The late great economist Peter Bauer used to say there is no “Third World,” i.e., no sharp line dividing developed from undeveloped countries. Rather, there is a development spectrum along which countries sit.
Mutatis mutandis, there is no “Free World.” So stop calling Trump the leader of it.
Mass Production Equals Mass Consumption
[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...
