Quote Of The Day

“Second, the argument that elites are generally opposed to government involvement in the economy reveals the very US-centric focus of Krugman and Wells. Even a perfunctory look at recent or distant history (or at our book!) should have been enough to convince one that in most societies, even in the supposedly laissez-faire 19th century Britain, elites work very hard to make the government intervene in the economy — of course, in a very specific way, to support them. It should thus be no surprise that extractive institutions are rarely built on the foundations of laissez-faire economics — think of slavery, labor draft systems such as the mita, government monopolies, institutions such as the “colour bar” in South Africa designed to keep blacks disadvantaged and forced to supply cheap labor, and government corruption.” — Economists DARON ACEMOGLU AND JAMES ROBINSON, blogging at Why Nations Fail

2 Responses to “Quote Of The Day”


  • Hello there! This is my 1st comment here so I just wanted to give a quick shout out
    and tell you I really enjoy reading through your blog posts.
    Can you suggest any other blogs/websites/forums that go over the same subjects?
    Thanks a ton!

  • Hey there just wanted to give you a quick heads up. The
    words in your article seem to be running off the screen in Firefox.
    I’m not sure if this is a formatting issue or something
    to do with browser compatibility but I thought I’d post to let you know.

    The design look great though! Hope you get the issue solved soon.
    Many thanks

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