From Pete Boettke (at Coordination Problem):
Bottom line, it is policy
that is causing the slow adjustment of the
market to changing circumstances, not market forces themselves. All
readers must remember Adam Smith's words:
The natural effort of every
individual to better his own condition, when suffered to exert itself
with freedom and security, is so powerful a principle, that it is alone,
and without any assistance, not only capable of carrying on the society
to wealth and prosperity, but of surmounting a hundred impertinent
obstructions with which the folly of human laws too often encumbers its
operations.
When this doesn't happen, we need to ask about the
thousands of impertinent obstructions that are incumbering the
adjustment path.
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