The harder competition gets, the more people drop out. For a society, it would be great to maximize progress through competition but minimize crime through social welfare. But what is needed to accomplish that? First, there has to be strong enough incentives for people to dedicate their lives for pursue of innovations, and a back-up […]
Broken Window Fallacy — Still Relevant?
Do we really need more broken windows? There is a fallacy within broken window fallacy. I will now explain this argument. Essentially, the fallacy (by the classic French economist Frederick Bastiat) argues that “breaking windows”, although brings work for window repairers and thus adds to economic activity, is sub-optimal because of the opportunity cost of […]
Why human services are needed for world peace
The bot can be boss, as long as we have jobs. Why are human services the future of our economy? (And, therefore, an absolute requirement for world peace .) For three reasons: They do not pollute or waste material resources (or tend to do so with significantly less degree than material consumption) Exponential growth of population […]