Posts tagged with: Derek Thompson

Whether the lottery is, as the old adage states, a tax on people who are bad at math, it is most certainly a tax on the poor. Those who have the least spend an inordinate percentage of their income every year on lottery tickets (estimates vary from 4-9%). Yet while it is irrational for those in poverty to waste their limited resources on a one in 176 million chance, there is something almost rational in the reasoning for doing so. As The Atlantic’s Derek Thompson points out:

Yesterday I argued that since bias is inherent in institutions and neutrality between individual and social spheres is illusory we should harness and direct the bias of institutions towards a free and virtuous society characterized by individual liberty and sustained by religious principles.

One of the ways we can do that in the economic realm, I believe, is to encourage a bias toward entrepreneurship and away from corporatism. As Derek Thompson, a senior editor at The Atlantic, says, “It would be naive to think we can cleanse the law of all biases. But what if the law were biased, not toward the oil and gas industry or the cotton farmers, but toward the creative, the self-employed, and the entrepreneurs?”

Thompson proposes a new framework for competitiveness: