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Arnold Kling
PERMANENT LINK | FEBRUARY 17, 2002

75 Percent Mental

Arnold Kling, Great Questions of Economics
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In my latest essay, I conclude

Our economic system is called capitalism, which suggests that capital accumulation is what is important. However, in many contexts, it seems that this physical component of wealth is not as important as the mental component that is represented by knowledge and cultural adaptability to change. As a rule of thumb, the game is 75 percent mental.

Discussion Question. Apart from education, what are the components of the "mental" aspect of economic success?

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