People 'over-produce' pollution because they are not paying for the costs of dealing with it.

We are not smart enough to leave things to the market.

People 'over-produce' pollution because they are not paying for the costs of dealing with it.

The washing machine changed the world more than the Internet.

The free market doesn't exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them.

As South Korea shows, active participation in international trade does not require free trade. Indeed, had South Korea pursued free trade and not promoted infant industries, it would not have become a major trading nation. It would still be exporting raw materials (e.g., tungsten ore, fish, seaweed) or low-technology, low-price products (e.g., textiles, garments, wigs made with human hair) that used to be its main export items in the 1960s.

It's not just about the current economic environment. History shows that slashing budgets always leads to recession.