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To: eddieww who wrote (40)	12/11/2001 12:42:05 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 445

eddieww - While we wait for today's FED intervention, let me pose this question: According to the vons (Mises, Hayek), does a government have any regulatory role in the marketplace beyond insuring property rights? For instance, in Needles, CA. there are 5 gas stations, and the next nearest is 75 miles away. The owners of these stations get together for breakfast and form a local mini-cartel that fixes the price of gasoline 20% higher than is generally available elsewhere. Do the SUV owners in Needles wait for someone unwilling to join the cartel to open a new station? All fair questions, but requiring some research to address. As far as the second question goes, something to chew on in the meantime is whether the station owners are assumed to act in their own self interest and just exactly what actions can the government take, and what are the implications of those actions? Regards, Don

To: eddieww who wrote (40)	12/12/2001 12:07:29 AM
From: Don Lloyd	Respond to of 445

eddieww - According to the vons (Mises, Hayek), does a government have any regulatory role in the marketplace beyond insuring property rights? mises.org "II Interventionism It is self-evident that human beings are not omniscient; they cannot know everything. And they are not omnicompetent; they make mistakes. However, Mises was convinced that they would have more knowledge and would make fewer mistakes if they were free and if their voluntary actions were not hampered. Mises' understanding of economic theory convinced him that men who are free to seek their respective goals by peaceful means, to compete, cooperate, bargain and exchange with one another, to adjust and adapt to changing conditions, will learn by reason and experience. They will often be able to correct their mistakes, misjudgments and miscalculations before the effects become serious. Everyone concerned will benefit as a result. Realizing the advantages of peaceful social cooperation, Mises was led to advocate the protection of free markets and private property. The role of government was to act as "night watchman." It should not otherwise interfere with the peaceful and voluntary actions of individuals. It should not try to be both God and Santa Claus. Government should use its power, as Mises says, "only to protect decent law-abiding people against violent or fraudulent attacks."..." Regards, Don