Owen and the Little Princesses: April 2006

Sunday, April 30, 2006

Saturday, April 29, 2006

More Worldview Economics Stuff

George Gilder, in his book Wealth and Poverty, produces a lengthy and compelling argument for what he calls supply side economics. He shows that there is nothing wrong with those who are well off shouldering more responsibility for the well-being of their society. This is often reflected in graduated tax rates. However, when the rate approaches 50%, the revenue received by the government actually begins to reduce. This is simply the result of those at this level beginning to work much harder at minimizing their tax. Add to this the dwindling incentive for earning more money, and one begins to see the pratical truth of Gilder's position.

The Laffer curve reveals this theory in a mathematical way. Reagan and Thatcher used this theory to promote tax cuts in the 80s. I'm not convinced, any thoughts?

Churchill once said, something like, people who are socialists in their 20s usually end up capitalists by their 40s. Well, I'm not quite 40 yet.

Friday, April 28, 2006

Quotation of the day

The true foundation of theology is to ascertain the character of God. It is by the art of Statistics that law in the social sphere can be ascertained and codified, and certain aspects of the character of God thereby revealed. The study of statistics is thus a religious service.
F N David: Games, God and Gambling (1962)

- As I sit at my desk statistically modelling American insurance claims, I so wish the above quotation was true for me. I'm no Florence Nightingale.