Smart Links 27 November 2011
Commentary on getting very rich, how labour immobility is hurting the American economy, why Germany will be downgraded, the utility of Voluntary Emission Credits, and Canada tries to placate US border worries.
Advice from the very rich on how to get very rich.
Wall Street Journal -- Billionaires Share Their Secrets to Success.
Get-Rich-Quick books are generally useless, as is most advice from the wealthy on how to get wealthy.
Americans can’t move.
The Atlantic -- The Geography of Stuck
A smaller share of Americans moved last year that at any time on record, as I noted in a previous post. Nearly six in ten Americans live in the state where they were born, according to the U.S. Census bureau.
Telegraph -- Why a German downgrade is the next logical step in the euro crisis
If someone suddenly says "Grunderkrach" to you today in an animated state, they're not hurling abuse with an obscure Germanism, no matter what it might sound like.
Capital markets are seizing up.
Financial Times -- A market less efficient
Drop in listings fuels concerns that exchanges are ceasing to channel capital.
A small step.
Project Syndicate – New Hope on Global Warming
In 1997, the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Kyoto Protocol – an agreement among signatory states to reduce greenhouse-gas emissions.
Globe and Mail -- Border deal a hard barrier for Harper’s critics to cross
The new Canada-U.S. border agreement will be unveiled at the White House by Barack Obama and Stephen Harper in early December.
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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©
Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.
The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.
When too few get too much everybody loses.
Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.
Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?
Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.
My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.
Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.
Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.
Public policy should be designed to decrease inequality before the law and increase equality of opportunity.
Capitalism is not the problem; the problem is what we do with capitalism.
Content is always more difficult to argue than conspiracy.
Let the state regulate and the market operate (most things).
Welfare strategies are best designed as a hand up, not as a hand out.
Political debate should not be fact free fighting.
Explanation lasts longer than eloquence.
Always favour empowerment over dependency.
The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.
Find your voice and don't be the echo of somebody else.
It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.