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Updated: June 14, 2025
It is, no doubt, convenient from the standpoint of the company to have them there, for it probably prevents the natives from going away. This moral cancer is one of the direct and inevitable outcomes and concomitants of the compound system. The South African Dutch contribute more money annually to native mission work than the South African English.
But, strikingly, some of the inefficiencies are the direct outcomes of the activities of "non bona fide" market participants. What characterizes all those "market impeders" is that they are value subtractors rather than value adders. Others refuse to accept the self interest of other players as their limit. They try to maximize their benefits at any cost, as long as it is a cost to others.
Only in 2003, the unwinding of these imbalances is projected by the IMF to shave 3 percentage points off America's growth rate. But are the twin budget and current account deficits the inevitable outcomes of American fiscal dissipation and imports run amok or a simple reflection of America's unrivalled attractiveness to investors, traders, and businessmen the world over?
Are justice and efficiency antonyms? Justice is concerned with equal access to opportunities. Equal access does not guarantee equal outcomes, invariably determined by idiosyncrasies and differences between people. Access leveraged by the application of natural or acquired capacities translates into accrued wealth. Disparities in these capacities lead to discrepancies in accrued wealth.
If pragmatism be true, it is a perfectly sound reproach unless the theories under fire can be shown to have alternative practical outcomes, however delicate and distant these may be. The common man and the scientist say they discover no such outcomes, and if the metaphysician can discern none either, the others certainly are in the right of it, as against him.
It might seem now that I would have ruined my home life, and yours, and Barode Barouche's, and John Grier's life if I had told the truth; but who knows! There are many outcomes to life's tragedies, and none might have been what I fancied. It is little comfort that Barode Barouche has now given all for payment of his debt. It gives no peace of mind.
Worse yet, they often measure differences in natural endowments arbitrarily, compensate for lack of acquired skills, and discriminate between types of endowments in accordance with cultural biases and fads. Libertarians limit themselves to ensuring a level playing field of just exchanges, where just actions always result in just outcomes.
The shoo-in candidates Poland, Hungary, the Czech Republic and, maybe, Slovakia, if it keeps ignoring the outcomes of its elections are frantically distancing themselves from the queue of beggars, migrants and criminals that awaits at the pearly gates of Brussels.
The hour has come when we must show ourselves faithful to the motto of our fathers: 'In all war, there is but one of two outcomes for the man of courage: to conquer or to die. O, that my love for our common country be not barren! O, that Hesus keep our arms! Perhaps then the Chief of the Hundred Valleys will have washed off the stain which covers a name he no longer dares to bear.
Moral hazard infringes upon both transparency and accountability. It is never explicit or known in advance. It is always arbitrary, or subject to political and geopolitical considerations. Thus, it serves to increase uncertainty rather than decrease it. And by protecting private investors and creditors from the outcomes of their errors and misjudgments it undermines the concept of liability.
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