Today's anguished musing minute.
I always seem to be in the minority, on the outside, swimming against the current.
Tuesday, August 11, 2026
From my FB page. The impossible reality of WWII
Sunday, July 5, 2026
Reflections on America's 250th Birthday
Today's Musing Minute: July 4, 2026
Reflections on America's 250th Birthday
Happy Birthday, America.
On this 250th anniversary of the Declaration of
Independence, and in my 78th year, I find myself reflecting on what this
remarkable nation has become and where it may be headed. Is it truly a happy
birthday? The answer depends on one's perspective.
At the close of the Constitutional Convention in 1787, as
delegates emerged from Independence Hall, Elizabeth Willing Powel is said to
have asked Benjamin Franklin, "Well, Doctor, what have we got?"
Franklin famously replied, "A republic, madam, if you can keep it."
That challenge remains as relevant today as it was then.
Have we kept it? Is it still worth keeping? And if so, why?
The Founders believed they were creating a republic grounded
in the ideals of the Enlightenment: individual liberty, limited government,
private property, and the rule of law. Ironically, many of these principles had
developed within the British civilization from which they were declaring
independence.
What we now call Western civilization represented something
unprecedented in human history. For most of mankind's existence, survival
depended primarily on force, conquest, and predation. Trade existed, but it was
limited by war, arbitrary power, and insecure property rights. The modern West
transformed this arrangement by establishing institutions that protected
individual rights and allowed ordinary people to cooperate through voluntary
exchange.
The result was extraordinary. For the first time in history,
large numbers of people experienced steadily rising living standards, longer
lives, greater opportunity, and expanding personal freedom. The principles of
life, liberty, and property were not merely philosophical ideals; they were the
foundation of an unprecedented explosion of prosperity and human flourishing.
The framers of the Constitution understood, however, that
government itself posed a danger. They sought a system strong enough to protect
liberty but constrained enough not to destroy it. As James Madison wrote in Federalist
No. 51:
"You must first enable the government to control the
governed; and in the next place oblige it to control itself."
The Constitution's separation of powers and system of checks
and balances were designed to address precisely this problem.
America's subsequent history has tested these principles
repeatedly. The existence of slavery stood in profound contradiction to the
nation's founding ideals and required a bloody civil war to abolish. Yet the
struggle to reconcile America's practices with its principles has been a
recurring feature of our history.
Today, new challenges have emerged. Some come from expanding government intervention and growing skepticism toward free markets and private property. Others arise from ideological movements that reject the concept of universal individual rights in favor of group identity and grievance politics. Still others come from forms of religious and political extremism (seekingreligious domination, like radical Islam) that are fundamentally hostile to the values of liberal democracy.
What makes the present moment feel different is not merely
political disagreement. America has always had that. Rather, it is the growing
uncertainty about the legitimacy of the civilization itself. Increasingly, some
of the loudest voices in our culture appear skeptical not merely of particular
policies, but of the fundamental principles upon which the nation was founded.
Would Franklin believe we have kept the republic? What would
Madison make of today's political landscape? I cannot know.
What I do know is that the next few years will be revealing.
Despite my concerns, I remain cautiously optimistic. Beneath the noise of
politics and social media, I suspect there remains a deep reservoir of
attachment to the principles that made America exceptional: individual liberty,
equal rights under the law, free inquiry, voluntary exchange, and limited
government.
If those principles endure, the republic may yet be kept.
Happy 250th Birthday, America.
Wednesday, May 27, 2026
The irrelevance of good intentions.
The irrelevance of good intentions.
A vital and profoundly essential element of Market Capitalism is its capacity to serve masses of people of all income levels and dramatically improve their lives. This essential element is invisible to many (most?) people. Widespread thinking regards profit making as a necessary evil that needs to be tempered by acts of charity by the profit makers. Some even think that profit is unnecessary and that companies that produce stuff for sale, ought to donate all their profits to worthy causes.
This attitude, so common, is
rife with confusion. In fact it is the opposite of the truth, as explained in
the WSJ op ed reproduced below. The greatest, most effective creator of value,
and reducer of poverty, is profit. In an unencumbered competitive market the
only way to make a profit is to produce something, some good or service, that
someone values, that improves someone’s life. In fact, the “good” done by
making profit far exceeds in value terms the amount of “good” done by
charitable giving – though in America the latter is impressively huge. The
benefit created by Bill Gates’s Microsoft, by the creation of software
solutions, far exceeds the benefit created by his donations to non-profit
efforts to fight malaria, AIDS, and other worthy causes. This is not to suggest
that such charitable efforts are either unnecessary or should be abandoned.
They are vital for certain targeted specific benefits – health, homelessness,
research, etc. And they would not be possible without the generosity and
particular passions of the profit makers to make their mark in many different
ways.
I find this is one of the most difficult ideas to teach or to convince many of my “liberal” friends about. The key obstacle is to get past the fundamental truth that good intentions are not necessary for good results, and, in fact, mandating good intentions (by mandating generous behavior) is counterproductive, it produces bad results. In an open market the pursuit of profit (self interest) produces good results whatever the intentions of the profit maker. Voluntary trade creates value for everyone involved. It is created, not distributed.
|
Jeff Bezos Earned His Fortune The Amazon founder’s
innovations save customers 22 hours a year on average, giving them the gift
of time. By Marian L. Tupy May 26, 2026 4:56 pm ET Amazon founder Jeff Bezos
speaks at the America Business Forum in Miami, Nov. 6, 2025. Rebecca
Blackwell/Associated Press Amazon founder Jeff Bezos recently made a point that every critic
of billionaire wealth should confront: “If I do my job right, the value to
society and civilization from my for-profit companies will be much, much
larger than the good that I do with my charitable giving.” To see if he is correct,
consider the one resource that is truly finite: time. Modern debates about
wealth start in the wrong place. They begin with the fortune. They should
begin with customers and their time. Mr. Bezos is worth roughly $275 billion.
That number offends many people because they assume wealth must have been
taken from someone else. But Amazon didn’t become valuable by force. It
became valuable because hundreds of millions of people chose to use it. Consumers weren’t forced to
buy books, batteries, diapers, cables, razors, tools, groceries or printer
ink from Amazon. They did so because Amazon saved them time, money, effort or
uncertainty. Sellers weren’t forced to use Amazon’s marketplace. They did so
because it gave them access to demand. Firms weren’t forced to use Amazon Web
Services. They did so because renting computing power was cheaper than
building and maintaining their own information-technology infrastructure.
That is capitalism: People get rich by creating something others value enough
to buy. The Bezos fortune looks large
because it is visible. The value Amazon created is harder to see because it
is dispersed. A mother who doesn’t drive to a store to buy diapers doesn’t
appear in an economic headline. A small business that reorders supplies in
two minutes doesn’t make the evening news. A rural customer who gains access
to goods once available only in cities doesn’t receive a subsidy check with
Amazon’s logo on it. Yet each transaction saves time, and time is limited. Consider the arithmetic.
Suppose an hour of labor is worth about $64, roughly the average gross
domestic product per hour worked in the countries in which Amazon operates.
If Mr. Bezos’ fortune corresponded to the total value that Amazon created,
his $275 billion would represent about 4.3 billion hours of saved time.
Divided among Amazon’s more than 300 million active customers, the saving
comes to about 14 hours per customer over Amazon’s life. That’s nothing. Many
customers save that in a month. But entrepreneurs don’t
capture all the value they create. The Nobel Prize-winning
economist William Nordhaus estimated that innovators keep only a
small share of the social value—roughly 2%—produced by their innovations.
Under that assumption, Mr. Bezos’ $275 billion fortune implies that Amazon
created about $13.8 trillion in total value for society. At $64 an hour, that means
Amazon has saved its customers about 214 billion hours. Across 300 million
customers over roughly 32 years (Amazon was founded in 1994), the saving
equals about 22 hours per person a year. That is 25 to 26 minutes a week, or
a little less than four minutes a day. So the question isn’t whether
Mr. Bezos has too much money. It is whether Amazon has saved the average
customer four minutes a day. The answer is yes. A single avoided trip to a
store can save 30 minutes. Finding a product online instead of driving to three
retailers can save an hour. Reading reviews can reduce the chance of buying
the wrong product. Automatic reordering can save repeated errands. Price
comparison can save money and time. Fast delivery can substitute for
inventory kept in closets, garages, offices and warehouses. The savings extend beyond
retail. Amazon Web Services lowered the cost of starting and scaling
companies. It gave firms computing capacity without the old capital expense.
That made experimentation cheaper. Some firms failed faster. Others grew
faster. Both outcomes matter. Cheap failure is part of progress. Amazon also forced competitors
to improve. Walmart, Target, grocery chains, hardware stores,
logistics firms and online retailers responded with better websites, faster
delivery, wider selection and lower search costs. Even people who dislike
Amazon benefit when its competitors become better because Amazon raised
consumer expectations. Charity can do good, but Mr.
Bezos is right: Business can do better. Charity moves existing resources
toward chosen ends. Business, when it works, creates new value by
reorganizing labor, capital, knowledge and logistics. Philanthropy can fund
scholarships, clinics, museums and disaster relief. Enterprise can improve
how hundreds of millions of people spend their time every week. Some people
will spend the extra time earning money to buy things they previously
couldn’t afford, helping their communities, enjoying the company of their
loved ones, taking a holiday or relaxing. That distinction is often
lost. Critics praise billionaires when they give money away but condemn the
process that made the money possible. That is backward. The social
contribution of an entrepreneur usually occurs before the charitable
foundation is created. It occurs when customers gain, workers earn, suppliers
sell, competitors improve, and resources move to better uses. None of this means Amazon is
perfect. No large company is. Amazon can make errors. But that doesn’t cancel
the basic fact: Amazon created enormous consumer surplus. The moral case for Mr. Bezos’
wealth doesn’t require blind admiration of his business acumen. It requires
arithmetic. If Amazon saves each customer 22 hours a year, Mr. Bezos’s
fortune passes the Nordhaus test. If it saves more than that, society receives
far more than he keeps. It is easy to resent the billionaire. It is easy to ignore the saved hours. But the hours matter because time is limited. It is our most precious resource. Count the time saved, and Mr. Bezos’ fortune becomes less mysterious and much more defensible. Mr. Tupy is a senior fellow
at the Cato Institute. |
Wednesday, May 13, 2026
From my Facebook page. It just gets worse.
It just gets worse, much worse!
Saturday, May 9, 2026
From my Facebook page. What about the application of double standards when judging Israel?
Today’s musing minute. Longer than usual.
I need to be clear that Israel’s actions should never be excused solely for the fact that it is being judged more severely than even worse actors. Valid criticisms should stand, but it is also appropriate to call the critic to account for leveling criticisms in a selectively biased way. And I am speaking not of a hypothetical or rare instance of this. In fact, instances of this double standard are all to common, coupled with deliberate or irresponsible distortion or fabrications of information, ubiquitous across social media. So, let me be more specific.
Monday, May 4, 2026
From my Facebook page. The anti Mamdani Muslim.
Testimony to how influential your parents are in determining your whole mindset, including how you think about your society and your country. In this fascinating interview with Reihan Salam, a New Yorker of South Asian Muslim origins, like Mamdani, the contrast could not be more stark. One cannot underestimate the importance of the family in shaping one's whole life. People like Salam are on the side of hope against the side of fear and despair.
And notice the influence of the Manhattan Institute.
"That appears to be what drew the mayor’s parents,
cosmopolitan and prosperous people, to the U.S. Mr. Mamdani was “raised as a
very devoted son, steeped in these kinds of Marxist, Third Worldist ideas,” Mr.
Salam says. “He’s said that he came to socialism in America through his
commitment to the Palestinian cause.”
“I assimilated into a Jewish-inflected America,” he says.
“Many of my teachers and mentors were people whose ancestors had come to the
country during the great wave of Jewish migration.” These were people who
believed “in a pluralistic, meritocratic, overwhelmingly positive” vision of
America. “These were people who fled pogroms. There was no going back.”
The Jewish American story “made everything in my life
possible,” Mr. Salam says. “When I think about the people who just had this
incredible openness to talent, I see their mammoth contribution to making
America true to itself.” The “explosion of antisemitism” after Oct. 7, 2023,
and “the so-called anti-Zionist and anti-Israel energy” that is so visible in
Mr. Mamdani’s New York, is “driven by this incredible envy and resentment and
hatred of a community that has enriched American life.”
---
Click below to read the whole interview.
Saturday, May 2, 2026
From my FB page. What is Hezbollah?
Today’s musing minute. What is Hezbollah?
Sunday, March 8, 2026
The evile within many humans is not remediable.
Today’s Musing Minute.
The Starman said.
"You are a strange species. An interesting species. You are capable of such beautiful dreams, and such horrible nightmares."
I recently posted a remembrance of Zsuzsanna “Zsuzsi” Ozsváth, the inspiration behind and founding director of the Ackerman Center at UTD. https://ackerman.utdallas.edu/
Tonight I attended one of its many events: a lecture by Tali Matas, a remarkable South African scholar of the Holocaust and of human rights.
She spoke about the growth of Holocaust studies—by which I mean *the* Holocaust, the one perpetrated by the Nazis. It was gratifying to hear that efforts to raise awareness and deepen understanding are in fact increasing. One hopes those efforts will succeed.
Yet I worry about the blunting effect of history. As the event recedes further into the past, the enormity and horror it once evoked may diminish, and it may come to be seen as merely one more among history’s many atrocities rather than something quite unique—unique in its duration, its bureaucratic efficiency, its scope, and the sheer difficulty of explaining it. The same might be said of the phenomenon of Jew-hatred itself.
This is precisely what Holocaust education must strive to communicate: a signal example of just how depraved human beings—and even an entire modern, sophisticated society—can become.
When we contemplate the Holocaust in light of current events, we see that this darker side of human nature persists. It is not buried deep within the psyche; it can appear openly and proudly, for all to see. More troubling still, it can be cultivated—from childhood to adulthood—under the right social and ideological conditions.
Extremist factions within Islam attest to this every day. Anyone who examines what they say and do with open eyes will see it: large numbers of people driven by a violent ideology that seeks the subjugation—or elimination—of “non-believers,” especially Jews but also Christians.
I generally agree that comparisons to the Nazis should be used sparingly. But in this case it is difficult not to notice certain similarities—and also a crucial difference. The Nazis often tried to conceal their crimes. The jihadists proclaim theirs openly and proudly, convinced they are doing God’s work.
A guiding credo in the West is the belief that, under the right conditions, all people can be brought to recognize the sense and justice of universal human rights—rights that apply equally to everyone, without exception for race, gender, ethnicity, or religious affiliation.
Yet there is a stubborn—and perhaps delusional—reluctance to consider the possibility that a large portion of humanity does not actually share this belief. On the contrary, some hold firmly, even religiously, to the opposite view: that only certain humans are entitled to particular freedoms (and not necessarily the full range of liberties embraced in the West), while others may justifiably be subjugated—or even killed.
To cling to the assumption that everyone ultimately shares (or, more important, can be persuaded to shere) the Western conception of universal human rights is not merely naïve. It can also be dangerous. For this illusion risks blinding us to the reality of ideological movements that explicitly reject those principles, leaving us poorly prepared to recognize or confront them.
Tuesday, February 3, 2026
Monday, January 5, 2026
Today's musing minute, What does religion have to do with it?
Listening just now to Dennis Prager, I was struck by what may be an *essential* difference between the religious and the secular approaches to morality.
Sunday, January 4, 2026
Today's musing minute. Will there be enough childern?
Other than family and friends, my greatest passion is economics. Studying, teaching and discussing economics is, for me, an endless pursuit of fascinating social phenomena, a window into the mysteries of the challenges and achievements (and failures) of the human race.
