Assume The Worst About People And You

In Manufacturing, Where Mechanization And The Use Of Chemical Processes Are Much Easier, It Is Easier To Raise Productivity Than In Services. In Contrast, By Their Very Nature, Many Service Activities Are Inherently Impervious To Productivity Increase Without Diluting The Quality Of The Product.

Equality Of Opportunity Is Meaningless For Those Who Do Not Have The Capabilities To Take Advantage Of It.

Rational Thinking Is An Important Aspect Of Human Nature, But We Have Imagination, We Have Ambition, We Have Irrational Fear, We Are Swayed By Other People, We Get Indoctrinated And We Get Influenced By Advertising.

The Korean Economic Miracle Was The Result Of A Clever And Pragmatic Mixture Of Market Incentives And State Direction.

History Is On The Side Of The Regulators.