Quotation of the Day

Is from Bertrand Russell in his 1932 essay 'In Praise of Idleness':

"The conception of duty, speaking historically, has been a means used by the holders of power to induce others to live for the interests of their masters rather than for their own."

Hat tip to Chris Dillow for today's quote.

Chris Dillow on Laffer Curves

Chris Dillow blogs on Laffer Curves over at Stumbling and Mumbling.

A slice:

"8. There are two contrary but tenable positions here.  One is "the revenue-maximizing tax rate might be high, but high taxes are undesirable because they infringe freedom."  The other is "The revenue-maximizing tax rate could be low, but high taxes are justified to reduce the adverse effects of inequality."  Both of these positions are rare - which makes me suspect that there's quite a lot of motivated reasoning on both sides."

My position is something akin to the former, i.e. "the revenue-maximizing tax rate might be high, but high taxes are undesirable because they infringe freedom."

Worthwhile reading the whole thing, it is short and contains a lot of clear insight.