Acton Institute Powerblog Archives

Post Tagged 'Michael Fairbanks'

Why Attitudes About Competition Matter

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. Continue Reading...

Video: Rev. Sirico on Avoiding Economic Disaster

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. Continue Reading...