``I must give him his due. He has considerably cretinized me.'' Lautréamont

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Wednesday, December 20, 2006

The Bonus Army (NYT)

you might want to consider division of labor, which makes it possible for people to systematically disagree about value, and thus to create exchanges where both sides profit

those are voluntary transactions

each one that occurs raises the standard of living of both sides

added up, it raises the standard of living of the nation

which nation has the most voluntary transactions?


To see the embodiment of our economic system in action — for better and worse — one need look no farther than Goldman Sachs.


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