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Thursday, February 22, 2018

How to Tell the Difference between an Entrepreneur and a Crony

“Competition breeds competence.”

This is from the American Enterprise Institute president on Twitter:

There are really only two types of people: those who want to win in competition, and those who would prefer to shut competition down. The former are the strivers and entrepreneurs; the latter the monopolists and cronies. Philosophically, which are you?

I think you can include the protectionists/scarcityists as the type who would prefer to shut competition down, i.e., monopolists and cronies.

Arthur’s first of a four-Tweet series on competition was this:

One of the greatest philosophical advances of the past century has been the recognition that competition per se creates excellence. This is true not just in sports and business, but also in politics and religion.

That’s a wonderful restatement of Perry’s Law — “Competition breeds competence.”

Reprinted from American Enterprise Institute.

  • Mark J. Perry is a scholar at the American Enterprise Institute and a professor of economics and finance at the University of Michigan’s Flint campus.