Tuesday, November 10, 2020

I am sending the Pope a copy of my textbook


From the Pope's Encyclical "Fratelli Tutti" ("Brothers All"):
The Pope also makes no secret of his opposition to the global capitalist free market economy. He proposes instead that wealthy countries form a seamless bond with the have-not peoples of the global south. ... The problem with redistribution, of course, is, as Margaret Thatcher famously said, "Soon you run out of other people's money." After everyone has been made equally medium-poor, then where, without incentives for hard work and production, are further disbursements supposed to come from?  

Hopefully, the Pope will at least read Chapters 1 and 2 as he makes the implicit assumption that no one will respond to the perverse incentives he proposes, but I am not hopeful.  When I sent a free copy of the 3rd Edition to President Maduro (I even signed it), his country went into freefall (past posts about Venezuela).

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