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Politics : Politics for Pros- moderated

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From: TimF	4/8/2010 7:25:46 PM
	2 Recommendations of 793883

"Competition puts capitalists' different motives, like their different ideas, to the acid test of consumer satisfaction. This tends to give consumers what they want--or at least what they think they want--and it diversifies a capitalist society's investment portfolio. Capitalism thus mitigates both human greed and human fallibility. Now consider again the alternatives liberals tend to favor--either the regulation of capitalism or its replacement by something more democratic, like an idealized socialism. Since regulators' or citizens' ideas would then be imposed on the whole economy at once, they could not be put to the competitive test--any more than the conflicting arguments of debaters, the conflicting promises of politicians, or the conflicting forecasts of budget analysts can be tested. If the citizens' or the regulators' ideas happen to be good ones, we all gain; if they happen to be bad, we all lose." - Jeffrey Friedman "The point is that government regulation, by reducing diversity, actually makes markets less robust. This is counterintuitive." - Arnold Kling econlog.econlib.org

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