A Quote by Timothy Noah
You have to let the market reward effort and skill. But a system in which inequality of incomes constantly increases over time is worrisome.
Related Quotes
In a free enterprise system, with an honest and stable money, there is dominantly a close link between effort and productivity, on the one hand, and economic reward on the other. Inflation severs this link. Reward comes to depend less and less on effort and production, and more and more on successful gambling and luck.
Just like a computer, we must remember things in the order in which entropy increases. This makes the second law of thermodynamics almost trivial. Disorder increases with time because we measure time in the direction in which disorder increases. You can't have a safer bet than that!
As the spinal cord increases, it makes you taller. However, after landing on the Earth, you shrink a bit. What was worrisome was that some of the wrinkles, which had disappeared there, came back.
Inequality hardens society into a class system. Inequality divides us from one another... Inequality undermines democracy.
Although Caterpillar has fought vigorously against writing guaranteed pay increases into its contracts - and won, every time - it does offer market-based wage increases. It has also given quarterly bonuses to workers.
I made an effort to ensure social safeguards. But our economy has to grow - and Chile, with a population of 17 million, cannot depend entirely on its domestic market. Which is why the decision to focus on exports, made at the beginning of the democratic era, was the correct one. We are continuing to do so. For a long time, Chile has been successful in combating poverty. But now we must focus more on fighting inequality.
Free markets. What does this system mean? The answer is simple: it is the market economy, it is the system in which the cooperation of individuals in the social division of labor is achieved by the market.
Production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.
You can call it institutionalized racism or institutionalized inequality, but what I say is that any system that operates to maintain inequality is a corrupt system and must be addressed.
The answer is simple, and harsh. The market did not reward saving the lives of these children, and governments did not subsidize it. So the children died because their mothers and their fathers had no power in the market and no voice in the system.
The ego is not a thing but a subtle effort, and you cannot use effort to get rid of effort - you end up with two efforts instead of one. The ego itself is a perfect manifestation of the Divine, and it is best handled by resting in Freedom, not by trying to get rid of it, which simply increases the effort of the ego itself
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
If people do not consume their whole incomes, the non-consumed surplus can be invested, it increases the amount of capital goods available and thereby makes it possible to embark upon projects which could not be executed before.
I gather that the dopaminergic system in the reward centres of the brain respond even more vigorously to the expectation of reward than to reward itself. Hence, perhaps, the disappointment.
Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
The film business is just one of our verticals. We have wanted for some time to make inroads into the English language market, because I think that over time such films can cross over into the international market.
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