Posts tagged with: Michael Fairbanks

In an excerpt from the splendid PovertyCure series, Michael Fairbanks offers a helpful bit on why our attitudes about competition matter for economic development:

I can predict the future of a developing nation better than any IMF team of economists by asking one question: “Do you believe in competition?” When I go to Venezuela and I say, “do you believe in competition?,” they say “competition means the rich get richer and the poor get poorer.” They say “competition is the unnecessary duplication of effort because you have two firms doing the same thing.” They say “competition is a quaint North American concept that doesn’t apply here.”

But when I go to Silicon Valley and I say,“What do you think about the word competition?,” they say, “Well, I love competition, because even when I lose, I learn something. And my success is due to the fact that I speeded up my failures, and the only way to fail was to compete, and figure out where I wasn’t good enough.”

As Hayek put it, competition is a discovery procedure. If we neglect, distort, or downplay that process, we can expect the outcomes of discovery — the fruits of our sacrifice and service — to digress accordingly.

PovertyCure DVD Series

PovertyCure DVD Series

Join host Michael Matheson Miller on a journey around the world to explore the foundations of human flourishing, and learn how people are moving toward partnerships and pursuing entrepreneurial solutions to poverty rooted in the creative capacity of the human person made in the image of God. Meet religious and political leaders, entrepreneurs, missionaries, and renowned development experts, and discover the powerful resources Christianity brings to the pursuit of human flourishing.

Visit the official PovertyCure website for more information.

$59.99

The Montreal Economic Institute produces a “Free Market Series” of videos interviewing experts such as Michael Fairbanks and Steve Forbes. This video highlights the Rev. Robert Sirico discussing the role of free markets in economics, and the false sense of utopia offered by other economic systems.

“People are beginning to understand that we can’t create a utopia just by wishing it into existence, that we can’t abolish the right to private property, that if we do we create economic disaster.”