The Korean Economic Miracle Was The Result

There Is A Big Logical Jump Between Acknowledging The Destructive Nature Of Hyperinflation And Arguing That The Lower The Rate Of Inflation, The Better.

The Best Way To Boost The Economy Is To Redistribute Wealth Downward, As Poorer People Tend To Spend A Higher Proportion Of Their Income.

As South Korea Shows, Active Participation In International Trade Does Not Require Free Trade. Indeed, Had South Korea Pursued Free Trade And Not Promoted Infant Industries, It Would Not Have Become A Major Trading Nation. It Would Still Be Exporting Raw Materials (e.g., Tungsten Ore, Fish, Seaweed) Or Low-technology, Low-price Products (e.g., Textiles, Garments, Wigs Made With Human Hair) That Used To Be Its Main Export Items In The 1960s.

Rational Thinking Is An Important Aspect Of Human Nature, But We Have Imagination, We Have Ambition, We Have Irrational Fear, We Are Swayed By Other People, We Get Indoctrinated And We Get Influenced By Advertising.

If We Are Really Serious About Preventing Another Crisis Like The 2008 Meltdown We Should Simply Ban Complex Financial Instruments, Unless They Can Be Unambiguously Shown To Benefit Society In The Long Run. This Is What We Do All The Time With Other Products-drugs, Cars, Electrical Products And Many Others.