Public Development Of Antibiotics – Sure, Why Not?

There’s a rather fun call for the public sector to investigate antibiotics. As a result of market failure. To which the answer is, sure, why not, go for it. As long, that is, as the public sector is just one player in that market. So that we can see whether the public sector is actually better at it.

The basic analysis here is that antibiotic research doesn’t make a profit and that this is just and righteous.…

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No, Really, State Control Doesn’t Make An Economy – Nor People – Richer

It’s entirely true that China – and here Vietnam – have become richer while still having substantial state ownership of firms and involvement in the economy. That’s not useful evidence though because anything is better as a socioeconomic system than the former Maoist idiocy. The important question is whether they would have done better than they did with less state planning, involvement and ownership. The answer is, unsurprising to us around here, yes. An emphatic yes in fact:

Globalisation and state capitalism: Assessing the effects of Vietnam’s WTO entry
Leonardo Baccini, Giammario Impullitti, Edmund Malesky 17 May 2019

The recent success of China and Vietnam over the past three decades has triggered a debate over ‘state capitalism’ as a viable growth and development model.…

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There Are Different Ways Of Measuring Economic Progress – But Which Different Ways Should We Use?

This discussion is at least along the right lines. There are different ways we can measure economic progress. The important question being, well, which should we use? Straight good old GDP per capita has one damn good attribute, is#s objective. Many others aren’t as they’re subjective. Why should greater equality in outcome be regarded as economically good for example? This set of measurements also double counts at times. A decent rule of law, sure, that’s important, but without it you’ll not get the growth you’re comparing it with anyway.

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A Most Uncomfortable Thought About The Taiping Rebellion And The Black Death – Maybe That’s How Development Starts?

There is a school of thought – perhaps just a strain of it rather than an entire institution – which tells us that the Black Death was an important causative factor in the development of the money economy, capitalism and economic growth. Only that disruption of the feudal economy allowed the new arrangements to come to fruition. Killing one third of the population allowing that Brave New World.

Well, maybe, obviously enough. Other people have tried killing one third of the population – Pol Pot, Stalin perhaps – and they’ve not gained that economic lift off.

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Just How Do Countries Become Rich?

How you organise matters makes a great deal more difference than we used to think. It’s not that there is a steel plant, some roads, a tax and health care system, but how are all of these things organised?

An interesting answer to all of this being that markets are even more important than we though they were:

On the prosperity of countries

Linda Yueh 04 August 2018

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The Vile Stupidity Of Global Justice Now

That some people aren’t quite up with the way the world works is unfortunate but not tragic. Most people aren’t campaigning to change that reality after all. Then there are those who do campaign but are still misinformed, that’s tragic. Unfortunately, we’ve a third class, the malevolently ignorant. Those who are wrong, those who campaign on their wrongness and whose wrongness will make the world worse if their aims were ever achieved.

Assuming that here is no class worse than this I give you Global Justice Now, as thick a group of pig ignorants as you’re likely to meet:

Extreme poverty was the focus of New Labour’s international development policy.

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