India’s Jet Airways Suspends Operations – This Is Why We Need Capital And Capitalists

India’s Jet Airways has been in trouble for months now. They’ve been losing money and banks won’t lend any more – sensibly enough, it’s a money pit. All of which is a useful lesson in why we need capital and capitalists. There’s got to be someone there able and willing to cover losses in the bad times – that’s what they get the profits for in the good.

This is the part of the system that some find so terribly hard to understand.…

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How We’ve Progressed Depends Upon What We Define As Progress

So, is the world getting better? Stephen Pinker has just released the latest of his tomes insisting that it is. We’ve also, as he points out, innumerable people insisting that Gehenna is just around the corner. Or we can delve down into more detail and ask just what is progress? The answer being that it depends upon what we say it is – tautological and therefore true. Take this from Scott Sumner:

In 1968, there was almost a universal view that the progress in things like aviation over the next 50 years would be comparable to the progress over the past 50 years (since 1918).

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