Wednesday, 21 October 2015

Quote of the day ...

Don Boudreaux, summarising Arman Alchian:

Economics is not about (or cannot successfully be about) discerning the effects of alternative individual actions, or of determining the full range of effects of this particular government intervention in this particular circumstance, or of that particular business activity in that particular circumstance. Because of our inherently limited knowledge of an inherently (and enormously) complex economy, we can never know whether the consequences of any particular action or government intervention will be on net beneficial or detrimental to society. The most that we can hope to know is which rules, over a large number of instances through a long span of time, are more likely, compared to other rules, to enable as many people as possible to achieve their ends.

Discuss, with respect to the TPP...

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