Never forget the punchline

At a seminar about “The Cost of Culture“ this afternoon Nicholas Hytner, the theatre director (and former Director of the National Theatre), quoted John O’Gaunt’s famous speech in Shakespeare’s Richard II — the one beloved of Brexit enthusiasts:

This royal throne of kings, this scepter’d isle,
This earth of majesty, this seat of Mars,
This other Eden, demi-paradise,
This fortress built by Nature for herself
Against infection and the hand of war,
This happy breed of men, this little world,
This precious stone set in the silver sea,
Which serves it in the office of a wall,
Or as a moat defensive to a house,
Against the envy of less happier lands,
This blessed plot, this earth, this realm, this England.

Then Hytner paused, before reminding the audience of how the speech ends:

That England, that was wont to conquer others,
Hath made a shameful conquest of itself.

Given that he was talking to an audience comprised (I’d guess) largely of Remainers— and that Brexit seems to be largely an expression of English nationalism — this went down rather well.

Another Dyson triumph!

Well, well. ‘Sir’ James Dyson, the billionaire British inventor and enthusiastic advocate of Brexit (who prudently decamped to Singapore before that dream came to pass), has now revealed that his grand plan to produce a world-beating electric car has been abandoned. Apparently it was a terrific vehicle (no evidence available to date for that claim) but there was no way the company could make it commercially viable.

Still, its inventor can stay comfortably in Singapore — at least until his fellow-ideologues have succeeded in turning the UK into Singapore 2.0.

Why redistribution matters

From an interesting blog post by Noah Smith:

But since the time of Vilfredo Pareto it has been well-known that every country has a substantial amount of market poverty – that is, poverty before taxes and transfers. Here is a graph from the Economic Policy Institute of market poverty rates vs. post-transfer poverty rates:

In other words, no matter how you set up your system, you’re going to get a lot of people who will experience relative poverty without government transfers. Hence, the social safety net matters a lot.

Capitalism is not a bad thing. Capitalism, in some form, is an amazing engine of wealth creation. Capitalism of some sort, as far as we know, is absolutely necessary to maintaining high standards of living and eliminating absolute poverty.

But capitalism is not omnipotent. Drowning government in a bathtub and leaving individuals to sink or swim on their own in a free market economy will result in some people failing and being poor, no matter how well they behave. Thus, any capitalist system can be improved with a social safety net.

Yep.This is news to many ideologues in the UK and the US. But it’s central to Nicholas Colin’s argument in his book Hedge.