four biases that prompt voters systematically to demand policies that make them worse off. First, people do not understand how the pursuit of private profits often yields public benefits: they have an anti-market bias. Second, they underestimate the benefits of interactions with foreigners: they have an anti-foreign bias. Third, they equate prosperity with employment rather than production: Mr Caplan calls this the “make-work bias”. Finally, they tend to think economic conditions are worse than they are, a bias towards pessimism.
I have seen all of these biases at work in other people and myself as well.
2. Chinese billionaire Yin Mingshan (
"We live in a world of over-abundant liquidity. We live in a China of over-abundant liquidity. Even relatively backward Chongqing is blessed with over-abundant liquidity."I just met someone who bought land in Peru whose value has risen 500% in three years. Too much money chasing too few assets?
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