Cabbages: Lunch with Scott Sumner

Just another good part of attending the Public Policy School here at Pepperdine.

Dr. Sumner is a Chicago trained Economist. His lecture looked at Market Efficiency and the Financial Crisis. He says the reason for the crisis was that not enough people believed in the efficient market hypothesis.

Over lunch, we mostly talked about the rise of China and the transition of governments over time.

I will offer one part of the conversation that we all found unique. Dr. Sumner offered what he believed to be the true reason for the rise of capitalism in the West rather than the East: the difference in languages. In the West, there are so many different languages, that each had to compete with each other – different alphabets as well as different dialogues. In China, while there are many different dialects, there is only one written language. Talk about a ripe environment for big government.

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