The Washing Machine Changed The World More

A Well-designed Welfare State Can Actually Encourage People To Take Chances With Their Jobs And Be More, Not Less, Open To Changes.

There Is A Big Logical Jump Between Acknowledging The Destructive Nature Of Hyperinflation And Arguing That The Lower The Rate Of Inflation, The Better.

People Who Live In Poor Countries Have To Be Entrepreneurial Even Just To Survive.

Above A Certain Level Of Income, The Relative Value Of Material Consumption Vis-a-vis Leisure Time Is Diminished, So Earning A Higher Income At The Cost Of Working Longer Hours May Reduce The Quality Of Your Life. More Importantly, The Fact That The Citizens Of A Country Work Longer Than Others In Comparable Countries Does Not Necessarily Mean That They Like Working Longer Hours. They May Be Compelled To Work Long Hours, Even If They Actually Want To Take Longer Holidays.

Gore Vidal, The American Writer, Once Described The American Economic System As 'free Enterprise For The Poor And Socialism For The Rich'. Macroeconomic Policy On The Global Scale Is A Bit Like That. It Is Keynesianism For The Rich Countries And Monetarism For The Poor.