In a message dated 7/19/01 9:59:56 PM, altamiratexas@earthlink.net writes:
>To the extent an economic system separates costs and benefits, the behavior
>of each individual must be controlled by something other than the free
>choice of the individual. Within relatively small groups, or larger groups
>whose members have been suitably indoctrinated, individual behavior can be
>governed by such things as love, shame, and social pressure. Within larger,
>more culturally diverse groups, more violent means of regulation are usually
>required.
I would put this differently; regardless of the system used, the agent paying
must also have control, or you get a mess. Cases where "deregulation" makes
a mess, like the S&L or the California energy crisis, always seem to violate
this simple rule. Once the controller and the payor become the same - like
the State of California having to pay for its artificially low energy rates -
things generally clear up in a hurry.
This archive was generated by hypermail 2b30 : Fri Oct 12 2001 - 14:39:50 MDT