Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Milton Friedman on the social responsibility of business

October 14, 2015

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The members of the top 1% whose income increased the most between 1979 and 2005 were real estate professionals followed by financial professionals – see figure 1. Figure 1: increase in share of national income (including capital gains) received by top 1% for each primary taxpayer occupation in top 1% between 1979 and 2005 Source: …

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The rise of the rentiers is nothing new. What is new is the degree of financial globalization and liberalization that has supercharged the fortunes of the super-wealthy even beyond robber baron levels. But it’s no mystery how to reverse this. It’s a matter of setting better rules for markets and taxing earners at the top …

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I, Pencil is a 1958 classic economics polemic by Leonard Read explaining about how nobody knows how even the most basic items in a consumer society are made and more importantly, they don’t need to know. The relevance of I, Pencil to environmental activists on Global Disinvestment Day is they pretend to know enough about …

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Eugene Fama divides firms into two types:  the managerial firm,  and the entrepreneurial firm. The owners of a managerial firm advance, withdraw, and redeploy capital, carry the residual investment risks of ownership and have the ultimate decision making rights over the fate of the firm (Klein 1999; Foss and Lien 2010; Fama 1980; Fama and …

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