The trade balance hit -$63.6 billion (monthly, seasonally adjusted) in July. The trade balance has been deteriorating since the recession began, in contrast to what usually happens — an improvement in the trade balance, as imports decline with a decline in domestic economic activity. Figure 1: Trade balance of goods and services (blue), in millions […]
09/03/2020 | Q&A With Sam Card, Take Your Business Into The Digital Age, Level By Level | News Ocean City MD The Dispatch09/03/2020 | Q&A With Sam Card, Take Your Business Into The Digital Age, Level By Level | News Ocean City MD The Dispatch
And the men of Kharkov and Karachi are not different from the men of Kalamazoo. The specific objects of wealth and power may differ between Kalamazoo and Kharkov. But if Kalamazoo teems with thieves and brigands while Karachi is serenely industrious, the explanation lies not in differences in goals. Differences in goals will not explain differences in the way individuals pursue those goals.
This is from William H. Meckling and Armen A. Alchian, “Incentives in the United States,” American Economic Review 50 (May 1960): 55-61, reprinted in The Collected Works of Armen A. Alchian, Vol. 2, Property Rights and Economic Behavior.
I’ve been working on a chapter on Alchian and property rights in a short book on the UCLA School. (Steve Globerman, a fellow UCLAer, and I are writing it for the Fraser Institute.)
So I’ve been going though the Collected Works volume published by Liberty Fund.
So what does explain differences in the way people pursue their goals. The answer is in the title of their piece: incentives.
It is about fifteen minutes, and also I give you all a separate clip of me praising the new Matt Yglesias book (which was alas cut from the main edit, note there is a lag before the short clip pops up) and discussing “family capacity libertarianism.” Here is the main episode, with a few clips […]
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