June 9, 2009
More on the Fischer Black Model
June 9, 2009
The Purpose of the Public Health Insurance Plan
June 8, 2009
Justin Fox, Fischer Black, Tyler Cowen
June 8, 2009
Limits to Progress?
June 8, 2009
Behaviorial Geneticists versus Policy Implications
June 7, 2009
Isn't That Just an Asian Effect?
June 7, 2009
Forecasting
June 6, 2009
On Being Certain
June 6, 2009
Obama on How Markets Reduce Racial Discrimination
fabulous essay. Almost Vince Young-like.
"Are there strategies for achieving institutional reform, including ending corruption or strengthening property rights?" Where I live, I do not see those issues being addressed. The politics of my local center arround entitlemnts and materialistic desires. Namely what can tax dollars build, repair, or be given to people less than well off.
I believe that economic times are too good for corruption to be in decline. Politicans and business people alike are seeing way too many dollars floated before their eyes.
As far as the rate of change, it follows the rate of wealth growth. The faster people accumulate wealth, the fster they want more social entitlements.
I do not wish for bad economic conditions. Rather, I want people to act responsibly in the good economic conditions of present.
Good essay as always, Arnold. Have you read any of Douglass North's work on institutions?
Exellent article. The implications are bad for many Americans. Many Americans do not have a cultural heritage that supports a belief that wealth is something to be earned and created. They will never support a market solution to any social problem. They will be of the opinion that a market solution will simply allow the "rich" to get whatever they want.
What is especially sad is that many Americans whose parents and grand-parents earned, saved, and passed on wealth, do not have the belief system to sustain that legacy. To them, money is something to spend on self indulgence, or given away, or used for power. The connection of wealth to hard work and risk taking is invisible to them and today's education system won't help them see it.
If you're really interested in how culture affects institutions, you should read Culture Matters How Values Shape Human Progress: by Lawrence E. Harrison,Samuel Huntington.
I believe the major problem in the world is the continuing belief in the medieval idea that all trade is zero sum. It's the foundation for Marxism, anti-globalization and anti-corporation.