Just to clarify for some of my more conservative friends, I do subscribe to the ten principles of economics - including the relationship between a nation's standard of living and it's productivity (Principle #8). There is, however, principle #7 which deals with the positive market outcomes government can produce in relevance to property rights, market failure, externalities, and market power. Generally speaking, economically liberal (by this I mean economic liberalism, rather than political liberalism) economic policies enhance a nations productivity and thus its wealth. However, one might ask at what bright-line the trade-offs become too costly? What about social programs? The widows, the orphans, the disabled, the helpless. This can be a trade off. A larger pie is obviously a good thing, but at what cost? As with most things there is a balance to be played.
The colonial period of U.S. history contains a variety of interesting lessons. One of these pertains to the concept of a "virtuoso." The virtuoso was primarily characterized by curiosity. Rather than being overly specialized, the virtuoso explored a wide range of interests. The study of nature, art, literature, and theology all would have been pursuits common to this stereotype. This blog aspires to take this early category and use it as a point of departure for exploration and reflection.
Sunday, April 17, 2011
Sleep Now In The Fire
Just to clarify for some of my more conservative friends, I do subscribe to the ten principles of economics - including the relationship between a nation's standard of living and it's productivity (Principle #8). There is, however, principle #7 which deals with the positive market outcomes government can produce in relevance to property rights, market failure, externalities, and market power. Generally speaking, economically liberal (by this I mean economic liberalism, rather than political liberalism) economic policies enhance a nations productivity and thus its wealth. However, one might ask at what bright-line the trade-offs become too costly? What about social programs? The widows, the orphans, the disabled, the helpless. This can be a trade off. A larger pie is obviously a good thing, but at what cost? As with most things there is a balance to be played.
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