Thinks 493

Donald Boudreaux: “Do today’s socialists, as well as advocates of industrial policy, not know that human beings given the power unilaterally to take or to alter strangers’ property rights have little incentive to take into consideration the welfare of those whose property they take or destroy? Do advocates of socialism or industrial policy not know that the greater is government officials’ discretionary power to command economic arrangements the greater is the risk that these officials will be corrupted? Do today’s skeptics of free markets – whether these skeptics be full-on socialists or advocates of ‘mere’ industrial policy – have any accurate knowledge of economic history, of economics, or of human nature?”

Anticipating the Unintended points to a paper by Lant Pritchett: “National development is empirically necessary and sufficient for high levels of human wellbeing. Measures of three elements of national development: productive economy, capable administration, and responsive state, explain (essentially) all of the cross-national variation in the Social Progress Index (SPI), an omnibus indicator built from 58 non-economic indicators of human wellbeing. How national development delivers on human wellbeing varies, in three ways. One, economic growth is much more important for achieving wellbeing at low versus high levels of income. Two, economic growth matters more for “basic needs” than for other dimensions of wellbeing (like social inclusiveness or environmental quality). Three, state capability matters more for wellbeing outcomes dependent on public production. These findings highlight the key role of national development—and particularly economic growth—as instrumental to increased human wellbeing, which is increasingly challenged in favor of “small” programmatic and project design which is, at best, of third order of importance.”

Gary Hoberman on enterprise sales: “I had one potential investor who said, “Pick one client, stay stealth, get it live to production, and then go to your next client.” And what I could tell you coming out of the corporate world is that is the absolute worst advice anyone’s going to give you. Why is that? After all, it makes sense on paper. But what’s going to happen in the real world with your client is there’s going to be a job change. There’s going to be reprioritization, re-budgeting, cuts, regulatory concerns – outside forces you have no control over. And when that client’s project suddenly becomes less important to them and takes a backseat, your business is out. We started with five concurrent clients in all different industries, so that we understood all their needs. It also mitigates risk because you’re not dependent on a single change in the company.”

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.