Posts in Economics
Words Worth Noting - November 14, 2024

“The character of the process by which the views of the intellectuals influence the politics of tomorrow is therefore of much more than academic interest. Whether we merely wish to foresee or attempt to influence the course of events, it is a factor of much greater importance than is generally understood. What to the contemporary observer appears as the battle of conflicting interests has indeed often been decided long before in a clash of ideas confined to narrow circles. Paradoxically enough, however, in general only the parties of the Left have done most to spread the belief that it was the numerical strength of the opposing material interests which decided political issues, whereas in practice these same parties have regularly and successfully acted as if they understood the key position of the intellectuals. Whether by design or driven by the force of circumstances, they have always directed their main effort toward gaining the support of this ‘elite,’ while the more conservative groups have acted, as regularly but unsuccessfully, on a more naive view of mass democracy and have usually vainly tried directly to reach and to persuade the individual voter.”

Friedrich Hayek “The Intellectuals and Socialism”

Words Worth Noting - October 5, 2024

“Ambrose Bierce wrote of an inventor who built a moon rocket. When he fired it up, it bored straight down into the earth. A while later he crawled up out of the hole, and triumphantly announced, ‘My invention has proved correct in all its details; the defects are merely basic and fundamental!’ … whereupon the investors rushed forward to press money on him for the next attempt.”

Spider Robinson in Globe & Mail April 27, 1999

It's the immigration... duh

In my latest Loonie Politics column I say ideas like digging a huge tunnel under the 401 to relieve traffic congestion by cramming in more cars, or more government funding for mortgages when houses are unaffordable, obtusely misses the point that if you let in half a million people a year you will overstrain everything from infrastructure to the housing industry to social cohesion.