A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.
Charles WheelanTag: democracy economics free-market markets
When I applied to graduate school many years ago, I wrote an essay expressing my puzzlement at how a country that could put a man on the moon could still have people sleeping on the streets. Part of that problem is political will; we could take a lot of people off the streets tomorrow if we made it a national priority. But I have also come to realize that NASA had it easy. Rockets conform to the unchanging laws of physics. We know where the moon will be at a given time; we know precisely how fast a spacecraft will enter or exist the earth's orbit. If we get the equations right, the rocket will land where it is supposed to--always. Human beings are more complex than that. A recovering drug addict does not behave as predictably as a rocket in orbit. We don't have a formula for persuading a sixteen-year-old not to drop out of school. But we do have a powerful tool: We know that people seek to make themselves better off, however they may define that. Our best hope for improving the human condition is to understand why we act the way we do and then plan accordingly. Programs, organizations, and systems work better when they get the incentives right. It is like rowing downstream.
Charles WheelanTag: politics humanity economics goverment incentives social-policy
We’ve built a society that values civil liberties even at the expense of social order.
Charles WheelanMost economists would concede that, in theory, government has the tools to smooth the business cycle. The problem is that fiscal policy is not made in theory; it's made in Congress.
Charles WheelanIn a basic agricultural society, it's easy enough to swap five chickens for a new dress or to pay a schoolteacher with a goat and three sacks of rice. Barter works less well in a more advanced economy. The logistical challenges of using chickens to buy books on Amazon.com would be formidable.
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According to the American Lung Association, the average smoker dies seven years earlier than the average nonsmoker, which means that smokers pay into Social Security and private pension funds for all of their working lives but then don't stick around very long to collect the benefits.
Charles WheelanIs the journey still worthwhile if the mountain turns out to be enshrouded in fog at the top?
Charles WheelanTag: view-from-the-top
Change is inevitable; but progress depends on what we do with that change.
Charles WheelanTag: change
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