One of the most important reasons for studying history is that virtually every stupid idea that is in vogue today has been tried before and proved disastrous before, time and again.

People who have never run even a modest little business assert with great certainty and indignation that heads of multinational corporations are paid much more than they are worth. People who know nothing about medicine and nothing about economics unhesi.

Someone recently pointed out how much Barack Obama's style and strategies resemble those of Latin American charismatic despots - the takeover of industries by demagogues who never ran a business, the rousing rhetoric of resentment addressed to the masses and the personal cult of the leader promoted by the media. But do we want to become the world's largest banana republic?

Deep thinkers who look everywhere for the mysterious causes of poverty, ignorance, crime and war need look no further than their own mirrors. We are all born into this world poor and ignorant, and with thoroughly selfish and barbaric impulses. Those of us who turn out any other way do so largely through the efforts of others, who civilized us before we got big enough to do too much damage to the world or ourselves.

The great escape of our times is escape from personal responsibility for the consequences of one's own behavior.

Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.

Policies are judged by their consequences but crusades are judged by how good they make the crusaders feel.