Friday, February 20, 2015

The most important economic chart ever, explained in fewer than 100 words

It is the Bourgeois Deal: “You accord to me, a bourgeois projector, the liberty and dignity to try out my schemes in a voluntary market, and let me keep the profits, if I get any, in the first act—though I accept, reluctantly, that others will compete with me in the second. In exchange, in the third act of a new, positive-sum drama, the bourgeois betterment provided by me (and by those pesky, low-quality, pricespoiling competitors) will make you all rich”. And it did.
University of Illinois at Chicago
Measured, unmeasured, mismeasured, and unjustified pessimism: a review essay of Thomas Piketty’s Capital in the twenty-first century
Deirdre Nansen McCloskey is distinguished professor of economics and of history at the University of Illinois at Chicago and 2014 fellow of the Institute for Advanced Sustainability Studies (IASS), Potsdam, Germany.

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