Daily Archives: August 23, 2016

Just saw this sign. Was so funny I had to share.

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Milton Friedman Word of the Day: Augury

Capitalism and Friedman

Augury – an event that is experienced as indicating important things to come; “he hoped it was an augury”; “it was a sign from God.”

From Milton’s Capitalism and Freedom:

As Adam Smith once said, “There is much ruin in a nation.” Our basic structure of values and the interwoven network of free institutions will withstand much. I believe that we shall be able to preserve and extend freedom despite the size of the military programs and despite the economic powers already concentrated in Washington. But we shall be able to do so only if we awake to the threat that w face, only if we persuade our fellow men that free institutions offer a surer, if perhaps at times a slower, route to the ends they seek than the coercive power of the state. The glimmerings of change that are already apparent in the intellectual climate are a hopeful

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Reagan: “We can have peace this second, if we surrender.”

Critical Politics

This is the text of Ronald Reagan’s great speech.

“Let’s set the record straight. There is no argument over the choice between peace and war, but there is only one guaranteed way you can have peace–and you can have it in the next second–surrender.

Admittedly there is a risk in any course we follow other than this, but every lesson in history tells us that the greater risk lies in appeasement, and this is the specter our well-meaning liberal friends refuse to face–that their policy of accommodation is appeasement, and it gives no choice between peace and war, only between fight and surrender. If we continue to accommodate, continue to back and retreat, eventually we have to face the final demand–the ultimatum. And what then? When Nikita Khrushchev has told his people he knows what our answer will be? He has told them that we are retreating under the pressure…

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Daniel Hannan Explains Socialism at The Oxford Union

American Elephants

Daniel Hannan is a British politician, author, and Member of the European Parliament representing South East England, who will, I guess, shortly be losing his job to BREXIT, which I believe he favored. Here he is clearing the air a little, about the wonders of socialism.

He is a very clear speaker, and I wouldn’t want to be on the opposing side of a debate with him. Good guy, always interesting.

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Football salaries – superstar and tournament effects.

econfix

Amongst the extensive coverage of the Olympic Games from Rio, the start of the Football season in Europe has slipped under the radar. Michael Cameron’s blog post on footballer salaries was timely and in particular his discussion around the difference between the superstar and tournament effects.

Superstar effects – this is where a player is rewarded with a higher salary than his/her team mates for generating higher revenues for their club.

Tournament effects – this is the situation where wage differences are based NOT on marginal productivity but instead upon relative differences between the individuals. Ultimately each player only needs to be a little bit better than the second best player in order to ‘win’ the tournament.

Michael Cameron looks at the salaries of Ronaldo and Messi and states that it is unlikely that either of these players would generate more than twice as much value as the others on the graph below…

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