Most Famous Economics Quotes

The Obama administration has a strange theory. Terrorism is a response of uneducated human beings who have been disenfranchised politically and economically. If we can solve the ‘root grievances’ of the poor and oppressed around the world, there will be no more terrorists, and Americans will be safe. This view is of course absurd. If poverty, lack of education, and political disenfranchisement were the causes of terrorism, then much of India and most of China would be populated by terrorists. But they are not. And this is because terrorism is the violent expression of ideology, not objective conditions—what has famously been called ‘propaganda of the deed.’ The terrorist’s ideology may be secular and political—communist or fascist, for example—or it may be religious—Christian, Islamic, or even Hindu.

A well-known study out of UC Berkeley by organizational behavior professor Philip Tetlock found that television pundits—that is, people who earn their livings by holding forth confidently on the basis of limited information—make worse predictions about political and economic trends than they would by random chance. And the very worst prognosticators tend to be the most famous and the most confident—the very ones who would be considered natural leaders in an HBS classroom.

Mahatma Gandhi’s reading of the Vedas caused him to envision independent India as a collection of self-sufficient agrarian communities, each spinning its own khadi cloths, exporting little and importing even less. The most famous photograph of him shows him spinning cotton with his own hands, and he made the humble spinning wheel the symbol of the Indian nationalist movement.1 Yet this Arcadian vision was simply incompatible with the realities of modern economics, and hence not much has remained of it save for Gandhi’s radiant image on billions of rupee notes.

It is not that the historian can avoid emphasis of some facts and not of others. This is as natural to him as to the mapmaker, who, in order to produce a usable drawing for practical purposes, must first flatten and distort the shape of the earth, then choose out of the bewildering mass of geographic information those things needed for the purpose of this or that particular map. My argument cannot be against selection, simplification, emphasis, which are inevitable for both cartographers and historians. But the map-maker's distortion is a technical necessity for a common purpose shared by all people who need maps. The historian's distortion is more than technical, it is ideological; it is released into a world of contending interests, where any chosen emphasis supports (whether the historian means to or not) some kind of interest, whether economic or political or racial or national or sexual. Furthermore, this ideological interest is not openly expressed in the way a mapmaker's technical interest is obvious ("This is a Mercator projection for long-range navigation-for short-range, you'd better use a different projection"). No, it is presented as if all readers of history had a common interest which historians serve to the best of their ability. This is not intentional deception; the historian has been trained in a society in which education and knowledge are put forward as technical problems of excellence and not as tools for contending social classes, races, nations. To emphasize the heroism of Columbus and his successors as navigators and discoverers, and to de-emphasize their genocide, is not a technical necessity but an ideological choice. It serves- unwittingly-to justify what was done. My point is not that we must, in telling history, accuse, judge, condemn Columbus in absentia. It is too late for that; it would be a useless scholarly exercise in morality. But the easy acceptance of atrocities as a deplorable but necessary price to pay for progress (Hiroshima and Vietnam, to save Western civilization; Kronstadt and Hungary, to save socialism; nuclear proliferation, to save us all)-that is still with us. One reason these atrocities are still with us is that we have learned to bury them in a mass of other facts, as radioactive wastes are buried in containers in the earth. We have learned to give them exactly the same proportion of attention that teachers and writers often give them in the most respectable of classrooms and textbooks. This learned sense of moral proportion, coming from the apparent objectivity of the scholar, is accepted more easily than when it comes from politicians at press conferences. It is therefore more deadly. The treatment of heroes (Columbus) and their victims (the Arawaks)-the quiet acceptance of conquest and murder in the name of progress-is only one aspect of a certain approach to history, in which the past is told from the point of view of governments, conquerors, diplomats, leaders. It is as if they, like Columbus, deserve universal acceptance, as if they-the Founding Fathers, Jackson, Lincoln, Wilson, Roosevelt, Kennedy, the leading members of Congress, the famous Justices of the Supreme Court-represent the nation as a whole. The pretense is that there really is such a thing as "the United States," subject to occasional conflicts and quarrels, but fundamentally a community of people with common interests. It is as if there really is a "national interest" represented in the Constitution, in territorial expansion, in the laws passed by Congress, the decisions of the courts, the development of capitalism, the culture of education and the mass media.

Fear is historically the strongest emotion in economics. Remember FDR in the Great Depression? It’s the most famous quote in financial history: “The only thing we have to fear is fear itself.” In fact fear is probably the strongest human emotion, period. Whoever woke at four in the morning because they were feeling happy?

The physiological effects of hunger alone stop us from fully engaging in the world and reaching our full potential. Our bodies and brains just don't function properly when they're deprived of nourishment. And since diet culture has been aimed primarily at women for the past 100 years, hunger could be seen as one of the most effective tools for suppressing female advancement. It keeps us thinking about things like waistlines and sugar substitutes rather than the need for social, political, and economic equality. Which is what led Wolf to famously write, "Dieting is the most potent political sedative in women's history." In other words, we cannot take on the world while we're hungry.

Of course, almost all people, guided by the traditional manner of dealing with ethical precepts, peremptorily repudiate such an explanation of the issue. Social institutions, they assert, must be just. It is base to judge them merely according to their fitness to attain definite ends, however desirable these ends may be from any other point of view. What matters first is justice. The extreme formulation of this idea is to be found in the famous phrase: fiai fustitia, pereat mundus. Let justice be done, even if it destroys the world. Most supporters of the postulate of justice will reject this maxim as extravagant, absurd, and paradoxical. But it is not more absurd, merely more shocking, than any other reference to an arbitrary notion of absolute justice. It clearly shows the fallacies of the methods applied in the discipline of intuitive ethics.

Working hard is important. But more effort does not necessarily yield more results. “Less but better” does. Ferran Adrià, arguably the world’s greatest chef, who has led El Bulli to become the world’s most famous restaurant, epitomizes the principle of “less but better” in at least two ways. First, his specialty is reducing traditional dishes to their absolute essence and then re-imagining them in ways people have never thought of before. Second, while El Bulli has somewhere in the range of 2 million requests for dinner reservations each year, it serves only fifty people per night and closes for six months of the year. In fact, at the time of writing, Ferran had stopped serving food altogether and had instead turned El Bulli into a full-time food laboratory of sorts where he was continuing to pursue nothing but the essence of his craft.1 Getting used to the idea of “less but better” may prove harder than it sounds, especially when we have been rewarded in the past for doing more … and more and more. Yet at a certain point, more effort causes our progress to plateau and even stall. It’s true that the idea of a direct correlation between results and effort is appealing. It seems fair. Yet research across many fields paints a very different picture. Most people have heard of the “Pareto Principle,” the idea, introduced as far back as the 1790s by Vilfredo Pareto, that 20 percent of our efforts produce 80 percent of results. Much later, in 1951, in his Quality-Control Handbook, Joseph Moses Juran, one of the fathers of the quality movement, expanded on this idea and called it “the Law of the Vital Few.”2 His observation was that you could massively improve the quality of a product by resolving a tiny fraction of the problems. He found a willing test audience for this idea in Japan, which at the time had developed a rather poor reputation for producing low-cost, low-quality goods. By adopting a process in which a high percentage of effort and attention was channeled toward improving just those few things that were truly vital, he made the phrase “made in Japan” take on a totally new meaning. And gradually, the quality revolution led to Japan’s rise as a global economic power.3

And since diet culture has been aimed primarily at women for the past 100 years, hunger could be seen as one of the most effective tools for suppressing female advancement. It keeps us thinking about things like waistlines and sugar substitutes rather than the need for social, political, and economic equality. Which is what led Wolf to famously write, “Dieting is the most potent political sedative in women’s history.” In other words: we cannot take on the world while we’re hungry.

As we stated, after their initial conquest, the Milesians began assimilating the gnosis of their predecessors. Of course they were no lovers of the Druids. After all, the British Druids were collaborators with their dire enemies, the Amenists. Nevertheless, returning to the ancient homeland was a most important step for the displaced and despised Atonists. Owning and controlling the wellspring of knowledge proved to be exceptionally politically fortunate for them. It was a key move on the grand geopolitical chessboard, so to speak. From their new seats in the garden paradise of Britain they could set about conquering the rest of the world. Their designs for a “New World Order,” to replace one lost, commenced from the Western Isles that had unfortunately fallen into their undeserving hands. But why all this exertion, one might rightly ask? Well, a close study of the Culdees and the Cistercians provides the answer. Indeed, a close study of history reveals that, despite appearances to the contrary, religion is less of a concern to despotic men or regimes than politics and economics. Religion is often instrumental to those secretly attempting to attain material power. This is especially true in the case of the Milesian-Atonists. The chieftains of the Sun Cult did not conceive of Christianity for its own sake or because they were intent on saving the world. They wanted to conquer the world not save it. In short, Atonist Christianity was devised so the Milesian nobility could have unrestricted access to the many rich mines of minerals and ore existing throughout the British Isles. It is no accident the great seats of early British Christianity - the many famous churches, chapels, cathedrals and monasteries, as well as forts, castles and private estates - happen to be situated in close proximity to rich underground mines. Of course the Milesian nobility were not going to have access to these precious territories as a matter of course. After all, these sites were often located beside groves and earthworks considered sacred by natives not as irreverent or apathetic as their unfortunate descendants. The Atonists realized that their materialist objectives could be achieved if they manufactured a religion that appeared to be a satisfactory carry on of Druidism. If they could devise a theology which assimilated enough Druidic elements, then perhaps the people would permit the erection of new religious sites over those which stood in ruins. And so the Order of the Culdees was born. So, Christianity was born. In the early days the religion was actually known as Culdeanism or Jessaeanism. Early Christians were known as Culdeans, Therapeuts or suggestively as Galileans. Although they would later spread throughout Europe and the Middle East, their birthplace was Britain.

The godfather’s name is Saul Alinsky. His most famous students are Barack Obama and Hillary Clinton. Hardly anyone recognizes this, but Alinsky and the Alinsky method is the hidden force behind the 2008 economic meltdown. The meltdown was the worst economic crisis since the Great Depression; it was the main cause of median wealth in the United States in the subsequent three years declining nearly 40 percent. While the meltdown is routinely attributed to Wall Street “greed,” its real cause was government and activist pressure on banks and banking agencies—like Fannie Mae and Freddie Mac—to change their lending and loan guarantee practices. Yes, the 2008 crash was actually the result of an Alinskyite scam—actually a series of Alinskyite scams, carried out over many years. Basically the Alinskyites were trying to steal money from the banks and, in the process, force the banks to make loans to people that they had no intention of making loans to. The banks acquiesced, and eventually the whole scheme came crashing down. It was toppled not by greed but by the sober reality that when you loan money to millions of people who cannot afford to pay, those people are very likely to default on those loans. That’s how Alinskyites almost destroyed the U.S. economy a few years ago. If Alinsky had never lived, none of this would have happened.

As the eminent historian Gordon Wood has pointed out, we must understand that a majority of the Articles’ most famous critics — and the later constitutional framers — were basically aristocrats in the pre-industrial, pre-capitalist sense of the word. They feared inflation, paper money, and debt relief measures because they modeled their social and economic world on the systems and tendencies of the English gentry. Their entire societal and agrarian order was at risk during the 1780s — in fact it would later collapse in the increasingly commercial northern states, only to live on in the plantation life of the antebellum South. Much of their complaint about “excessive democracy” in the new American state governments may ring hollow to modern ears, but they believed in their position most emphatically.

So these are the possibilities I see with regard to economic forecasts: Most economic forecasts are just extrapolations. Extrapolations are usually correct but not valuable. Unconventional forecasts of significant deviation from trend would be very valuable if they were correct, but usually they aren’t. Thus most forecasts of deviation from trend are incorrect and also not valuable. A few forecasts of significant deviation turn out to be correct and valuable—leading their authors to be lionized for their acumen—but it’s hard to know in advance which will be the few right ones. Since the overall batting average with regard to them is low, unconventional forecasts can’t be valuable on balance. There are forecasters who became famous for a single dramatic correct call, but the majority of their forecasts weren’t worth following.

Moon grew up, lost weight and became a famous singer, which proves that there is no justice in the universe, or that indeed, there is justice. Your interpretation of the denouement mostly depends on your race, creed, hair color, social and economic class and political proclivities -- whether or not you are a revisionist feminist and have a habit of cheering for the underdog. What is the moral of the story? Well, it's a tale of revenge, obviously written from the Chinese American girl's perspective. My intentions are to veer you away from teasing and humiliating little chubby Chinese girls like myself. And that one wanton act of humiliation you perpetrated on the fore or aft of that boat on my arrival may be one humiliating act too many. For although we are friendly neighbors, you don't really know me. You don't know the depth of my humiliation. And you don't know what I can do. You don't know what is beneath my doing.

From every direction, the place is under assault—and unlike in the past, the adversary is not concentrated in a single force, such as the Bureau of Reclamation, but takes the form of separate outfits conducting smaller attacks that are, in many ways, far more insidious. From directly above, the air-tour industry has succeeded in scuttling all efforts to dial it back, most recently through the intervention of Arizona’s senators, John Kyl and John McCain, and is continuing to destroy one of the canyon’s greatest treasures, which is its silence. From the east has come a dramatic increase in uranium-mining claims, while the once remote and untrammeled country of the North Rim now suffers from an ever-growing influx of recreational ATVs. On the South Rim, an Italian real estate company recently secured approval for a massive development whose water demands are all but guaranteed to compromise many of the canyon’s springs, along with the oases that they nourish. Worst of all, the Navajo tribe is currently planning to cooperate in constructing a monstrous tramway to the bottom of the canyon, complete with a restaurant and a resort, at the confluence of the Little Colorado and the Colorado, the very spot where John Wesley Powell made his famous journal entry in the summer of 1869 about venturing “down the Great Unknown.” As vexing as all these things are, what Litton finds even more disheartening is the country’s failure to rally to the canyon’s defense—or for that matter, to the defense of its other imperiled natural wonders. The movement that he and David Brower helped build is not only in retreat but finds itself the target of bottomless contempt. On talk radio and cable TV, environmentalists are derided as “wackos” and “extremists.” The country has swung decisively toward something smaller and more selfish than what it once was, and in addition to ushering in a disdain for the notion that wilderness might have a value that extends beyond the metrics of economics or business, much of the nation ignorantly embraces the benefits of engineering and technology while simultaneously rejecting basic science.

The common cause of the massive blindness of the Chinese officials in the nineteenth century was a huge Chinese philosophical assumption that China was a great self-sufficient Middle Kingdom that did not need to engage the world. As the Chinese emperor Qianlong famously told Lord Macartney, China had everything it needed. It didn’t need the rest of the world. That painful century of humiliation finally led to China opening up. Deng made the decision on pragmatic grounds. And the opening up worked: China’s economy soared. Yet, do the Chinese view this opening up as a temporary measure until China becomes strong again? Do they have a desire to return eventually to their Middle Kingdom mentality, trading with the world while remaining culturally detached from it? When China built walls and cut off communication with the rest of the world, it fell behind. When China opened up to the world, it thrived. To guarantee its continued long-term success, China should completely abandon its two-thousand-year-old Middle Kingdom mentality and decide to become the most open society in terms of economic engagement with the rest of the world. Only such a major change of mind would enable the Chinese officials to lay out the red carpet for foreign businesses, including American businesses.

Example: a famous-to-economists finding in behavioral economics concerns pricing, and the fact that people have a provable bias towards the middle of three prices. It was first demonstrated with an experiment in beer pricing: when there were two beers, a third of people chose the cheaper; adding an even cheaper beer made the share of that beer go up, because it was now in the middle of three prices; adding an even more expensive beer at the top, and dropping the cheapest beer, made the share of the new beer in the middle (which had previously been the most expensive) go up from two-thirds to 90 percent. Having a price above and a price below makes the price in the middle seem more appealing. This experiment has been repeated with other consumer goods, such as ovens, and is now a much-used strategy in the corporate world. Basically, if you have two prices for something, and want to make more people pay the higher price, you add a third, even higher price; that makes the formerly highest price more attractive. Watch out for this strategy. (The research paper about beer pricing, written by a trio of economists at Duke University in 1982, was published in the Journal of Consumer Research. It’s called “Adding Asymetrically Dominated Alternatives: Violations of Regularity and the Simularity Hypothesis”—which must surely be the least engaging title ever given to an article about beer.)

Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned

No nation influenced American thinking more profoundly than Germany, W.E.B. DuBois, Charles Beard, Walter Weyl, Richard Ely, Richard Ely, Nicholas Murray Butler, and countless other founders of modern American liberalism were among the nine thousand Americans who studied in German universities during the nineteenth century. When the American Economic Association was formed, five of the six first officers had studied in Germany. At least twenty of its first twenty-six presidents had as well. In 1906 a professor at Yale polled the top 116 economists and social scientists in America; more than half had studied in Germany for at least a year. By their own testimony, these intellectuals felt "liberated" by the experience of studying in an intellectual environment predicated on the assumption that experts could mold society like clay. No European statesman loomed larger in the minds and hearts of American progressives than Otto von Bismarck. As inconvenient as it may be for those who have been taught "the continuity between Bismarck and Hitler", writes Eric Goldman, Bismarck's Germany was "a catalytic of American progressive thought". Bismarck's "top-down socialism", which delivered the eight-hour workday, healthcare, social insurance, and the like, was the gold standard for enlightened social policy. "Give the working-man the right to work as long as he is healthy; assure him care when he is sick; assure him maintenance when he is old", he famously told the Reichstag in 1862. Bismarck was the original "Third Way" figure who triangulated between both ends of the ideological spectrum. "A government must not waver once it has chosen its course. It must not look to the left or right but go forward", he proclaimed. Teddy Roosevelt's 1912 national Progressive Party platform conspicuously borrowed from the Prussian model. Twenty-five years earlier, the political scientist Woodrow Wilson wrote that Bismarck's welfare state was an "admirable system . . . the most studied and most nearly perfected" in the world.

The story of Cassius Clay’s lost bicycle would later be told as an indication of the boxer’s determination and the wonders of accidental encounters, but it carries broader meaning, too. If Cassius Clay had been a white boy, the theft of his bicycle and an introduction to Joe Martin might have led as easily to an interest in a career in law enforcement as boxing. But Cassius, who had already developed a keen understanding of America’s racial striation, knew that law enforcement wasn’t a promising option. This subject—what white America allowed and expected of black people—would intrigue him all his life. “At twelve years old I wanted to be a big celebrity,” he said years later. “I wanted to be world famous.” The interviewer pushed him: Why did he want to be famous? Upon reflection he answered from a more adult perspective: “So that I could rebel and be different from all the rest of them and show everyone behind me that you don’t have to Uncle Tom, you don’t have to kiss you-know-what to make it . . . I wanted to be free. I wanted to say what I wanna say . . . Go where I wanna go. Do what I wanna do.” For young Cassius, what mattered was that boxing was permitted, even encouraged, and that it gave him more or less equal status to the white boys who trained with him. Every day, on his way to the gym, Cassius passed a Cadillac dealership. Boxing wasn’t the only way for him to acquire one of those big, beautiful cars in the showroom window, but it might have seemed that way at the time. Boxing suggested a path to prosperity that did not require reading and writing. It came with the authorization of a white man in Joe Martin. It offered respect, visibility, power, and money. Boxing transcended race in ways that were highly unusual in the 1950s, when black Americans had limited control of their economic and political lives. Boxing more than most other sports allowed black athletes to compete on level ground with white athletes, to openly display their strength and even superiority, and to earn money on a relatively equal scale. As James Baldwin wrote in The Fire Next Time, many black people of Clay’s generation believed that getting an education and saving money would never be enough to earn respect. “One needed a handle, a lever, a means of inspiring fear,” Baldwin wrote. “It was absolutely clear the police would whip you and take you in as long as they could get away with it, and that everyone else—housewives, taxi

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Growth was so rapid that it took in generations of Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned out badly, you might get shot. Better to avoid all responsibility. An example of what could happen

Fear is historically the strongest emotion in economics. Remember FDR in the Great Depression? It's the most famous quote in financial history: "The only thing we have to fear is fear itself." In fact fear is probably the strongest human emotion, period. Who ever woke up at four in the morning because they were feeling half?

Aren’t fears of disappearing jobs something that people claim periodically, like with both the agricultural and industrial revolution, and it’s always wrong?” It’s true that agriculture went from 40 percent of the workforce in 1900 to 2 percent in 2017 and we nonetheless managed to both grow more food and create many wondrous new jobs during that time. It’s also true that service-sector jobs multiplied in many unforeseen ways and absorbed most of the workforce after the Industrial Revolution. People sounded the alarm of automation destroying jobs in the 19th century—the Luddites destroying textile mills in England being the most famous—as well as in the 1920s and the 1960s, and they’ve always been wildly off the mark. Betting against new jobs has been completely ill-founded at every point in the past. So why is this time different? Essentially, the technology in question is more diverse and being implemented more broadly over a larger number of economic sectors at a faster pace than during any previous time. The advent of big farms, tractors, factories, assembly lines, and personal computers, while each a very big deal for the labor market, were orders of magnitude less revolutionary than advancements like artificial intelligence, machine learning, self-driving vehicles, advanced robotics, smartphones, drones, 3D printing, virtual and augmented reality, the Internet of things, genomics, digital currencies, and nanotechnology. These changes affect a multitude of industries that each employ millions of people. The speed, breadth, impact, and nature of the changes are considerably more dramatic than anything that has come before.

The beaches in Dubai are well-known for their cleanliness and tranquility. While many individuals enjoy a relaxing weekend at the beach, thrill-seekers prefer to participate in thrilling water sports. Jet skiing is one of Dubai's most popular water activities, and adventure seekers love to try it. Do you want to know what the most extraordinary Dubai marine adventures are? What is the best method to see this magnificent city? There is plenty to do in this city-state of the UAE, and we have several fun aquatic activities for you to enjoy while on vacation or to live in the Emirates! How about a Jet Ski Ride along the Dubai waterfront? It can be done with your family, as a couple, with friends, or by yourself. We jet ski around all of Dubai's most famous attractions, skyscrapers, and landmarks. All of our Jet Ski trips include a stop at the luxury Burj Al Arab hotel, which is constructed into the sea, where you can have fun and receive a photo souvenir of Dubai. Jet skiing in Dubai is unquestionably the most acceptable way to see the city and have a good time during your vacation. Dubai Yacht Rental Experience When it comes to a luxury Boat Party in Dubai for those who can afford it, the pleasure and adventure that Yachts can provide cannot be overstated. Yachting is, without a doubt, the most beautiful sport on the planet. It's a once-in-a-lifetime opportunity to splash around in the ocean's deep blue waves and lose yourself in an environment that is both soothing and calming to the soul. The sensation you get from a yacht requires a whole new set of words to explain it. It's a fantastic experience that transports people to another zone while also altering their mental state. People who have the advantage of owning private yachts go sailing to have a relaxing excursion and clear their minds whenever they feel the need. Those who cannot afford to purchase a yacht can enjoy the thrill of cruising from one coastal region to the other by renting an economical Dubai yacht. It is not a challenging task to learn to sail. Some people believe that yachting can only be done by experts, which is a ridiculous misconception. Anyone willing to acquire a few tactics and hints can master the art of yachting. READ MORE About Dubai Jet Ski: Get lost in the tranquility of blue waters while waiting to partake in action. With the instructor sitting right behind you, you’ll learn astonishing stunts and skills for riding a Jet ski. This adventure will take your excitement to a new level of adventure in the open sea. While sailing past the picturesque shorelines of the islands, take in stunning views of prominent Dubai monuments such as the Burj Al Arab and more. About the activity: Jumeirah Beach is the meeting site for this activity. You have the option of riding for 30 minutes or 60 minutes Jet Ski around the beaches while being accompanied at all times by an instructor, as your safety is our top priority. Begin your journey from the marina and proceed to the world-famous Burj-Al-Arab, a world well known hotel, for a photo shoot. where you may take as many pictures as you want

China’s building binge is the most striking example of what Prime Minister Wen Jiabao famously, but impotently, denounced in 2007 as the country’s “unbalanced, unstable, uncoordinated and unsustainable” model of economic development.

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Max Weber, who we met in the previous chapter, provided the most famous and widely accepted definition of the state, identifying it with the “monopoly of legitimate violence” in society. Without such a monopoly and the degree of centralization that it entails, the state cannot play its role as enforcer of law and order, let alone provide public services and encourage and regulate economic activity. When the state fails to achieve almost any political centralization, society sooner or later descends into chaos, as did Somalia. We

The importance of capital in the early Industrial Revolution was so great and so obvious everywhere that it gave rise to several new social and economic theories, of which the most famous is Marxism. It also gave rise to the term ‘capitalism’, and this was by no means so acceptable a development. As

The recent explosions, from India to the United States, of ressentiment against writers and journalists as well as politicians, technocrats, businessmen and bankers reveal how Rousseau’s history of the human heart is still playing itself out among the disaffected. Those who perceive themselves as left or pushed behind by a selfish conspiratorial minority can be susceptible to political seducers from any point on the ideological spectrum, for they are not driven by material inequality alone. The Jacobins and the German Romantics may have been Rousseau’s most famous disciples, determined to create through retributive terror or economic and cultural nationalism the moral community neglected by Enlightenment philosophes.

Toward the end of his presidency, he gave one of his most famous speeches, diagnosing a crisis of confidence in the country and attacking materialism as the cause: "In a nation that was proud of hard work, strong families, close-knit communities, and our faith in God, too many of us now tend to worship self-indulgence and consumption.

The break with Maoist orthodoxy, at the same time, revealed the reformer’s dilemma. The revolutionary’s dilemma is that most revolutions occur in opposition to what is perceived as abuse of power. But the more existing obligations are dismantled, the more force must be used to re-create a sense of obligation. Hence the frequent outcome of revolution is an increase in central power; the more sweeping the revolution, the more this is true. The dilemma of reform is the opposite. The more the scope of choice is expanded, the harder it becomes to compartmentalize it. In pursuit of productivity, Deng stressed the importance of “thinking things out for yourself” and advocated the “complete” emancipation of minds. Yet what if those minds, once emancipated, demanded political pluralism? Deng’s vision called for “large numbers of pathbreakers who dare to think, explore new ways and generate new ideas,” but it assumed that these pathbreakers would limit themselves to exploring practical ways to build a prosperous China and stay away from exploration of ultimate political objectives. How did Deng envision reconciling emancipation of thought with the imperative for political stability? Was this a calculated risk, based on the assessment that China had no better alternative? Or did he, following Chinese tradition, reject the likelihood of any challenge to political stability, especially as Deng was making the Chinese people better off and considerably freer? Deng’s vision of economic liberalization and national revitalization did not include a significant move toward what would be recognized in the West as pluralistic democracy. Deng sought to preserve one-party rule not so much because he reveled in the perquisites of power (he famously abjured many of the luxuries of Mao and Jiang Qing), but because he believed the alternative was anarchy.

A secularist but not an atheist, he used the example of the Prophet, who according to tradition did not fast in Ramadan during wartime, to argue against fasting during Ramadan any time the Tunisian people were engaged in the new collective jihad against economic stagnation, because fasting hindered performance. This led to one of the most extraordinary, but little-known, moments of Arab political theater. In a live television interview aired during the Ramadan fasting hours, Bourguiba paused, turned to the camera, and took a long, symbolic swig from a glass of orange juice. There was, however, nothing symbolic in his promotion of secular virtues. He replaced the sharia legal system with civil courts, abolished the independent system of Islamic charity called the waqf, brought the mosques and their imams under state control and had their doors locked outside of prayer times, outlawed proselytizing, and in 1981 officially banned the wearing of the veil (he famously called it an “odious rag”) in schools and in government institutions in an attempt to phase it out of Tunisian society completely.

By 1750, Rhode Island was recognized as the nation’s most active trading center for slaves.7 In 1774, Newport was declared the most active city in the slave trade of any town on the continent.8 From 1725 to the end of 1807, it can be proven that Rhode Island was the most important base for American carriers of African slaves.9 While a number of Rhode Island families participated in the trade, including the famous Brown family of Providence, among the most successful was the DeWolf family.10 Their longevity in the trade was predicated on the lasting participation of central figure James DeWolf, who did almost anything to continue amassing economic and political power. The DeWolf story begins in 1744 with Simeon

But things for Four Roses would eventually come full circle. In 1945, Four Roses had been a part of America’s most famous image of victory over Japan in World War II. A giant neon advertisement for the brand is present in the background of Alfred Eisenstadt’s Life magazine photo of a sailor and a woman kissing in Times Square during the celebration of the war’s end. Over the next decades, Japan was rebuilt and brought into the fold of worldwide economic integration. Today Four Roses is owned by Japan’s Kirin Brewery Company, another consortium that lovingly retooled the brand’s recipe to make it a straight whiskey and return it to respectability. In a twist of irony, Kirin today happens to sit under Mitsubishi, the global conglomerate that made the A6M Zero fighter planes used by kamikaze pilots in the war that the Life magazine couple had just endured when caught by Eisenstadt in the middle of their kiss.

Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned out badly, you might get shot. Better to avoid all responsibility. An example of what could happen

The situation was similar in the Soviet Union, with industry playing the role of sugar in the Caribbean. Industrial growth in the Soviet Union was further facilitated because its technology was so backward relative to what was available in Europe and the United States, so large gains could be reaped by reallocating resources to the industrial sector, even if all this was done inefficiently and by force. Before 1928 most Russians lived in the countryside. The technology used by peasants was primitive, and there were few incentives to be productive. Indeed, the last vestiges of Russian feudalism were eradicated only shortly before the First World War. There was thus huge unrealized economic potential from reallocating this labor from agriculture to industry. Stalinist industrialization was one brutal way of unlocking this potential. By fiat, Stalin moved these very poorly used resources into industry, where they could be employed more productively, even if industry itself was very inefficiently organized relative to what could have been achieved. In fact, between 1928 and 1960 national income grew at 6 percent a year, probably the most rapid spurt of economic growth in history up until then. This quick economic growth was not created by technological change, but by reallocating labor and by capital accumulation through the creation of new tools and factories. Growth was so rapid that it took in generations of Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy.

When John Kenneth Galbraith rose to deliver the presidential address of the American Economic Association in 1972, the angular Harvard professor and supremely self-confident adviser to presidents was arguably the most famous living economist in America. From The Affluent Society in 1958 to The New Industrial State in 1967, his critical accounts of capitalism's tendencies to underfund social goods and concentrate corporate control had been fixtures on the best-seller lists. Galbraith's thirteen-part BBC television series on the workings of capitalism in 1977 was to help goad the production of Milton Friedman's counterassertion of 1980, the PBS series Free to Choose, an iconic statement of the new market ideology.

To be able to use rich-country methods of production requires rich-country infrastructure—roads, railways, telecommunications, factories, and machines—not to mention rich-country educational levels, all of which take time and money to achieve. Yet the gaps between rich and poor provide plenty of incentives to make the investment in that infrastructure and equipment, and, as Robert Solow showed in one of the most famous papers in all of economics, average living standards should draw closer over time.4 Why this has not happened is a central question in economics. Perhaps the best answer is that poor countries lack the institutions—government capacity, a functioning legal and tax system, security of property rights, and traditions of trust—that are a necessary background for growth to take place.

The insatiable need for more processing power -- ideally, located as close as possible to the user but, at the very least, in nearby indus­trial server farms -- invariably leads to a third option: decentralized computing. With so many powerful and often inactive devices in the homes and hands of consumers, near other homes and hands, it feels inevitable that we'd develop systems to share in their mostly idle pro­cessing power. "Culturally, at least, the idea of collectively shared but privately owned infrastructure is already well understood. Anyone who installs solar panels at their home can sell excess power to their local grid (and, indirectly, to their neighbor). Elon Musk touts a future in which your Tesla earns you rent as a self-driving car when you're not using it yourself -- better than just being parked in your garage for 99% of its life. "As early as the 1990s programs emerged for distributed computing using everyday consumer hardware. One of the most famous exam­ples is the University of California, Berkeley's SETl@HOME, wherein consumers would volunteer use of their home computers to power the search for alien life. Sweeney has highlighted that one of the items on his 'to-do list' for the first-person shooter Unreal Tournament 1, which shipped in 1998, was 'to enable game servers to talk to each other so we can just have an unbounded number of players in a single game session.' Nearly 20 years later, however, Sweeney admitted that goal 'seems to still be on our wish list.' "Although the technology to split GPUs and share non-data cen­ter CPUs is nascent, some believe that blockchains provide both the technological mechanism for decentralized computing as well as its economic model. The idea is that owners of underutilized CPUs and GPUs would be 'paid' in some cryptocurrency for the use of their processing capabilities. There might even be a live auction for access to these resources, either those with 'jobs' bidding for access or those with capacity bidding on jobs. "Could such a marketplace provide some of the massive amounts of processing capacity that will be required by the Metaverse? Imagine, as you navigate immersive spaces, your account continuously bidding out the necessary computing tasks to mobile devices held but unused by people near you, perhaps people walking down the street next to you, to render or animate the experiences you encounter. Later, when you’re not using your own devices, you would be earning tokens as they return the favor. Proponents of this crypto-exchange concept see it as an inevitable feature of all future microchips. Every computer, no matter how small, would be designed to be auctioning off any spare cycles at all times. Billions of dynamically arrayed processors will power the deep compute cycles of event the largest industrial customers and provide the ultimate and infinite computing mesh that enables the Metaverse.

The conflict of perspectives and competing wills that is the true reality is obscured and flattened out by the social imposition of a common standpoint, in language, thought, morality, and politics, which presents itself as simply or cosmically true by concealing its true sources. The inquiry into the geneology of these ruling ideas is therefore a vital part of their unmasking. The proposed geneology of Christian morality, as the expression not of universal love but of the slave revolt of the base against the noble, motivated by fear, hatred, and envy, is Nietzsche’s most famous thesis, expounded in Beyond Good and Evil and On the Geneology of Morals. . . . He regarded modern morality, which speaks with the voice of the community or even of humanity as a whole, as particularly dangerous, because it requires suppression of the cruelty and recklessness that distinguishes the strong individual. The height of self-realization cannot be reached by someone who is too concerned with the reactions of others, or his effects on them. There is a fundamental conflict between the pursuit of individual creativity and perfection and the claims of the general welfare. For this reason, Nietzsche was not a democrat. Already at the time of writing The Birth of Tragedy, he defended slavery as a condition of the possibility of great cultural achievement by the few, as in ancient Athens. And he defended its modern counterpart, the economic oppression of the masses, for the same reason. He opposed shortening the workday from twelve hours to eleven when it was proposed in Basel, he approved of child labor, and he opposed the educational groups for workers. When in 1871 he heard the false rumor that the Paris communards had pillaged the Louvre, he called it ‘the worst day of my life.’ Equality meant nothing to him; he believed it would inevitably push everything down to the lowest common denominator, that of the ‘democratic herd animal.’ Life, he insisted, is tragic; it is necessary to choose between justice and aesthetic perfection. And in his latest writings he expressed fantasies of annihilation, with ‘degenerates’ being got rid of to make room for the highest type of man.

Thirty-eight of the seventy-three households in Mashai reported that they brewed and sold beer at least six times in the last year. Many brewed far more often than that, and some brewed once a week or even more. Brewing can bring in a significant amount of money. Most often about forty liters were brewed at a time, which could be sold for between M4 and M10 depending on the quality of the beer. The ingredients, which included a washbasin full of sorghum and a small bowl of maize meal for each forty liter batch, usually cost less than M1, so it was possible for a diligent brewer to net as much as M5, M10, or even more per week from beer. For many households which lacked wage labor, beer brewing was the main source of income (see Gay 1980a for an account of the economics and sociology of brewing in a lowland village). Beer brewing, like many other economic activities through which women support themselves, must be understood not simply as a productive activity, but as a mechanism of redistribution. Beer is sold only to local villagers, predominantly men, and brewing is first of all a way of obtaining access to the cash earnings of employed men. Production of beer is directly stimulated by the presence within the village of men with money to buy it, and it is best understood as one of a number of possible ways for women to get a piece of that money. Brewing is thus very much a dependent or derived form of production; without migrant labor, the villagers of Mashai could no more support themselves through beer brewing than Mark Twain’s famous townsmen could support themselves by taking in each other’s laundry. Understood in this way, it is easy to see why brewing is as much a social skill as a technical one, and why one’s ability to make money by brewing is not a simple matter of the amount of beer one produces. Beer drinking is the main social event in the village for men, and it goes on in small or large groups every day. To sell a lot of beer a woman must be a cheerful and congenial hostess, and have a strong social position in the village. Making money on beer requires the same kinds of skills and social assets as throwing a successful party. It is thus a form of economic activity which is deeply embedded in the social relations of the village. I shall return to this point later.

Gandhi famously represented the view that the new Indian nation should be based on decentralized self-reliant villages, havens of peace and fellow-feeling. “The future of India lies in its villages,” he wrote. His most remarkable opponent in the movement was Dr. B. R. Ambedkar, the man who would eventually draft the Indian constitution. Born into the very lowest caste, not allowed to enter the classroom in the local school, he was so brilliant that he nevertheless ended up with two PhDs and a law degree. He famously described the Indian village as “a sink of localism, a den of ignorance, narrow-mindedness and communalism

Competition and innovation have indeed solved, for the time being, the problem of production. But the solution has been extravagant, thoughtless, and far too expensive. We have been winning, to our inestimable loss, a competition against our own land and our own people. At present, what we have to show for this ‘victory’ is a surplus of food. But this is a surplus achieved by the ruin of its sources, and it has been used, by apologists for our present economy, to disguise the damage by which it was produced. Food, clearly, is the most important economic product – except when there is a surplus. When there is a surplus, according to our present economic assumptions, food is the least important product. The surplus becomes famous as evidence to consumers that they have nothing to worry about, that there is no problem, that present economic assumptions are correct.

But though it was to be an economical crossing, one step up from steerage, in the Canadian Pacific offices off Trafalgar Square—more cathedral than bureau, all teak, marble, and hush, and with scale models of famous ocean liners from the old days illuminated in the windows—even this most modest of transactions was handled with dignity and circumstance.

Now we come to Smith’s third argument, which is based on the most famous passage in all of Smith’s Wealth of Nations, indeed arguably in all of economics. Smith writes: “It is his own advantage, indeed, and not that of the society, which [each person] has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society” (WN: 454).

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This is the shape that Renaissance innovation takes, seen from a great (conceptual) distance. Most innovation clusters in the third quadrant: non-market individuals. A handful of outliers are scattered fairly evenly across the other three quadrants. This is the pattern that forms when information networks are slow and unreliable, and entrepreneurial economic conventions are poorly developed. It’s too hard to share ideas when the printing press and the postal system are still novelties, and there’s not enough incentive to commercialize those ideas without a robust marketplace of buyers and investors. And so the era is dominated by solo artists: amateur investigators, usually well-to-do, working on their own private obsessions. Not surprisingly, this period marks the birth of the modern notion of the inventive genius, the rogue visionary who somehow sees beyond the horizon that limits his contemporaries—da Vinci, Copernicus, Galileo. Some of those solo artists (Galileo most famously) worked outside of broader groups because their research posed a significant security threat to the established powers of the day. The few innovations that did emerge out of networks—the portable, spring-loaded watches that first appeared in Nuremberg in 1480, the double-entry bookkeeping system developed by Italian merchants—have their geographic origins in cities, where information networks were more robust. First-quadrant solo entrepreneurs, crafting their products in secret to ensure their eventual payday, turn out to be practically nonexistent. Gutenberg was the exception, not the rule.

Economists have not always been so dense about self-control problems. For roughly two centuries, the economists who wrote on this topic knew their Humans. In fact, an early pioneer of what we would now call a behavioral treatment of self-control was none other than the high priest of free market economics: Adam Smith. When most people think about Adam Smith, they think of his most famous work, The Wealth of Nations

book The World Beyond Your Head: On Becoming an Individual in an Age of Distraction as a jumping off point, he takes care to unpack the various cultural mandates  that have infected the way we think and feel about distraction. I found his ruminations not only enlightening but surprisingly emancipating: There are two big theories about why [distraction is] on the rise. The first is material: it holds that our urbanized, high-tech society is designed to distract us… The second big theory is spiritual—it’s that we’re distracted because our souls are troubled. The comedian Louis C.K. may be the most famous contemporary exponent of this way of thinking. A few years ago, on “Late Night” with Conan O’Brien, he argued that people are addicted to their phones because “they don’t want to be alone for a second because it’s so hard.” (David Foster Wallace also saw distraction this way.) The spiritual theory is even older than the material one: in 1887, Nietzsche wrote that “haste is universal because everyone is in flight from himself”; in the seventeenth century, Pascal said that “all men’s miseries derive from not being able to sit in a quiet room alone.”… Crawford argues that our increased distractibility is the result of technological changes that, in turn, have their roots in our civilization’s spiritual commitments. Ever since the Enlightenment, he writes, Western societies have been obsessed with autonomy, and in the past few hundred years we have put autonomy at the center of our lives, economically, politically, and technologically; often, when we think about what it means to be happy, we think of freedom from our circumstances. Unfortunately, we’ve taken things too far: we’re now addicted to liberation, and we regard any situation—a movie, a conversation, a one-block walk down a city street—as a kind of prison. Distraction is a way of asserting control; it’s autonomy run amok. Technologies of escape, like the smartphone, tap into our habits of secession. The way we talk about distraction has always been a little self-serving—we say, in the passive voice, that we’re “distracted by” the Internet or our cats, and this makes us seem like the victims of our own decisions. But Crawford shows that this way of talking mischaracterizes the whole phenomenon. It’s not just that we choose our own distractions; it’s that the pleasure we get from being distracted is the pleasure of taking action and being free. There’s a glee that comes from making choices, a contentment that settles after we’ve asserted our autonomy. When

Old people vote. You know who votes in the swing states where this election will be fought? Really old people. Instead of high-profile videos with Cardi B (no disrespect to Cardi, who famously once threatened to dog-walk the egregious Tomi Lahren), maybe focus on registering and reaching more of those old-fart voters in counties in swing states. If your celebrity and music-industry friends want to flood social media with GOTV messages, let them. It makes them feel important and it’s the cheapest outsourcing you can get. Just don’t build your models on the idea that you’re going to spike young voter turnout beyond 20 percent. The problem with chasing the youth vote is threefold: First, they’re unlikely to be registered. You have to devote a lot of work to going out, grabbing them, registering them, educating them, and motivating them to go out and vote. If they were established but less active voters, you’d have voter history and other data to work with. There are lower-effort, lower-cost ways to make this work. Second, they’re not conditioned to vote; that November morning is much more likely to involve regret at not finishing a paper than missing a vote. Third, and finally, a meaningful fraction of the national youth vote overall is located in California. Its gigantic population skews the number, and since the Golden State’s Electoral College outcome is never in doubt, it doesn’t matter. What’s our motto, kids? “The Electoral College is the only game in town.” This year, the Democrats have been racing to win the Free Shit election with young voters by promising to make college “free” (a word that makes any economic conservative lower their glasses, put down the brandy snifter, and arch an eyebrow) and to forgive $1.53 trillion gazillion dollars of student loan debt. Set aside that the rising price of college is what happens to everything subsidized or guaranteed by the government.17 Set aside that those subsidies cause college costs to wildly exceed the rate of inflation across the board, and that it sucks to have $200k in student loan debt for your degree in Intersectional Yodeling. Set aside that the college loan system is run by predatory asswipes. The big miss here is a massive policy disconnect—a student-loan jubilee would be a massive subsidy to white, upper-middle-class people in their mid-thirties to late forties. I’m not saying Democrats shouldn’t try to appeal to young voters on some level, but I want them to have a realistic expectation about just how hard it is to move those numbers in sufficient volume in the key Electoral College states. When I asked one of the smartest electoral modeling brains in the business about this issue, he flooded me with an inbox of spreadsheets and data points. But the key answer he gave me was this: “The EC states in play are mostly old as fuck. If your models assume young voter magic, you’re gonna have a bad day.

The British bankers at that time also controlled the fledgling American banks which offered to loan Abraham Lincoln money to fight the war. Lincoln wisely refused and created the famous Lincoln greenbacks with which he financed the Civil War.38 Abraham Lincoln, in a famous address, declared: “At what point, then, is the approach of danger to be expected? I answer, if it ever reach us it must spring up among us, it cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen we must live through all time or die of suicide.” 39 Lincoln’s refusal to finance the Union through debt to the internationalists demonstrated his keen insight into their strategy for global dominion. Hence, he financed the Civil War by printing the Lincoln greenbacks. In both respects—with regard to the Civil War and the British bankers’ attempt to seize control of the economics of America—once again the aims of the globalists were frustrated. This is what caused Lincoln’s assassination. Nonetheless, America remained in control of her own credit. The result of this victory was low interest loans for entrepreneurs, which led to great business expansion. This great expansion in the post-Civil War era enhanced the fears of those who sought to bring the world into a One World Order. If America was allowed to continue to expand, she would be a major—perhaps insurmountable—obstacle in the way of their goal. For one hundred years, America was able to avoid total control of her capital by the international bankers. Lincoln was most certainly a great irritant and obstacle to the aspirations of the globalists. He was the last president to seek categorically a halting of the globalists’ drive toward a Global One World Government. It cost him his life; he was murdered by John Wilkes Booth, also an agent of the internationalists.40 America’s emergence from the Civil War as a great industrial power was due to the effective centralization of capital and credit within the Federal Government, thanks to Lincoln. It was America’s control over her own capital that was making her prosperous. It was the aim of the international bankers to change all that. Lincoln was the victim of a major conspiracy—a conspiracy so important that even the European bankers were involved. Lincoln had to be eliminated because he dared to oppose their attempt to force a central bank on the United States. He became an example to those who would later oppose such machinations in high places. Could it be that, one hundred years later, John F.

Oddly, the most well-known phrase in the book, the vaunted “invisible hand,” mentioned earlier, appears only once, treated with a mere flick by Smith. He notes that by pursuing personal profits, the typical businessman is “led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it.” Note the guarded language of the second sentence, which is rarely included (or remembered) by those who make use of the famous phrase, or invoke some version of the invisible handwave. “Nor it is always the worse for society” is hardly the same thing as an assertion that things will turn out for the best.

Much ink has been spilled over whether fascism represented an emergency form of capitalism, a mechanism devised by capitalists by which the fascist state—their agent—disciplined the workforce in a way no traditional dictatorship could do. Today it is quite clear that businessmen often objected to specific aspects of fascist economic policies, sometimes with success. But fascist economic policy responded to political priorities, and not to economic rationale. Both Mussolini and Hitler tended to think that economics was amenable to a ruler’s will. Mussolini returned to the gold standard and revalued the lira at 90 to the British pound in December 1927 for reasons of national prestige, and over the objections of his own finance minister. Fascism was not the first choice of most businessmen, but most of them preferred it to the alternatives that seemed likely in the special conditions of 1922 and 1933—socialism or a dysfunctional market system. So they mostly acquiesced in the formation of a fascist regime and accommodated to its requirements of removing Jews from management and accepting onerous economic controls. In time, most German and Italian businessmen adapted well to working with fascist regimes, at least those gratified by the fruits of rearmament and labor discipline and the considerable role given to them in economic management. Mussolini’s famous corporatist economic organization, in particular, was run in practice by leading businessmen. Peter Hayes puts it succinctly: the Nazi regime and business had “converging but not identical interests.” Areas of agreement included disciplining workers, lucrative armaments contracts, and job-creation stimuli. Important areas of conflict involved government economic controls, limits on trade, and the high cost of autarky—the economic self-sufficiency by which the Nazis hoped to overcome the shortages that had lost Germany World War I. Autarky required costly substitutes—Ersatz— for such previously imported products as oil and rubber. Economic controls damaged smaller companies and those not involved in rearmament. Limits on trade created problems for companies that had formerly derived important profits from exports. The great chemical combine I. G. Farben is an excellent example: before 1933, Farben had prospered in international trade. After 1933, the company’s directors adapted to the regime’s autarky and learned to prosper mightily as the suppliers of German rearmament. The best example of the expense of import substitution was the Hermann Goering Werke, set up to make steel from the inferior ores and brown coal of Silesia. The steel manufacturers were forced to help finance this operation, to which they raised vigorous objections.

One of the key bases for the economic expansion of Venice was a series of contractual innovations making economic institutions much more inclusive. The most famous was the commenda, a rudimentary type of joint stock company, which formed only for the duration of a single trading mission. A commenda involved two partners, a “sedentary” one who stayed in Venice and one who traveled. The sedentary partner put capital into the venture, while the traveling partner accompanied the cargo. Typically, the sedentary partner put in the lion’s share of the capital. Young entrepreneurs who did not have wealth themselves could then get into the trading business by traveling with the merchandise. It was a key channel of upward social mobility. Any losses in the voyage were shared according to the amount of capital the partners had put in. If the voyage made money, profits were based on two types of commenda contracts. If the commenda was unilateral, then the sedentary merchant provided 100 percent of the capital and received 75 percent of the profits. If it was bilateral, the sedentary merchant provided 67 percent of the capital and received 50 percent of the profits. Studying official documents, one sees how powerful a force the commenda was in fostering upward social mobility: these documents are full of new names, people who had previously not been among the Venetian elite. In government documents of AD 960, 971, and 982, the number of new names comprise 69 percent, 81 percent, and 65 percent, respectively, of those recorded.

While the Egyptians were building the great pyramids of Giza around 2500 BC, the English constructed their most famous ancient monument, the stone circle at Stonehenge. Not bad by English standards, but not even large enough to have housed one of the ceremonial boats buried at the foot of King Khufu’s pyramid. England continued to lag behind and to borrow from the Middle East and the rest of Europe up to and including the Roman period.

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【V信83113305】：Meiji University, founded in 1881 as Meiji Law School, is one of Japan's most prestigious private universities. Located primarily in Tokyo, it is renowned for its strong emphasis on individual rights and liberal arts education, principles rooted in its founding during the Meiji Era. The university boasts a comprehensive academic structure with prominent schools in Law, Commerce, Political Science and Economics, Arts and Letters, Science and Technology, Agriculture, and Business Administration. It is particularly famous for its law and business programs, producing numerous distinguished alumni in politics, journalism, and the arts. With a vibrant urban campus and a dynamic student body, Meiji University successfully blends a rich historical legacy with a forward-looking, innovative approach to education and research.，明治大学明治大学毕业证成绩单学历认证最安全办理方式, 学历证书!明治大学学历证书明治大学学历证书明治大学假文凭, 日本明治大学毕业证仪式感|购买明治大学学位证, 高端明治大学毕业证办理流程, 一比一制作-明治大学文凭证书明治大学毕业证, 挂科办理明治大学学历学位证, 100%收到-明治大学毕业证书明治大学毕业证, 明治大学硕士毕业证

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