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That Cambridge Union debate on the motion “That Capitalism Has Failed” was quite fun.  Our side, in opposition to the motion, made the case that capitalism has been history’s most successful form of economic organisation.  We spoke before a packed house of over 500, with yet more watching in other rooms on closed circuit TV.  When it came to the vote the motion was defeated by a substantial majority.

The following morning I addressed nearly 300 sixth-formers in London at the ASI’s Independent Seminar on the Open Society.  I explained that it was important to understand economics in order to increase its potential to improve the world.  I took the view that economics is not, and never can be, a science like Physics and Astronomy because it deals with people.  Atoms and stars do not change their behaviour when they have more information, but people often do.

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