The Regulatory Imagination

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2 Responses

  1. dml says:

    perhaps also because the well-functioning market is a zero-sum game, with profit maximizing as its only guiding prinicple, whereas well-functioning government attempts to guarantee rights and liberties for all citizens.

  2. Nate Oman says:

    dml: Ummm…I would have thought that one of the basic insights of microeconomic theory was that a well-functioning market is NOT a zero sum game. That is the whole point of gains from trade and the like. Now one can argue that as an emperical matter the conditions of such exchange do not in fact obtain, but it seems to me that you are mistaken as to the implications of the theory.