Henry Ford, in a sense, was the first Keynesian. He paid his assembly workers high wages so they could afford to buy his cars.

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

In practice, a good deal of the outcomes produced by the market reflect nothing more than luck - good or bad.

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.

Henry Ford, in a sense, was the first Keynesian. He paid his assembly workers high wages so they could afford to buy his cars.

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.

If Boeing got a big head start on the 707 from multibillion-dollar military contracts to develop an air force transport, is that a sin against free trade?