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The president, the secretary of state, the businessman, the preacher, the vendor, the spies, the clients and managers—all walking around Wall Street like chickens with their heads cut off—rushing to escape bankruptcy—plotting to melt down the Statue of Liberty—to press more copper pennies—to breed more headless chickens—to put more feathers in their caps—medals, diplomas, stock certificates, honorary doctorates—eggs and eggs of headless chickens—multitaskers—system hackers—who never know where they’re heading--northward, backward, eastward, forward, and never homeward—(where is home)—home is in the head—(but the head is cut off)—and the nest is full of banking forms and Easter eggs with coins inside. Beheaded chickens, how do you breed chickens with their heads cut off? By teaching them how to bankrupt creativity. ↗
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It is certainly true that imitation is everywhere, from sport to business, from dancing to dressing, from driving to singing. In fact, imitation is at the heart of competitive behavior and of almost any kind of social interaction. Like the fixed cost cum marginal cost argument that, as we pointed out earlier, is so powerful an argument that it can be applied to any and every thing, imitation is so widespread that, when taken literally, it is also everywhere. By this token one should see unpriced externalities in every market where producers imitate each other, thereby concluding that all kinds of economic activities should be allowed some form of monopoly power. Restaurants imitate each other, as coffee shops, athletes, real estate agents, car salesmen, and even bricklayers do, but we would certainly find it foolhardy to grant to a firm in each of these businesses monopoly power over one technique or another. This suggests that equating imitation with unpriced externalities leads us into a dark night in which all cows are gray. ↗
One simple answer is that there has been a massive rise in the incidence of sanctimony and smugness among the successful that has nothing to do with any change in the underlying reality. Rather, it has been stimulated by politicians who have realized that it is possible to win power by recruiting the most economically successful forty per cent or so of the population in a crusade to roll back the gains made by their fellow citizens in the previous forty years. And how better to rationalize this than to tell people that they deserve the incomes that the market generates? ↗
... economists recognize that, other things equal, cuts in tax rates reduce tax revenues in percentage terms by less than the tax-rate reductions. Similarly, tax-rate increases do not raise tax revenues by as much in percentage terms as the tax-rate increases. This is true because changes in marginal tax rates alter taxpayer behavior and thus affect taxable income. ↗
If we apply our minds directly and competently to the needs of the earth, then we will have begun to make fundamental and necessary changes in our minds. We will begin to understand and to mistrust and to change our wasteful economy, which markets not just the produce of the earth, but also the earth's ability to produce. We will see that beauty and utility are alike dependent upon the health of the world. But we will also see through the fads and the fashions of protest. We will see that war and oppression and pollution are not separate issues, but are aspects of the same issue. Amid the outcries for the liberation of this group or that, we will know that no person is free except in the freedom of other persons, and that man's only real freedom is to know and faithfully occupy his place - a much humbler place than we have been taught to think - in the order of creation. (pg.89, "Think Little") ↗
