Thursday, 25 October 2018

QotD: "Conventional economists hold markets to far higher standards than they hold government. Markets 'fail' unless they’re optimal. Governments 'succeed' unless they’re on fire."


"Conventional economists hold markets to far higher standards than they hold government. Markets 'fail' unless they’re optimal. Governments 'succeed' unless they’re on fire. If this seems unfair, compare the standard definitions of 'market failure' and 'failed state.' Market failure exists whenever markets fall short of perfect efficiency. To be a failed state, in contrast, requires habitual disaster." 
        ~ Bryan Caplan, from his post 'Optimality versus Fire'
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1 comment:

  1. It's the same with religionists. They hold the proponents of science to an impossibly high standard while saying "It just happened" in defence of their own position.

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