Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.

It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.

Culture changes with economic development.

The invention of the printing press was one of the most important events in human history.

A well-designed welfare state can actually encourage people to take chances with their jobs and be more, not less, open to changes.

Equality of opportunity is meaningless for those who do not have the capabilities to take advantage of it.

The foundation of economic development is the acquisition of more productive knowledge.