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April 10, 2026

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April 10, 2026

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"Several implications follow from Hayek's insights into the nature of capitalism.(a) The claim "I deserve my pretax income" is not generally true. Nor should the basic organization of property rules be based on considerations of moral desert. Hence, claims about desert have no standing in deciding whether taxation for the purpose of funding social insurance is just. (b) The claim that people rocked by the viccisitudes of the market, or poor people generally, are getting what they deserve is also not generally true. To moralize people's misfortunes in this way is both ignorant and mean. Capitalism continuously and randomly pulls the rug out from under even the most prudent and diligent people. It is in principle impossible for even the most prudent to forsee all the market turns that could undo them. (If it were possible, then efficient socialist planning would be possible, too. But it isn't.) (c) Capitalist markets are highly dynamic and volatile. This means that at any one time, lots of people are going under. Often, the consequences of this would be catastrophic, absent concerted intervention to avert the outcomes generated by markets. For example, the economist Amartya Sen has documented that sudden shifts in people's incomes (which are often due to market volatility), and not absolute food shortages, are a principal cause of famine. (d) The volatility of capitalist markets creates a profound and urgent need for insurance, over and above the insurance needs people would have under more stable (but stagnant) economic systems. This need is increased also by the fact that capitalism inspires a love of personal independence, and hence brings about the smaller ("nuclear") family forms that alone are compatible with it. We no longer belong to vast tribes and clans. This sharply reduces the ability of individuals under capitalism to pool risks within families, and limits the claims they can effectively make on nonhousehold (extended) family members for assistance. To avoid or at least ameliorate disaster and disruption, people need to pool the risks of capitalism."

- Elizabeth S. Anderson

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"I once asked Bell whether during the years he was studying the quantum theory it ever occurred to him that the theory might simply be wrong. He thought a moment and answered, “I hesitated to think it might be wrong, but I knew that it was rotten.” Bell pronounced the word “rotten” with a good deal of relish and then added, “That is to say, one has to find some decent way of expressing whatever truth there is in it.” The attitude that even if there is not something actually wrong with the theory, there is something deeply unsettling—“rotten”—about it, was common to most of the creators of the quantum theory. Niels Bohr was reported to have remarked, “Well, I think that if a man says it is completely clear to him these days, then he has not really understood the subject.” He later added, “If you do not getschwindlig [dizzy] sometimes when you think about these things then you have not really understood it.” My teacher Philipp Frank used to tell about the time he visited Einstein in Prague in 1911. Einstein had an office at the university that over looked a park. People were milling around in the park, some engaged in vehement gesture-filled discussions. When Professor Frank asked Einstein what was going on, Einstein replied that it was the grounds of a lunatic asylum, adding, “Those are the madmen who do not occupy themselves with the quantum theory.”"

- Jeremy Bernstein

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"The signs on Bell’s door read “J.Bell” and “M.Bell.” I knocked and was invited in by Bell. He looked about the same as he had the last time I saw him, a couple of years ago. He has long, neatly combed red hair and a pointed beard, which give him a somewhat Shavian figura. On one wall of the office is a photograph of Bell with something that looks like a halo behind his head, and his expression in the photograph is mischievous. Theoretical physicists’ offices run the gamut from chaotic clutter to obsessive neatness; the Bells’ is somewhere in between. Bell invited me to sit down after warning me that the “visitor’s chair” tilted backward at unexpected angles. When I had mastered it, and had a chance to look around, the first thing that struck me was the absence of Mary. “Mary,” said Bell, with a note of some disbelief in his voice, “has retired.” This, it turned out, had occurred not long before my visit. “She will not look at any mathematics now. I hope she comes back,” he went on almost plaintively; “I need her. We are doing several problems together.” In recent years, the Bells have been studying new quantum mechanical effects that will become relevant for the generation of particle accelerators that will perhaps succeed the LEP. Bell began his career as a professional physicist by designing accelerators, and Mary has spent her entire career in accelerator design. A couple of years ago Bell, like the rest of the members of CERN theory division, was asked to list his physics speciality. Among the more “conventional” entries in the division such as “super strings,” “weak interactions,” “cosmology,” and the like, Bell’s read “quantum engineering.”"

- Jeremy Bernstein

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