In one way we think a great deal too much of the atomic bomb. “How are we to live in an atomic age?” I am tempted to reply: “Why, as you would have lived in the sixteenth century when the plague visited London almost every year, or as you would have lived in a Viking […]Read more "On Living in an Atomic Age"
Capital gains are 15-25% of household income, but: [I]n economics […] capital gains aren’t counted as income. And they don’t contribute to “saving.” Those gains are completely invisible to a huge bulk of the economics work (both empirical and theoretical) that is built on income and saving concepts and measures. One reason capital gains are not […]Read more "Why Economists Ignore Much of Rich People’s Income"
Why, asks Henry George, should rents not exist? Why should a man benefit merely from the fact of ownership, when he may render no services to the community in exchange? We may justify the rewards of an industrialist by describing his profits as the prize for his foresights and ingenuity, but where is the foresight […]Read more "The Worldly Philosophers 188"