Wittgenstein one said, “If people did not sometimes do silly things … nothing intelligent would ever get done.” This notion is important in understanding the benefits and realities of entrepreneurship and risk taking.
In the last ten to twenty years, there’s been a real shift in mainstream economics—both micro and macro—away from theory and toward what you might call atheoretical inductive empirical work. This is not for the better.
Devine responds to the critics who claim that capitalism is increasingly under attack because it promotes a collapse of moral values. Devine is fully capable of handling these accusations and has written a book worth reading.
We cannot retreat or give in to quietism; we cannot seek favor via compromise with the academic establishment or mainstream media outlets; and we cannot hitch our wagon to politicians or campaigns. Our virtue lies in speaking the truth.
The book’s main thesis can be summarized as: The choice the world faces is between two varieties of capitalism, liberal meritocratic and political. America is the foremost example of the first of these, and China of the second.
Why both urban and rural regions should be self-governing: "As long as people with strong preferences are clustered conveniently into different jurisdictions, decentralization can, at least in theory, increase the number of people who are satisfied with government policy."
Despite the manifest failure of the liberal hegemony program, its neoconservative advocates have retained their influence. They are rarely called to account for their mistakes, but continue to be treated as if they are experts.