Fraction Quotes - page 2
[N]early every political evil can be found on display in China: slavery, discrimination, religious persecution, xenophobia, tyranny, mass-political indoctrination, colonialism, cultural genocide, and so on. And yet, the outcry against these things in America and the West is a tiny fraction of what it was with regard to South Africa in the 1980s or Israel today. Why? Some of the political answers are pretty obvious - and have much merit. A few that come to mind: China is non-Western, and many of these sins are supposed to be unique to white Europeans; China is a victim (or "victim”) of colonialism, and so we shouldn't judge it harshly; China is very powerful, and realpolitik dictates that we be diplomatic; and so on.
Jonah Goldberg
The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smith's invisible hand: individuals and firms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency. The only question that has been raised concerns the ability of government to remedy the deficiencies of the market. Within academia, a significant fraction of economists are involved with developing and expanding on the ideas of imperfect information (and imperfect markets) that I explored. For instance, Edmund Phelps, this year's Nobel Prize winner, belongs to this "school" of thought. But in political discourse, simplistic "market fundamentalism” continues to exert enormous influence.
Joseph Stiglitz