of Nations is a thousand pages long. But Smith could put it all in one sentence, too. In a lecture he delivered to a learned society in Edinburgh in 1755, Smith said, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice.” Re: Beware, Overpaid CEOs... Here Comes Kamikaze Capital CEO comp bashing is ubiquitous yet nothing ever happens. Kim Iskyan puts up some good points in pay – performance comparisons then predictably loses me with some pure and unabashed Marxism: “... workers – you know, the folks actually creating value.” I wanted to finish the piece to get some more of Kim’s acerbic wit but I also knew a few more gems like the above would be forthcoming.
I am 86 years old and have been puzzled by economics my entire life. I took a course some 60 years ago hoping for some understanding of what makes our world go around. I was sorely disappointed to find that there is no consensus on this question. Economists are students of the economy just as I am! They have as many questions as they have answers, and seemingly no two agree! So I am writing to tell you that I enjoyed your message this morning and I look forward to hearing from you again. Your books are timeless! I haven’t read them all, of course, but I might live long enough to do so. (Oh, yes, you have written “a couple.”) I encourage everyone to tune into American Consequences! – Pat W. P. J. O’Rourke Comment: Heartfelt thanks, Pat. To be told that I’ve written something that interests you is the best of all compliments.
I’m a bit younger than you – though I’m catching up fast – and I find that one of the advantages of age is that I no longer care very much whether people “like” or “don’t like” what I write. But if I’ve gotten someone interested in what I’m writing, then I feel real satisfaction. But back to the subject of economics... It’s so complex, and yet it’s so simple. Adam Smith certainly understood that complexity. The Wealth
How can someone not drunk on doctrine (aka Lenin’s useful idiot) actually believe such a simplistic trope? Workers may participate in value creation, but they are certainly not its entire, nor even major source. Many don’t create value at all outside the strict “value- added” criterion, like the vast majority of necessary but wholly fungible book- keepers, cleaners etc. The human automatons at Foxconn are in no way responsible
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American Consequences
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