Professor Mark J. Perry's Blog for Economics and Finance
Economists have an undeserved reputation for "religious faith" in markets. No one has done more than economists to dissect the innumerable ways that markets can fail. After all their investigations though, economists typically conclude that the man in the street - and the intellectual without economic training - underestimate how well markets work.
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
4 Comments:
No matter how often markets fail, I'll take markets over Obama's "judgment to lead" any day of the week.
I've been forced to pay higher prices to monopolists. I've suffered through many externalities. I've been the victim of moral hazard and adverse selection. I've dealt with underprovision of public goods. I've thrown money away to people who had an information advantage over me.
But no market failure has ever screwed me over as badly or as often as leftist taxes, regulation, spending, incentives, programs and political control.
All my hard work in the past and all my hopes for the future have been mortgaged to this feted and festering sewer.
I am a believer in freedom but not a believer in democracy.
@Robert Miller:
Nicely said, Robert, although I must add one thing. You mentioned "leftist taxes", but various politicians of the right have also been repeatedly acting as if the government can make better choices than the free market. (And that includes those who simultaneously pretend to a firm and unwavering belief in the free market.)
Both sides are perenially susceptible to that urge to "do something", without having the burden of proving that the something they do is better than nothing.
Enoriverbend,
You are correct that both political parties in the U.S. have behaved more liberally than conservatively of late. This is something that I hope gets more attention as we get closer to the next elections. Fiscally speaking, republicans and democrats are not very different from one another. If conservative fiscal policy is what people want they are going to have to speak up about it and look to a third-party.
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