Tuesday, August 23, 2011
Prof. Richard Epstein writes, here, that Warren Buffett is like the Pope . . . in being misguided about morality and the market economy. He writes:
A successful and sustainable political order requires stable legal and economic policies that reward innovation, spur growth, and maximize the ability of rich and poor alike to enter into voluntary arrangements. Limited government, low rates of taxation, and strong property rights are the guiding principles.
Unfortunately, many spiritual and economic leaders are working overtime to push social policy in the exact opposite direction. At the top of the list are two prominent figures: Pope Benedict XVI and financier Warren Buffett. . . .