"I wonder what Adam Smith would make of all this?" pondered Mr. Annan (although he wasn’t referring to the failure of his own hardwired redistributionism). “Maybe he would see the crisis as the consequence of failure to put economics at the service of the common good."
Maybe not.
Smith believed that great common good was provided by the pursuit of self-interest. He also believed that great danger lay in “partnerships" between government and business. Mr. Annan has done more than anybody (prodded by advisers such as Maurice Strong and Jeffrey Sachs) to promote such partnerships and lumber business with social and environmental “leadership," thus diverting them from job creation.
A welcome addition to the free market blogosphere from a country which most certainly needs such advocates.
A note to certain MBA students. No, A. Hitler is not a good role model nor management guru.
Just as booze prohibition was a bad idea so too drug such. Even the excuses as to why it doesn't work seem to be similar.
Is regulation or the law needed to deal with asymmetric information? Looking at markets where regulation and the law are impossible to use, apparently not.
Although it is true that in certain markets what is being sold is not quite what is being bought.
The importance of property rights to economic development: one of those things that's difficult to overstate.
For we've a number of historical examples showing the problems of not having them.
What declaring CO2 as a pollutant might mean in practice.
It might well be true that some people cannot manage their lives: but that does not mean that there are people capable of managing the lives of all of us.
The John Bates Clark Medal: not everyone is happy with the latest recipient.
Don't sweat that national debt stuff. We'll just do what we did before, default on it.
Here's the big question. Just where did all the money go?
And will a million voters sign up to tell Gordon where he needs to go as a result?
An interesting point. For a bank to get TARP funds requires filling out a 4 page form. To give that same money back requires 16 pages...
Everyone likes blaming the securitization of loans for the problems: but without a revival in that market the problem just isn't going to get solved.
More on credit: to those politicians who think that credit card companies charge too much. Why aren't you launching your own credit card and cleaning up by competing?
Yet more evidence that the environment is a luxury good. As we get richer we use less of it.
