I teach a course called “Classical and Marxian Political Economy.” We’re currently reading Adam Smith, and I made a reference to a couple of ideas that would appear later in Marx. I said in class that Marx was clearly a genius, and in reading his work it is clear that you are dealing with an incredible mind that was spectacularly wrong about a great many things. A student asked if we should reserve the word “genius” for those who got things right. Generally, when I refer to a historical figure as a genius I am thinking purely in terms of ability.
The Institute for Humane Studies is putting together (and beta-testing) a series of short videos on basic principles of economics and the classical liberal tradition; they’re available at LearnLiberty.org. Here the first of my three “Trade is Made of Win” videos, which you might find useful if you’re teaching comparative advantage. In it, I explain how trade allows both buyers and sellers to get more for less effort. In short, buyers get lower prices and sellers get higher prices.
All of a half dozen people turned out to see The Company Men the other night at the local theater. The film has been hammered by critics and hasn’t yet grossed $4 million. However, the film, with a production budget of $15 million, and plenty of star power with Ben Affleck, Kevin Costner and Tommy Lee Jones, has a story that is much better than the critics appreciate.
Whenever I’m feeling blue about domestic politics – there is plenty about which to despair – something great happens that reminds me of the long-term case for optimism, which is all about the astonishing expansion of the division of labor globally and in ways that weren’t even possible just a few years ago.
From the 18th century to our own time, the liberal tradition has stood firmly against war, based both on principle and on the reality of how and why wars begin, and also the wicked damage they do to society. The excuses for wars mask the underlying reason for them.
