Here’s another of those things well said, that need to be remembered. It comes from William Voegeli’s book The Pity Party: A Mean-Spirited Diatribe Against Liberal Compassion.
Economist Dierdre McCloskey calculates that in “the countries that most enthusiastically embraced capitalism” some two hundred years ago, real, per capita economic growth has increased by 1 .5 percent annually. Owing to the miracle of compound interest, this increase has meant a 19-fold increase in living standards over the past two centuries, which, she contends, is a “change in the human condition” that “ranks with the first domestications of plants and animals and the building of the first towns” McCloskey argues that this enormous economic result had a cause that was cultural rather than economic. Humans did not suddenly become more acquisitive or creative. Rather, “when people treat the marketers and inventors as having some dignity and liberty, innovation takes hold. The new
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