridicule and contempt, or perhaps both?

A further problem is that of judging how sensitive people actually are or should be to perceived slights and insults. Just as the expression of hatred can be self-reinforcing, so can the sensitivity to slight and injury. The more you are protected from it, the more of it you perceive, until you end up being a psychological egg-shell. The demand for protection becomes self-reinforcing, until a state is reached in which nobody says what he means, and everybody infers what is not meant. Temperatures, or tempers, are raised, not lowered. The disgracefully pusillanimous (and incompetent) Macpherson report into the killing of Stephen Lawrence demonstrated the risks we run: it suggested that a racial incident should be defined as an incident which any witness to it believed to be racial, without there being any need for objective evidence that it was. Where a British judge can be so pusillanimously unattached to the rule of law, we can be sure that one day hate-speech will be defined as any speech that anyone finds hateful.

Theodore Dalrymple, “Hating the Truth”, Salisbury Review, 2011-06.

November 4, 2018

Statistics Canada wants to become “Stasi”-tistics Canada by grabbing personal financial data

Filed under: Bureaucracy, Cancon, Government, Liberty — Tags: , , , — Nicholas @ 05:00

“Stasi” was the abbreviation for the German Democratic Republic’s State Security Service, East Germany’s successor to the Gestapo. Not only did they perform similar functions to the Gestapo, they were even more involved in spying on Germans than their Nazi predecessors had been. Wikipedia says that “the Stasi employed one secret policeman for every 166 East Germans; by comparison, the Gestapo deployed one secret policeman per 2,000 people. As ubiquitous as this was, the ratios swelled when informers were factored in: counting part-time informers, the Stasi had one agent per 6.5 people. This comparison led Nazi hunter Simon Wiesenthal to call the Stasi even more oppressive than the Gestapo.” Statistics Canada doesn’t want to get the full story on us by physically spying — that’s the RCMP’s job — but they do want to grab huge amounts of our personal financial data to “ensur[e that] government programs remain relevant and effective for Canadians”. Terence Corcoran explains why this might not be such a good idea:

When news broke earlier this year that the accounts of maybe 600,000 Canadian Facebook users had been compromised, Ottawa swung into action to shut down this alarming example of creeping surveillance capitalism. Scott Brison, then acting minister of democratic institutions, said his government had dispatched Canada’s national spy agency to make sure the privacy of Canadians had not been compromised. “Social media platforms have a responsibility to protect the privacy and personal data of citizens,” said Brison.

But when news broke last week that Statistics Canada wants to expand its inventory of data on Canadians by collecting real hard-core personal information on the banking activities of 500,000 Canadians annually, the Trudeau government was suddenly not at all concerned about privacy breaches or even the principle of privacy protection. Instead of waving a red flag over the prospect that StatCan would end up with computers full of private financial details on millions of citizens, Prime Minister Justin Trudeau brushed off privacy concerns, which he implied take a back seat to the government’s need for “high quality and timely data.” Such data, he said, are “critical to ensuring government programs remain relevant and effective for Canadians.”

Spoken like a true central planner and enthusiastic purveyor of policy-based evidence making. Nobody seems to know why StatCan wants to begin collecting personal banking information on individual Canadians, information that Canada’s bankers are rightly reluctant to provide. In the all-new era of fintech and blockchain, the great concern among regulators is how data privacy will be protected. At StatCan, the concern is: “How do we get our hands on the data?”

[…]

StatCan’s assurances on privacy protection are not all that reassuring. In a document dated October 2018 — obtained by David Akin at Global News— the chief statistician describes his agency’s “Generic Privacy Impact Assessment related to the acquisition of financial transactions information.” It is clear that the names of millions of Canadians, their bank account numbers and transactions, their bill payments and personal activities, will be collected and stored in government computers. StatCan is not merely getting useful generic data on the spending and banking habits of Canadians, it is collecting the actual spending and banking habits and names of individual Canadians.

It is one thing to collect and analyze statistics based on anonymous data. It is quite another to “require” — Arora’s word — that the banks provide “individual payments and income history.” Even though billions of bits of private, individual and personal information will be collected, StatCan says that, “Under no circumstances will the personal information obtained from financial institutions be used to perform credit, expenditure or income checks on individual Canadians.” He said none of the resulting statistical reports will include any personal data.

That’s not good enough.

October 27, 2018

QotD: The gender pay-gap

Filed under: Business, Economics, Quotations — Tags: , , , — Nicholas @ 01:00

If you mean the pay gap that exists between women, anybody with an ounce of statistical sense knows that it is insignificant when it comes to actual equivalent jobs with equivalent requirements. Once you factor in that women are statistically more likely to take time away from their careers for child rearing and factor that in, the pay difference is statistically insignificant. Unless you work in the Obama White House, because fuck you is why.

Men also tend to work more in dangerous or physically demanding jobs by choice, which also pay better. Nobody forces them to go into those fields. Men also get more STEM degrees and women get more LAS degrees. STEM pays better. Nobody is forcing these men to do math, but men and women are different. If you don’t understand why my accounting degree is more valuable that your gender studies degree, you don’t understand basic econ 101 and supply and demand. So yes, I would like fries with that.

If you mean the gender gap in voting between the parties, just about every psychological study ever conducted by somebody not huffing paint understands that women tend to make decisions more emotionally and men tend to make them more logically. I see you reaching for you Sexist Card, but I said tend. This is not always the case, it is simply a trend. If you don’t like it or find that sexist, you can fuck off and die. Men and women are different. Most of us happen to like that. Some men think more emotionally (like pajama boy metrosexual hipster douchebags for example), and some women think more logically (like hot republican warrior babes), but a trend is a trend.

Larry Correia, “Run Forrest Run!”, Monster Hunter Nation, 2014-11-05.

October 26, 2018

QotD: Mis-using statistics

Filed under: Humour, Quotations — Tags: , — Nicholas @ 01:00

You’re like that crazy hobo on the subway demanding everyone justify the moon ferrets. But moon ferrets aren’t real, so why waste a bunch of time explaining that to a stinky hobo. But I’ll try, because I’m a retired accountant, and when people like you try to use stats it is like watching a monkey humping a football. So amusing, but kind of sad.

Larry Correia, “Run Forrest Run!”, Monster Hunter Nation, 2014-11-05.

October 8, 2018

Debunking state education rankings

Filed under: Bureaucracy, Education, Media, USA — Tags: , , , , — Nicholas @ 03:00

In the latest issue of Reason, Stan Liebowitz and Matthew L. Kelly explain why you should ignore those “authoritative” rankings published by U.S. News and World Report and others:

You probably think you know which states have the best and worst education systems in the country. If you regularly dip into rankings such as those published by U.S. News and World Report, you likely believe schools in the Northeast and Upper Midwest are thriving while schools in the Deep South lag. It’s an understandable conclusion to draw from those ubiquitous “Best Schools!” lists. It’s also wrong.

The general consensus on education, retold every few news cycles, is that fiscally conservative states are populated by cheapskates. In those necks of the woods, people are too ignorant to vote in favor of helping their illiterate and innumerate children. Intelligent people understand that high taxes and generous pensions for public school teachers are the recipe for an efficient and smoothly functioning education system. If skinflint voters would just lighten up, the story goes, they too could become erudite and sophisticated.

Paul Krugman rehashes this narrative regularly in his New York Times column, frequently bemoaning the country’s purportedly miserly education budgets. Increasingly, he perceives libertarian barbarians at the gates of state governments, brandishing axes for dreaded spending cuts. In April, he wrote that “we’re left with a nation in which teachers, the people we count on to prepare our children for the future, are starting to feel like members of the working poor.… One way to think about what’s currently happening in a number of states is that the anti-Obama backlash, combined with the growing tribalism of American politics, delivered a number of state governments into the hands of extreme right-wing ideologues. These ideologues really believed that they could usher in a low-tax, small-government, libertarian utopia.”

In Krugman’s view, which reflects the education establishment’s view as well, those attempting to keep the size of government in check are a danger to your child. To support this claim, education wonks and activists point to state rankings in U.S. News, Education Week, or WalletHub — outlets that grade states according to a few key measures, such as graduation rates, education spending, and test scores. When education is discussed in the news, these rankings are often cited to illustrate the havoc that restrained budget growth and right-to-work laws can wreak.

Indeed, such rankings do seem to show that the highest-quality state educational systems tend to be in big-spending states in the Northeast or Upper Midwest. These places apparently honor and respect teachers, while Southern states inexplicably abhor them. But the cheapskates in cheap states get their just deserts: Sophisticated northern jurisdictions grow ever smarter, while stingy conservative backwaters sink into ever-lower depths of ignorance. The solution is obvious: Pay up or your kids will suffer.

There’s just one problem with this narrative: Traditional rankings are riddled with methodological flaws.

September 8, 2018

A key statistic in the debate over gun violence in Toronto … turns out to be an invention

Filed under: Cancon, Law, Media, Politics — Tags: , , , , — Nicholas @ 03:00

Matt Gurney on an important claim in the controversy about guns and crime in Toronto — that will probably not get anything like as much coverage because it doesn’t support the prohibitionists’ narrative:

Earlier this summer — a summer that has seen Toronto wracked by gun violence — a report came out that suggested lawful Canadian gun owners were to blame for at least some of the violence. The article was originally published by the Canadian Press, and was widely republished elsewhere, including at the CBC, the National Post, a dozen local newspapers, CTV News, and, yes, here at Global News. Since then, it has been widely cited in other news stories covering the issue, including in The Toronto Star and The Globe and Mail. The report was everywhere.

Here’s the problem. Newly released stats show clearly that it was wrong.

The article was based around an interview with a Toronto Police Services detective, Rob Di Danieli. Det. Di Danieli told the Canadian Press that Canadians who were lawfully licensed to purchase and possess firearms were increasingly a public safety issue. “They go get their licence for the purpose of becoming a firearms trafficker,” Di Danieli told the CP. “A lot of people are so ready to blame the big bad Americans, but we had our own little problem here.”

The CP article hangs on this revelation from the detective. It notes, in various places, “The number of guns obtained legally in Canada but are then sold to people who use them for criminal purposes has surged dramatically in recent years compared to firearms smuggled from the United States, Toronto police say,” and, “In recent years [investigators say they] have noticed a stark shift in where guns used to commit crimes are coming from,” and, “Legal Canadian gun owners are selling their weapons illegally, Di Danieli said, noting that police have seen more than 40 such cases in recent years.”

[…]

At the time the CP story first ran, there were no publicly available stats to support (or contradict) what di Danieli had told them. But now, those numbers are publicly available, thanks to Dennis R. Young, an Alberta-based researcher who filed a Freedom of Information request with the Toronto police and published their reply on his website. And these stats tell a very different story.

August 7, 2018

Grasping at straws to virtue signal

Filed under: Economics, Environment, Government, USA — Tags: , , , — Nicholas @ 03:00

Richard Morrison points out just how banning plastic straws will not do anything meaningful to save the environment, but will definitely have a negative impact on consumers:

Of all the consumer products one might have expected to become a flashpoint for political controversy, the humble plastic drinking straw is an unlikely contender. Leap into the headlines it has, though, with communities like Seattle and San Francisco recently enacting bans on disposable straws. The city council of Santa Barbara, California, initially voted for a ban that would have punished restaurant workers with up to six months of jail time for giving out a disposable plastic straw, but city officials agreed to revisit the ordinance when it appeared to also ban the sale of straws at supermarkets.

[…] the case against the plastic straw is exceedingly weak. There aren’t as many plastic straws thrown away as claimed, and only a tiny portion of U.S. straws end up anywhere near the oceans — the vast majority of municipal solid waste in this country ends up either buried in landfills, recycled, or burned up in incinerators, far from any congested sea turtles.

The vast majority of plastic waste in oceans actually comes not from advanced countries like the U.S. but from countries like China and Indonesia that consume a large volume of plastic products but lack our modern waste collection infrastructure. Much of their plastic waste ends up washed into major river systems that empty into the oceans. A study published last year in the journal Environment Science & Technology by three German researchers found that 90 percent of the plastic debris found in the world’s oceans is dumped there by just ten of the world’s rivers — none of which are in the Western Hemisphere, much less the United States.

Beside the fact that U.S. consumers are contributing very little to the ostensible problem is the other side of the equation: the benefits of the straws themselves. I suspect many Americans who were initially receptive to the idea of a ban were genuinely surprised to learn that disposable drinking straws are very important to people with certain disabilities. British disability rights activist Penny Pepper recently commented in the Guardian about how she depends on plastic straws — and other single-use, disposable products like baby wipes — writing “I don’t have the luxury of a plastic-free life.” The durability, convenience, cleanliness, low price, and resistance to heat of disposable plastic straws make them irreplaceable to people with many different physical limitations.

Vancouver, as any Canadian would have guessed, was the first Canadian city to pick up on this particular variant of virtue signalling.

August 5, 2018

Poverty

Filed under: Economics, USA — Tags: , , , — Nicholas @ 03:00

Walter Williams on how most American can and do avoid falling into poverty:

Poverty is no mystery, and it’s easily avoidable. The poverty line that the Census Bureau used in 2016 for a single person was an income of $12,486 that year. For a two-person household, it was $16,072, and for a four-person household, it was $24,755. To beat those poverty thresholds is fairly simple. Here’s the road map: Complete high school; get a job, any kind of a job; get married before having children; and be a law-abiding citizen.

How about some numbers? A single person taking a minimum wage job would earn an annual income of $15,080. A married couple would earn $30,160. By the way, according to the Bureau of Labor Statistics, less than 4 percent of hourly workers in 2016 were paid the minimum wage. That means that over 96 percent of workers earned more than the minimum wage. Not surprising is the fact that among both black and white married couples, the poverty rate is in the single digits. Most poverty is in female-headed households.

Socialist Sen. Bernie Sanders’ presidential campaign garnered considerable appeal from millennials. These young people see socialism as superior to free market capitalism. Capitalism doesn’t do well in popularity polls, despite the fact that it has eliminated many of mankind’s worst problems, such as pestilence and gross hunger and poverty. One of the reasons is that capitalism is always evaluated against the nonexistent, non-realizable utopias of socialism or communism. Any earthly system, when compared with a utopia, will not fare well. Indeed, socialism sounds good but, when practiced, leads to disaster. Those disasters have been experienced in countries such as the USSR, China, most African nations and, most recently, Venezuela. When these disasters are pointed out, the excuse is inadequacies of socialist leaders rather than socialism itself. For the ordinary person, free market capitalism, with all of its warts, is superior to any system yet devised to deal with our everyday needs and desires.

A quirk of the US statistics is that the poverty rate is measured without taking into account any of the various welfare measures that other countries would include (for example, the EITC, Section 8 housing vouchers, Medicaid, or SNAP (food stamps)). So the people whose relative income is raised above the poverty threshhold are still counted as being below it. This results in a much higher number for people living below the poverty line than actually exist. See for example, here or here.

August 2, 2018

QotD: Economic complexity

Filed under: Economics, Quotations — Tags: , , — Nicholas @ 01:00

“Progressives” mistake as “science” their habit of lumping countless idiosyncratic individuals and things, each always in an ever-changing set of deeply nuanced circumstances, into catch-all categories (such as “consumers,” “labor,” “government,” “the environment,” “the health-care sector,” “the money supply,” “the unemployment rate,” “the capital stock,” and “imports”) and then theorizing about how these big blobs of people and things interact with each other, and how these interactions can be “improved” by an apolitical, loving, intelligent, ever-diligent scientific guiding hand. That professors and their graduate students can assemble data on each of these big blobs of people and things, can write intricate equations describing mathematically how the professors and their graduate students imagine these blobs interacting with each other, and use the gathered data and sophisticated software to “test” the equation-ladened “models” seems oh-so-objective and truly scientific.

Yet most such exercises are b.s. Far too many of these exercises, when done by economists, are done in utter disregard of the meaningful, if impossible to observe from afar, differences that separate from each other each of the individuals and things that comprise each constructed blob. Far too many of these exercise are done by people whose impressive, deep, and vast knowledge of econometric techniques does not begin to compensate for their innocence of price theory, of history, and of formal and informal institutions.

Correctly taught and understood, economics reveals that reality is vastly more complex than the economically untutored mind realizes. Yet this message of complexity is unwelcome by those who want to rule and command. The reason is that to understand the reality of reality’s complexities is to understand that ruling and commanding – the actions of the “man of system” – can only worsen most individuals’ lives. Ruling and commanding of the sort that “men – and women – of system” itch to do can only disrupt for the worse, and not improve for the better, the spontaneous forces of society.

Don Boudreaux, “Quotation of the Day…”, Café Hayek, 2016-09-20.

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