Thinks 693

Richard Wagner: “Everyone, private citizens and political figures alike, acts on partial and incomplete information, for there is no other option in the presence of the scale and complexity of contemporary societies. A chief and a council of five elders might reasonably know everything of relevance for keeping a tribe of 200 performing as they think it should. For democratic systems of tens or hundreds of millions, however, any such presumption is some combination of arrogance and fatuousness.” [via CafeHayek]

Bill Dudley: “The Fed’s aggressive monetary tightening is undoubtedly imposing stress on the rest of the world, in large part by boosting the exchange rate of the dollar to other currencies. In developed countries, this drives up prices of imports such as crude oil, stoking inflation and forcing central banks to respond with matching rate hikes — even in economies where inflation pressures are relatively mild and growth is weaker. The effects are even harsher in developing countries. Aside from more expensive food and energy imports, they face reversals of foreign capital inflows (which makes financing imports harder) and increasing difficulty servicing their already burdensome dollar-denominated debts.”

Gerard Baker: “For years now, the critics of liberal democracy seem to have had the upper hand. They can point to the malaise of the West since the turn of the century: repeated economic failure, disastrous foreign adventurism, cultural collapse and conflict at home. For most of that time the so-called strongmen seemed to be gaining the upper hand. Whatever moral qualms there might have been about the messy moral realities, the long-term strategic advantage seems to be in their favor. But setting aside the moral case for liberty, its essential practical virtue has always been accountability. When you can audit, scrutinize, interrogate and ultimately remove the people who govern you, history and logic tells us you should get better government. Exposing failure and venality and punishing it creates incentives for success and probity. The primary contrast between our system and that of the autocrats is the application of this accountability. We have too much of it. They have too little.”

ET: “Ecommerce in India is expected to grow at a rate of 25-30% annually for the next five years, with a steady increase in user base that is estimated to beat the second largest ecommerce shopper base – United States – in the next one or two years, according to a report by consultancy firm Bain & Co and homegrown e-tailer Flipkart. The online shopper base in India, which was at 180-190 million in 2021, will also increase to about 400-450 million users by 2027 when the industry is estimated to be valued at over $150 billion. The report pegged the ecommerce market at $50 billion this year, up 40% from last year.”

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.