There Is A Big Logical Jump Between

Countries Are Poor Not Because Their People Are Lazy; Their People Are 'lazy' Because They Are Poor.

We Are Not Smart Enough To Leave Things To The Market.

Rational Thinking Is An Important Aspect Of Human Nature, But We Have Imagination, We Have Ambition, We Have Irrational Fear, We Are Swayed By Other People, We Get Indoctrinated And We Get Influenced By Advertising.

95 Percent Of Economics Is Common Sense Made Complicated, And Even For The Remaining 5 Percent, The Essential Reasoning, If Not All The Technical Details, Can Be Explained In Plain Terms.

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.