When laissez-faire creates instability, the move to a freer market can be something less than pure gain.

What do you call an economist with a prediction? Wrong.

The economic illusion is the belief that social justice is bad for economic growth.

George Stigler Nobel laureate and a leader of Chicago School was asked why there were no Nobel Prizes awarded in the other social sciences, sociology, psychology, history, etc. "Don't worry", Stigler said, "they have already have a Nobel Prize in ...Literature"

But of course you can have your cake and eat it, too - if you decide to to bake a second cake. And you may well find that baking two cakes does not take twice the work of baking one.

When laissez-faire creates instability, the move to a freer market can be something less than pure gain.

Both rich and poor nations have a common stake in policies that put the globe on a sustainable development path. The conflict is less between poor and rich countries than between the broad interests of people and the narrow interests of extractive industries. We need to find our way towards some kind of global regime that reduces emissions of the greenhouse gases, but well-off nations need to transfer the technology to make this possible, rather than viewing this shift as one more opportunity for private industry to profit.