“Some people no doubt welcomed the news that Ticketmaster is closing down its secondary ticketing websites as an end to rip off prices for the next live music concert or big sporting event that they attend. However, the decision doesn’t change the one thing that means touts and secondary ticket markets will always exist: scarcity.”
“As long as they are fit and financially able, the pilgrimage is an obligatory act of worship that followers of Islam owe to God once in their lifetime. […] But until the introduction of modern transport systems, most Muslims beyond the Arab world had little expectation of completing this fifth and final pillar of Islam. […] A look at Hajj-going among British Muslims in an age of globalisation underlines the growing role of the market for religious tourism in shaping the organisation of the pilgrimage.”
What do we mean by social progress? That is the theme explored by the International Panel on Social Progress, a group of over 300 academics, including Nobel Laureate Amartya Sen. After four years of work, their report has finally been published last month by Cambridge University Press, with a useful summary at www.ipsp.org. […] It looks at six policy domains: economics, education, environmental protection, health care, development and science and technology. There is one unifying theme across all six policy domains—the perennial debate over the role of markets versus the state.”
“Röpke’s work from the 1940’s onwards is an attempt to provide a unified analysis of the crisis of his times, among other things by figuring out the way in which culture, society, market and state relate to one another. […] This primacy of the cultural is also evident in Röpke’s view of the market. What he liked most about the market economy was, surprisingly, not its material effects but instead the bourgeois ethic that was intimately tied up with it.” More info on Röpke’s book “A Human Economy; The Social Framework of the Free Market” (1960).
“The Bureau of Economic Analysis on July 27 released the GDP growth rate for the second quarter of 2018: 4.1 percent. […] There was much celebration over the 4.1 percent rate, as this is higher than that experienced in recent years, but some in the media questioned its sustainability. That raises another critical question: Does it mean the economy is doing well and there is economic progress?”
“CSR now means that many corporations now legally have to comply with particular social disclosure legislation.[…] So now that compulsory CSR has been around in some countries for a few years, do they actually work? I have been researching whether CSR actually advances corporate social transparency and accountability as expected.”
“When my brother, Tom, and I keynoted the 2012 Conscious Capitalism CEO Summit, I told the room of 200 CEOs that I was going to pick a basket of 12 conscious, purpose-driven business’ stocks for 2012. […] But, here’s the kicker: instead of being backward-looking, I said let’s watch them going forward from here to see if they outperform their more traditional, bottom-line-driven competitors over time.”
“The free-market welfare state. Sounds like an oxymoron? Think twice, says Samuel Hammond, a policy analysist from the Washington DC-based Niskanen Center, who in a recently released paper (which he also outlined here at CapX) argues that free-marketeers should embrace the welfare state.”
“If there is one thing that the Cambridge Analytica scandal taught us, it’s that politicians are mostly clueless about the political implications tech and social media bring about for society.
What went largely unreported is that they also don’t have much of an idea about the economic transformation behind Facebook’s success in establishing a business model with near-monopolistic market power in social media, at least for the time being.”
“The hypothetical argument is that, so long as there are protections in place – it is medically safe, no one is coerced, and there is recourse to resolve disputes – then it should be permitted. However, there are moral arguments – most often raised in the case of disability, but no less relevant in other cases – against these practices.”
“Rampant inflation in CEO realised pay has continued unabated while wages for Australian working people have been stagnant for years […] Our recent research shows that this compounding inequality is being driven by the increasing financialisation of corporations and the focus on maximising shareholder value.”
“Just 350 years ago, ice cream was a rare delicacy, reserved for kings and the richest of aristocrats. To enjoy it a person had to be able to afford refrigeration, which in the pre-industrial world was arduous and expensive.”
“The idea of a society in which everyone acts out of pure benevolence is a fantastic ideal. It’s just not feasible.”
“Millions of Americans head outdoors in the summer, whether for a day at a nearby lake or a monthlong road trip. For environmental economists like me, decisions by vacationers and outdoor recreators offer clues to a challenging puzzle: estimating what environmental resources are worth.”
“One discipline reduces behavior to elegantly simple rules; the other wallows in our full, complex particularity. What can they learn from each other?” A review of three books in The New Yorker, including Cents and Sensibility: What Economics Can Learn from the Humanities and The Wisdom of Finance: Discovering Humanity in the World of Risk and Return.