History Is On The Side Of The

All The Alleged Key Causes Of Soe [state-owned Enterprise] Inefficiency - The Principal-agent Problem, The Free-rider Problem And The Soft Budget Constraint - Are, While Real, Not Unique To State-owned Enterprises. Large Private-sector Firms With Dispersed Ownership Also Suffer From The Principal-agent Problem And The Free-rider Problem. So, In These Two Areas, Forms Of Ownership Do Matter, But The Critical Divide Is Not Between State And Private Ownership - It Is Between Concentrated And Dispersed Ownerships.

The Invention Of The Printing Press Was One Of The Most Important Events In Human History.

If We Are Really Serious About Preventing Another Crisis Like The 2008 Meltdown We Should Simply Ban Complex Financial Instruments, Unless They Can Be Unambiguously Shown To Benefit Society In The Long Run. This Is What We Do All The Time With Other Products-drugs, Cars, Electrical Products And Many Others.

There Is A Big Logical Jump Between Acknowledging The Destructive Nature Of Hyperinflation And Arguing That The Lower The Rate Of Inflation, The Better.

There Are Different Ways To Organise Capitalism. Free-market Capitalism Is Only One Of Them-and Not A Very Good One At That.