Equality Of Opportunity Is Meaningless For Those

As South Korea Shows, Active Participation In International Trade Does Not Require Free Trade. Indeed, Had South Korea Pursued Free Trade And Not Promoted Infant Industries, It Would Not Have Become A Major Trading Nation. It Would Still Be Exporting Raw Materials (e.g., Tungsten Ore, Fish, Seaweed) Or Low-technology, Low-price Products (e.g., Textiles, Garments, Wigs Made With Human Hair) That Used To Be Its Main Export Items In The 1960s.

The Foundation Of Economic Development Is The Acquisition Of More Productive Knowledge.

Since The 1980s, We Have Given The Rich A Bigger Slice Of Our Pie In The Belief That They Would Create More Wealth, Making The Pie Bigger Than Otherwise Possible In The Long Run. The Rich Got The Bigger Slice Of The Pie All Right, But They Have Actually Reduced The Pace At Which The Pie Is Growing.

Making Rich People Richer Doesn't Make The Rest Of Us Richer.

All The Alleged Key Causes Of Soe [state-owned Enterprise] Inefficiency - The Principal-agent Problem, The Free-rider Problem And The Soft Budget Constraint - Are, While Real, Not Unique To State-owned Enterprises. Large Private-sector Firms With Dispersed Ownership Also Suffer From The Principal-agent Problem And The Free-rider Problem. So, In These Two Areas, Forms Of Ownership Do Matter, But The Critical Divide Is Not Between State And Private Ownership - It Is Between Concentrated And Dispersed Ownerships.