Phelps has given us a clear warning of the dangers of corporatism. I hope that more people hear and heed the warning.

I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.

I think that the main issue with inequality is not the gap between the rich and the poor. It is the gap between the earnings of top business leaders and the salaries of academics and journalists.

Phelps has given us a clear warning of the dangers of corporatism. I hope that more people hear and heed the warning.

Your generosity is reflected in what you do with your own money, not in what you do with other people's money. If I give a lot of money to charity, then I am generous. If you give a smaller fraction of your money to charity, then you are less generous. But if you want to tax me in order to give my money to charity, that does not make you generous.

I have come to believe that politicians are in the business of 'marketing' their product to the public, by exaggerating threats and over-selling government solutions.

That eugenics was part of the progressive agenda is one of the most heavily-airbrushed features of history.