There was some really good stuff yesterday at Cafe Hayek.
One was quoting from a Wall Street Journal article (looks like it takes a subscription to read the whole thing) about Zhang Weiying, a Chinese economist. Here’s the part I really liked:
“We human beings always seek happiness,” says Mr. Zhang. “Now there are two ways. You make yourself happy by making other people unhappy—I call that the logic of robbery. The other way, you make yourself happy by making other people happy—that’s the logic of the market. Which way do you prefer?”
There was also this quote from economist Dwight Lee about Keynesian economics and financial irresponsibility:
The first problem is that Keynesian prescriptions are filtered through a political process being driven by many competing agendas, of which balanced economic growth is only one. The second problem is that both Keynesian economics and the political process are almost entirely focused on short-run demand-side concerns while largely ignoring the long-run importance of economic productivity. The result is a political dynamic that has increasingly turned Keynesian economics into a prescription for fiscal irresponsibility that undermines economic growth without promoting economic stability.
Cafe Hayek is a pretty awesome site – you need to add it to your regular reads on economics.