It is interesting that progressives like Sanders can look at a rich country like Sweden and automatically conclude that the nation’s high living standards do not result from a laissez-faire past, low levels of national debt, monetary independence, no centrally mandated minimum wage, strong legal protection of property rights, a level-headed central bank, low corporate tax rates, or even Sweden’s gradual move toward more privatization in healthcare, social security, and education.
Politics. The 25 craziest statements in the Democrats presidential debate.
Lifestyle. Scary bridge in Japan.
Sport. A bit of fun. I want to be that kid!
I can’t help poking a little fun at the economics profession, however. You may have heard the joke that economists used to win the Nobel prize for explaining to the general public something that previously only economists understood, but now they win it for explaining to their fellow economists something that the general public has always known, e.g.:
•Politicians care about themselves (Buchanan).
•Don’t put all your eggs in one basket (Markowitz, Miller,and Sharpe).
•You can’t fool all of the people all of the time (Lucas).
•Some people know more than others (Akerlof, Spence, Stiglitz).
Deaton’s major insight: aggregate measures of consumption and inequality conceal important differences among individuals.
Opening up The Age of Global Warming: A History, by Rupert Darwall, the quotes at the top of the first page are from von Mises and Popper!