“I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.” MayDoeMatterProblemGovernmentJobsPoliticalEconomyWiseLimitsFundamentalsCompetitionInsightIdiotOfficialsBetter JobsMiltonPolitical Economy Author:Arnold Kling
“I have come to believe that politicians are in the business of 'marketing' their product to the public, by exaggerating threats and over-selling government solutions.” BelieveGovernmentPoliticalProductsPoliticianSolutionsThreatMarketingSellingExaggerating Author:Arnold Kling
