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The Lost Lesson: Economics After the Slogans
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Front matter
Chapter or complete section · Full-book PDF pages 1–26
Open individual sections (9)
- Dedication Full-book pages 2–3
- Epigraph Full-book pages 3–4
- Preface: The Arithmetic of Good Intentions Full-book pages 4–9
- The Lost Lesson Full-book pages 5–6
- The Moral Stakes Full-book pages 6–6
- Who This Book Is For Full-book pages 6–7
- The Optimism of Reality Full-book pages 7–8
- About the Author Full-book pages 8–9
- Spine statement for The Lost Lesson: Economics After the Slogans Full-book pages 9–26
Introduction: The Window and the Wall
Chapter or complete section · Full-book PDF pages 27–31
Open individual sections (5)
- I. The Parable Full-book pages 27–28
- II. The Modern Mutation: From Accident to Design Full-book pages 28–29
- III. The Architecture of the Wall Full-book pages 29–29
- IV. The Method of This Book Full-book pages 29–30
- V. The Moral Stakes Full-book pages 30–31
Chapter 1: The One Lesson, Updated
Chapter or complete section · Full-book PDF pages 32–42
Open individual sections (14)
- The One Lesson Full-book pages 33–33
- Secondary Effects: The World After the Press Conference Full-book pages 33–34
- Time Horizons: The Tyranny of “Now” Full-book pages 34–35
- Incentives: The Invisible Handcuffs Full-book pages 35–35
- Substitution: The World Moves Sideways Full-book pages 35–36
- Incidence: The Bill Never Stays Where You Put It Full-book pages 36–37
- Politics Loves Visible Winners Full-book pages 37–37
- Example 1: Subsidise Demand, Inflate Price (Homebuyer Grants) Full-book pages 37–38
- Example 2: Inflation Is Not a Personality Trait Full-book pages 38–39
- Example 3: Wealth Is Not a Vault of Cash Full-book pages 39–40
- Example 4: Rent Control and the Cruelty of Shortages Full-book pages 40–40
- What This Book Will Do Full-book pages 40–41
- The Lesson Line Full-book pages 41–42
- Chapter 1 Notes Full-book pages 42–42
Chapter 2: The Two Lies That Ruin Policy
Chapter or complete section · Full-book PDF pages 43–53
Open individual sections (15)
- The Governing Claim Full-book pages 43–44
- Lie 1: “We Can Tax a Thing Without Changing It” Full-book pages 44–44
- The three ways taxes change the thing being taxed Full-book pages 44–45
- Windfall taxes: the perfect exhibit Full-book pages 45–45
- Primary example (14): Windfall taxes Full-book pages 45–46
- Lie 2: “We Can Redistribute Without Shrinking the Pie” Full-book pages 46–46
- The moral error: mistaking the ledger for the factory Full-book pages 46–47
- Primary example (31): Debt jubilees Full-book pages 47–48
- Primary example (48): “Modern Monetary” slogans Full-book pages 48–49
- How the lies work together Full-book pages 49–50
- A brief diagnostic: the missing questions Full-book pages 50–50
- Returning to the ladder Full-book pages 50–51
- The Lesson Line Full-book pages 51–52
- Chapter 2 Notes Full-book pages 52–53
- The "Hazlitt" Examples (Primary) Full-book pages 53–53
Chapter 3: Wealth Is Not Money
Chapter or complete section · Full-book PDF pages 54–66
Open individual sections (21)
- The Governing Claim Full-book pages 54–54
- Wealth, Liquidity, and Cash Flow: Three Different Animals Full-book pages 54–55
- Asset wealth Full-book pages 55–55
- Cash flow Full-book pages 55–55
- Price-at-the-Margin: Why Headlines Are Fragile Full-book pages 55–56
- Control Blocks: When Selling Destroys the Thing Being Taxed Full-book pages 56–56
- Valuation: The Quiet Hell Beneath the Slogan Full-book pages 56–57
- Why This Matters Morally Full-book pages 57–57
- Primary Example (13): The Wealth Tax Full-book pages 57–58
- Capital Gains: The Mirage of “Just Tax It When They Sell” Full-book pages 58–58
- Primary Example (15): Capital gains lock-in Full-book pages 58–59
- Transaction Taxes: The Seduction of “A Tiny Fee on Everything” Full-book pages 59–59
- Primary Example (16): Transaction taxes Full-book pages 59–60
- Inheritance Taxes: The Mirage of “Taxing the Dead” Full-book pages 60–60
- Primary Example (18): Inheritance taxes Full-book pages 60–61
- The Common Failure: Converting Portfolios into Cash by Force Full-book pages 61–61
- Plain-language wealth-tax critique: what the slogan misses Full-book pages 61–62
- The deeper point: investment is the future’s wage packet Full-book pages 62–63
- The Lesson Line Full-book pages 63–64
- Chapter 3 Notes Full-book pages 64–65
- The "Hazlitt" Examples (Primary) Full-book pages 65–66
Chapter 4: The Ladder Principle
Chapter or complete section · Full-book PDF pages 67–78
Open individual sections (19)
- The Governing Claim Full-book pages 67–67
- Two moral confusions Full-book pages 67–68
- Definitions: what the ladder requires Full-book pages 68–69
- Mobility Full-book pages 68–68
- Competence Full-book pages 68–68
- Stability Full-book pages 68–69
- Enforceable property Full-book pages 69–69
- Honest trade Full-book pages 69–69
- Meritocracy: imperfect but necessary Full-book pages 69–70
- The ladder is removed by bottlenecks, not by philosophy Full-book pages 70–70
- Primary Example (33): Zoning limits—housing as cartel Full-book pages 70–71
- Primary Example (32): Occupational licensing—jobs behind glass Full-book pages 71–72
- Primary Example (39): Credential inflation—education as gatekeeping Full-book pages 72–72
- Primary Example (41): Regulatory capture—rules written by incumbents Full-book pages 72–73
- Inequality’s real danger: when it becomes hereditary Full-book pages 73–74
- The correct target: restore ladders, punish corruption Full-book pages 74–74
- The Lesson Line Full-book pages 74–75
- Chapter 4 Notes Full-book pages 75–76
- The "Hazlitt" Examples (Primary) Full-book pages 76–78
Chapter 5: Virtue Without Sermons
Chapter or complete section · Full-book PDF pages 79–93
Open individual sections (22)
- The Governing Claim Full-book pages 80–83
- Virtue in plain terms: the economic content of character Full-book pages 80–80
- Trust: the cheapest form of capital Full-book pages 80–80
- Restraint: the moral engine of investment Full-book pages 80–81
- Promises kept: the precondition of cooperation at scale Full-book pages 81–81
- Honest dealing: why small firms can exist Full-book pages 81–82
- Vice as friction: the economics of moral decay Full-book pages 82–83
- Primary Example (51): Trust collapse—when cooperation becomes expensive Full-book pages 83–83
- Virtue and the ladder: why character is mobility’s hidden rung Full-book pages 83–84
- Inflation as moral hazard: when vice is subsidised Full-book pages 84–84
- Primary Example (47): Inflation rewards leverage Full-book pages 84–85
- Crime and investment flight: the geography of decay Full-book pages 85–85
- Primary Example (52): Crime and investment flight Full-book pages 85–86
- Vice disguised as compassion: envy-politics and status games Full-book pages 86–87
- The “moral economy”: why norms beat statutes Full-book pages 87–87
- The hidden economics of restraint: time horizons and civilisation Full-book pages 87–88
- Why “virtue talk” fails: the hypocrisy trap Full-book pages 88–89
- The distributional truth: moral decay taxes the poor first Full-book pages 89–89
- What a virtuous society looks like, in economic terms Full-book pages 89–90
- The Lesson Line Full-book pages 90–91
- Chapter 5 Notes Full-book pages 91–92
- The "Hazlitt" Examples (Primary) Full-book pages 92–93
Chapter 6: Envy and Greed, Properly Placed
Chapter or complete section · Full-book PDF pages 94–103
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- Greed: the motive is constant; the output depends on the rules Full-book pages 94–95
- Greed’s two faces: production or predation Full-book pages 95–97
- Productive greed Full-book pages 95–96
- Predatory greed Full-book pages 96–96
- Envy: politically useful, economically sterile Full-book pages 96–97
- Envy’s policy signature: levelling instead of ladders Full-book pages 97–97
- Envy’s rhetorical tricks Full-book pages 97–98
- The institutional danger: when envy becomes law Full-book pages 98–98
- Greed, envy, and the two economies: market versus political allocation Full-book pages 98–99
- The moral inversion: condemning wealth while excusing the causes of poverty Full-book pages 99–99
- The practical distinction: uplift policy versus levelling policy Full-book pages 99–99
- A final clarification: the opposite of envy is not indifference Full-book pages 99–100
- The Lesson Line Full-book pages 100–101
- Chapter 6 Notes Full-book pages 101–102
- The "Hazlitt" Examples (Primary) Full-book pages 102–103
Chapter 7: Dignity, Work, and the Meaning Trap
Chapter or complete section · Full-book PDF pages 104–120
Open individual sections (26)
- I. The three functions of work: income, formation, and belonging Full-book pages 105–107
- 1. Work as income: the visible function Full-book pages 105–106
- 2. Work as formation: the hidden function Full-book pages 106–106
- 3. Work as belonging: the social function Full-book pages 106–107
- II. Dignity: capability versus comfort Full-book pages 107–107
- III. The competence-building principle: what transfers cannot do Full-book pages 107–108
- IV. Work and the ladder: struggle as formation, not cruelty Full-book pages 108–109
- V. The meaning trap: grievance as identity, theatre as purpose Full-book pages 109–110
- VI. The economic case: productivity is built by capable people, not redistributed claims Full-book pages 110–110
- VII. A careful distinction: care is necessary; substitution is corrosive Full-book pages 110–111
- VIII. The dignity of ordinary work: the cultural war against the necessary Full-book pages 111–112
- IX. The danger of empty time: boredom as social solvent Full-book pages 112–112
- X. Work and institutions: making greed productive rather than predatory Full-book pages 112–113
- XI. The competence ladder: stages of ascent and why they matter Full-book pages 113–114
- XII. What a humane work-centred society actually requires Full-book pages 114–115
- 1. Entry must be open Full-book pages 114–114
- 2. Housing must be abundant near opportunity Full-book pages 114–114
- 3. Streets must be safe and property protected Full-book pages 114–114
- 4. Money must be stable enough to reward saving Full-book pages 114–114
- 5. Welfare must support mobility, not trap it Full-book pages 114–115
- 6. Culture must respect ordinary competence Full-book pages 115–115
- XIII. The political temptation: replacing formation with management Full-book pages 115–115
- XIV. The careful conclusion: build ladders, not myths Full-book pages 115–116
- The Lesson Line Full-book pages 116–117
- Chapter 7 Notes: Full-book pages 117–118
- The "Hazlitt" Examples (Primary) Full-book pages 118–120
Chapter 8: The Invisible Infrastructure: Social Capital
Chapter or complete section · Full-book PDF pages 121–134
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- I. Social capital in plain speech: what it is, and why the term exists Full-book pages 122–123
- II. The economics of trust: why high-trust societies are richer Full-book pages 123–124
- III. The difference between a society and a marketplace of predators Full-book pages 124–124
- IV. What social capital is not: sentimental confusion and bureaucratic substitutions Full-book pages 124–125
- V. Social capital as a distributive issue: why the poor are hit first Full-book pages 125–125
- VI. Networks: how opportunity travels, and how it gets trapped Full-book pages 125–126
- VII. Norms: the quiet rules that make law tolerable Full-book pages 126–126
- VIII. Trust and money: the financial dimension of social capital Full-book pages 126–127
- IX. Associations: the lost middle between the person and the state Full-book pages 127–127
- X. The great substitution: bureaucracy as the counterfeit of social capital Full-book pages 127–128
- XI. Social capital and the ladder: how mobility depends on invisible assets Full-book pages 128–129
- XII. The false comfort of “diversity” without cohesion Full-book pages 129–129
- XIII. How social capital is destroyed: four common mechanisms Full-book pages 129–130
- XIV. Rebuilding social capital: what can be done, and what cannot Full-book pages 130–130
- XV. The political consequence: distrust invites control Full-book pages 130–131
- XVI. The second effect: when social capital falls, everything else “fails” too Full-book pages 131–131
- The Lesson Line Full-book pages 131–132
- Chapter 8 Notes: Full-book pages 132–133
- The "Hazlitt" Examples (Primary) Full-book pages 133–134
Chapter 9: Bowling Alone, Paying Alone
Chapter or complete section · Full-book PDF pages 135–146
Open individual sections (13)
- I. The civic collapse as economic event Full-book pages 136–137
- II. Bowling Alone: the civic erosion and what it changes Full-book pages 137–138
- III. Paying alone: how atomisation increases the cost of living Full-book pages 138–138
- IV. Job networks and the disappearance of the informal ladder Full-book pages 138–139
- V. De Soto and the gate: legal entry to the market Full-book pages 139–140
- VI. Dependency: when the intermediate institutions vanish Full-book pages 140–140
- VII. Atomisation and the rise of “insurance society” Full-book pages 140–141
- VIII. Civic decline and the costs of mistrust Full-book pages 141–142
- IX. The civic path back: rebuilding without romanticism Full-book pages 142–142
- X. The lesson: a society can be rich and still be fragile Full-book pages 142–143
- The Lesson Line Full-book pages 143–144
- Chapter 9 Notes: Full-book pages 144–145
- The "Hazlitt" Examples (Primary) Full-book pages 145–146
Chapter 10: The Meritocracy Problem That Isn’t Meritocracy
Chapter or complete section · Full-book PDF pages 147–157
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- I. What meritocracy was meant to do Full-book pages 148–148
- II. The psychological bargain of merit Full-book pages 148–148
- III. Credential inflation: when signals replace substance Full-book pages 148–149
- IV. Closed networks and inherited advantage Full-book pages 149–150
- V. Regulatory capture and protected scarcity Full-book pages 150–150
- VI. Monopoly privilege and the illusion of competition Full-book pages 150–150
- VII. Zoning, housing, and the geography of exclusion Full-book pages 150–151
- VIII. Meritocracy and dignity Full-book pages 151–151
- IX. Burke’s “little platoons” and real merit Full-book pages 151–152
- X. Why meritocracy becomes the scapegoat Full-book pages 152–152
- XI. The real alternative: widening entry Full-book pages 152–153
- XII. The lesson Full-book pages 153–153
- The Lesson Line Full-book pages 153–154
- Chapter 10 Notes: Full-book pages 154–155
- The "Hazlitt" Examples (Primary) Full-book pages 155–157
Chapter 11: Tax Incidence: Who Really Pays
Chapter or complete section · Full-book PDF pages 158–169
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- I. The first error: confusing the payer with the payee Full-book pages 159–159
- II. Incidence is governed by elasticity: who can move, who cannot Full-book pages 159–160
- III. Four channels of tax pass-through Full-book pages 160–162
- A. Price effects: the consumer pays Full-book pages 160–160
- B. Wage effects: the worker pays Full-book pages 160–161
- C. Asset-value effects: the saver pays Full-book pages 161–162
- D. Location effects: the immobile pays Full-book pages 162–162
- IV. Corporate tax: the moral favourite, the economic mirage Full-book pages 162–163
- V. Wealth taxes and “paper wealth”: incidence through forced liquidity Full-book pages 163–163
- VI. Property taxes, rents, and the myth of landlord-only incidence Full-book pages 163–164
- VII. Payroll taxes: incidence hidden in the labour contract Full-book pages 164–164
- VIII. Sin taxes and moral taxation: punishing demand, punishing the poor Full-book pages 164–165
- IX. The politics of visible cheques and invisible burdens Full-book pages 165–165
- X. A simple framework for readers: four questions to ask of any tax Full-book pages 165–165
- XI. The lesson: taxation is incidence, not intention Full-book pages 165–166
- The Lesson Line Full-book pages 166–167
- Chapter 11 Notes: Full-book pages 167–168
- The "Hazlitt" Examples (Primary) Full-book pages 168–169
Chapter 12: The Wealth Tax: The Liquidity Trap
Chapter or complete section · Full-book PDF pages 170–181
Open individual sections (23)
- I. What “wealth” is: a household analogy that does not insult the reader Full-book pages 171–171
- II. The fundamental mismatch: the state wants cash, wealth often is not cash Full-book pages 171–172
- III. The first mechanism: forced sales and the price-at-the-margin reality Full-book pages 172–173
- A. The “paper wealth” illusion Full-book pages 172–173
- B. The spillover to ordinary savers Full-book pages 173–173
- C. The “liquidate the founder” problem Full-book pages 173–173
- IV. The second mechanism: borrowing to pay the tax — a permanent leverage ratchet Full-book pages 173–174
- V. The third mechanism: control dilution and the end of concentrated stewardship Full-book pages 174–174
- VI. Administration: valuation is not a footnote, it is the engine room Full-book pages 174–175
- A. Private business valuation Full-book pages 175–175
- B. Real estate and complex assets Full-book pages 175–175
- VII. Behavioural response: the “annuity” illusion and the reality of avoidance Full-book pages 175–176
- VIII. The incidence question: who really bears the wealth tax? Full-book pages 176–177
- A. Through asset repricing Full-book pages 176–176
- B. Through reduced investment Full-book pages 176–176
- C. Through increased short-termism Full-book pages 176–177
- IX. The emotional argument and the mechanical rebuttal Full-book pages 177–177
- X. A clearer way to think: tax flows, not stocks Full-book pages 177–177
- XI. What a wealth tax tends to become: coercion disguised as arithmetic Full-book pages 177–178
- XII. The core lesson: prosperity is built, not seized Full-book pages 178–178
- The Lesson Line Full-book pages 178–179
- Chapter 12 Notes: Full-book pages 179–180
- The "Hazlitt" Examples (Primary) Full-book pages 180–181
Chapter 13: The Valuation State
Chapter or complete section · Full-book PDF pages 182–189
Open individual sections (19)
- I. Valuation is not a technical detail; it is the policy Full-book pages 183–183
- II. Public assets are the easy corner case Full-book pages 183–184
- III. Private businesses: the valuation war begins Full-book pages 184–185
- A. The absence of a market price Full-book pages 184–184
- B. Modelling is contestable Full-book pages 184–185
- C. Valuation becomes a litigation industry Full-book pages 185–185
- IV. Complex assets: where valuation becomes metaphysics Full-book pages 185–186
- A. Partnership interests and carried structures Full-book pages 185–185
- B. Venture stakes and illiquid equity Full-book pages 185–186
- C. Real estate portfolios Full-book pages 186–186
- D. Intellectual property and goodwill Full-book pages 186–186
- V. The administrative reality: the state must choose its poison Full-book pages 186–187
- Option 1: Intrusive precision Full-book pages 186–187
- Option 2: Flexible approximation Full-book pages 187–187
- VI. The avoidance industry: a predictable response to valuation power Full-book pages 187–188
- VII. Discretion and power: why valuation states invite corruption and capture Full-book pages 188–188
- VIII. Why the public doesn’t see it: the invisibility of administrative costs Full-book pages 188–189
- IX. A final household translation: the annual appraisal of your life Full-book pages 189–189
- The lesson line Full-book pages 189–189
Chapter 14: The “One-Year” Fallacy
Chapter or complete section · Full-book PDF pages 190–200
Open individual sections (17)
- I. What the one-year estimate actually is Full-book pages 190–191
- II. The behavioural response principle: people do not sit still while being taxed Full-book pages 191–192
- III. Avoidance: the predictable growth industry Full-book pages 192–193
- A. Structural engineering Full-book pages 192–192
- B. Complexity as camouflage Full-book pages 192–192
- C. Administrative arbitrage Full-book pages 192–193
- IV. Migration: the understated exit option Full-book pages 193–194
- V. Restructuring: the base becomes something else Full-book pages 194–194
- VI. Leverage: the silent transformation of a tax into fragility Full-book pages 194–194
- VII. Valuation games: when the tax base becomes a legal argument Full-book pages 194–195
- VIII. The “annuity” illusion: why revenue estimates do not repeat Full-book pages 195–196
- IX. The political feedback loop: policy does not remain static Full-book pages 196–196
- X. The moral temptation: one-year estimates as permission to stop thinking Full-book pages 196–197
- XI. A plain-language summary: why “just one year” is never “just one year” Full-book pages 197–197
- The Lesson Line Full-book pages 197–198
- Chapter 14 Notes: Full-book pages 198–199
- The "Hazlitt" Examples (Primary) Full-book pages 199–200
Chapter 15: Collateral Damage—Pensions, Endowments, the Middle
Chapter or complete section · Full-book PDF pages 201–210
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- I. The first misunderstanding: “the rich hold stocks; ordinary people do not” Full-book pages 201–202
- II. How equity repricing happens: the four levers policy pulls Full-book pages 202–203
- A. Lower expected after-tax cash flows Full-book pages 202–202
- B. Higher required returns (risk premia) Full-book pages 202–202
- C. Reduced liquidity Full-book pages 202–202
- D. Forced sales and market-impact pressure Full-book pages 202–203
- III. The pension channel: the quiet taxation of retirement Full-book pages 203–204
- A. Defined contribution plans: the individual takes the hit Full-book pages 203–203
- B. Defined benefit plans: the institution takes the hit—then passes it on Full-book pages 203–204
- IV. The endowment channel: universities, hospitals, charities Full-book pages 204–204
- V. The insurance channel: annuities, premiums, and solvency Full-book pages 204–204
- VI. The middle-class balance sheet: when “wealth taxes” leak into home life Full-book pages 204–205
- VII. “But the rich still have more”: the moral evasion Full-book pages 205–205
- VIII. A plain household analogy: the shared reservoir Full-book pages 205–206
- IX. What a responsible policy discussion would require Full-book pages 206–206
- The Lesson Line Full-book pages 206–207
- Chapter 15 Notes: Full-book pages 207–208
- The "Hazlitt" Examples (Primary) Full-book pages 208–210
Chapter 16: The Path Up Is Mostly Boring
Chapter or complete section · Full-book PDF pages 211–221
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- I. Poverty as a systems problem, not a personality defect Full-book pages 212–212
- II. Property rights: the first rung that makes every other rung possible Full-book pages 212–213
- III. Predictable courts and enforceable contracts: the oxygen of honest trade Full-book pages 213–214
- IV. Low corruption: the tax that kills initiative Full-book pages 214–214
- V. Simple tax bases: when the state becomes a partner rather than an ambush Full-book pages 214–215
- VI. Stable rules: the moral importance of not changing the game mid-climb Full-book pages 215–215
- VII. Agency, dignity, and the difference between help and replacement Full-book pages 215–216
- VIII. The geography of opportunity: why titles and courts are not enough without access Full-book pages 216–217
- IX. The anti-boring temptation: why politics prefers spectacle to foundations Full-book pages 216–217
- X. The plain conclusion: the poor rise when the rules stop punishing them Full-book pages 217–218
- The Lesson Line Full-book pages 218–219
- Chapter 16 Notes: Full-book pages 219–220
- The "Hazlitt" Examples (Primary) Full-book pages 220–221
Chapter 17: Education That Educates
Chapter or complete section · Full-book PDF pages 222–231
Open individual sections (12)
- I. The Credential as a Barrier to Entry Full-book pages 223–223
- II. The Subsidy Trap: Why the Cost Never Stops Rising Full-book pages 223–224
- III. The Stigma on the Practical Arts Full-book pages 224–225
- IV. Signalling vs. Human Capital: The Expensive Sorting Hat Full-book pages 225–225
- V. The Mismatch: The Over-Educated and Under-Employed Full-book pages 225–226
- VI. The Loss of the Apprenticeship Full-book pages 226–226
- VII. The "Lost Boys" and the Gender Gap Full-book pages 226–227
- VIII. The Solution: Decoupling and Diversifying Full-book pages 227–228
- IX. Conclusion: The Return to Reality Full-book pages 228–228
- The Lesson Line Full-book pages 228–229
- Chapter 17 Notes: Full-book pages 229–230
- The "Hazlitt" Examples (Primary) Full-book pages 230–231
Chapter 18: Competition, Not Capture
Chapter or complete section · Full-book PDF pages 232–239
Open individual sections (9)
- I. The Rent-Seeking Reflex Full-book pages 233–233
- II. The Guilds Return: Occupational Licensing Full-book pages 233–234
- III. Regulatory Capture: The Moat of Complexity Full-book pages 234–235
- IV. The "Anti-Rich" Policies That Protect the Rich Full-book pages 235–235
- V. Intellectual Property as a Forever Monopoly Full-book pages 235–236
- VI. The Solution: Open Access Full-book pages 236–236
- VII. Conclusion: The Dangerous Life of the Open Market Full-book pages 236–237
- The Lesson Line Full-book pages 237–238
- Chapter 18 Notes: Full-book pages 238–239
Chapter 19: Community Renewal Without Central Fantasy
Chapter or complete section · Full-book PDF pages 240–246
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- I. The Hollow Middle: Where Civilisation Actually Happens Full-book pages 241–241
- II. The "Care" vs. "Service" Distinction Full-book pages 241–242
- III. The Zingales Insight: Pro-Market vs. Pro-Business Full-book pages 242–243
- IV. The Architecture of Alienation Full-book pages 243–243
- V. Subsidiarity: The Anti-Central Principle Full-book pages 243–244
- VI. Mutual Aid vs. The Welfare State Full-book pages 244–244
- VII. The Moral Hazard of "Too Big to Fail" Full-book pages 244–245
- VIII. Conclusion: The Invitation to Burden Full-book pages 245–245
- The Lesson Line Full-book pages 245–246
Chapter 20: The Closing Lesson
Chapter or complete section · Full-book PDF pages 247–255
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- I. The Hazlitt Rule: Count the Secondary Effects Full-book pages 248–249
- II. The Stigler Rule: Protect the Ladder, Not the Incumbent Full-book pages 249–250
- III. The Moral Rule: Punish Predation, Not Success Full-book pages 250–251
- IV. The Boring Rule: Build Institutions That Reward Competence Full-book pages 251–251
- V. The Unseen City Full-book pages 251–252
- The Final Lesson Line Full-book pages 252–253
- Chapter 20 Notes Full-book pages 253–254
- The "Hazlitt" Examples (Primary) Full-book pages 254–255
Postscript — The Habit That Survives the Headlines
Chapter or complete section · Full-book PDF pages 256–258
Glossary of key terms
Chapter or complete section · Full-book PDF pages 259–280
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- Administrative burden Full-book pages 259–259
- Adverse selection Full-book pages 259–259
- Allocation Full-book pages 259–259
- Appraisal bureaucracy Full-book pages 259–259
- Asset Full-book pages 259–260
- Avoidance Full-book pages 260–260
- Base erosion Full-book pages 260–260
- Behavioural response Full-book pages 260–261
- Bottleneck Full-book pages 261–261
- Burden bearer Full-book pages 261–261
- Capital Full-book pages 261–261
- Capital formation Full-book pages 261–262
- Capital gains Full-book pages 262–262
- Capture Full-book pages 262–262
- Cash Full-book pages 262–262
- Compliance fixed costs Full-book pages 262–262
- Cost Full-book pages 262–263
- Credential inflation Full-book pages 263–263
- Credit Full-book pages 263–264
- Deadweight loss Full-book pages 264–264
- Demand Full-book pages 264–264
- Dispersed costs Full-book pages 264–264
- Elasticity Full-book pages 264–265
- Entry rung Full-book pages 265–265
- Equity Full-book pages 265–265
- Fiscal illusion Full-book pages 265–265
- Fixed supply Full-book pages 265–266
- Free at the point of use Full-book pages 266–266
- Human capital Full-book pages 266–266
- Illiquidity Full-book pages 266–266
- Incidence Full-book pages 266–266
- Incentives Full-book pages 266–267
- Indexation Full-book pages 267–267
- Inflation Full-book pages 267–267
- Investment Full-book pages 267–268
- Ladder Full-book pages 268–268
- Levelling Full-book pages 268–268
- Liquidity Full-book pages 268–268
- Liquidity trap Full-book pages 268–269
- Lock-in Full-book pages 269–269
- Marginal tax rate Full-book pages 269–269
- Misallocation Full-book pages 269–270
- Moral hazard Full-book pages 270–270
- Opportunity cost Full-book pages 270–270
- Optics Full-book pages 270–270
- Pass-through Full-book pages 270–270
- Price Full-book pages 270–271
- Price cap Full-book pages 271–271
- Price discovery Full-book pages 271–271
- Productivity Full-book pages 271–272
- Queue as price Full-book pages 272–272
- Rationing Full-book pages 272–272
- Real wages Full-book pages 272–272
- Redistribution Full-book pages 272–273
- Regulation Full-book pages 273–273
- Rent Full-book pages 273–273
- Rent control Full-book pages 273–274
- Risk premium Full-book pages 274–274
- Risk pricing Full-book pages 274–274
- Scarcity Full-book pages 274–274
- Second effects Full-book pages 274–275
- Signalling Full-book pages 275–275
- Social capital Full-book pages 275–275
- Spillover costs and benefits Full-book pages 275–275
- Subsidy Full-book pages 275–276
- Supply Full-book pages 276–276
- Tax base Full-book pages 276–276
- Tax wedge Full-book pages 276–277
- Throughput Full-book pages 277–277
- Time as tax Full-book pages 277–277
- Transaction cost Full-book pages 277–277
- Transaction tax Full-book pages 277–278
- Two-tier system Full-book pages 278–278
- Unintended incidence Full-book pages 278–278
- Valuation Full-book pages 278–279
- Value Full-book pages 279–279
- Wealth Full-book pages 279–279
- Windfall Full-book pages 279–279
- Zero price Full-book pages 279–279
- “Better test” Full-book pages 279–280
Index
Chapter or complete section · Full-book PDF pages 281–281