"No serious discussion of the topic can ignore the simple economic truth that under universal conditions of scarcity, people respond to incentives in ways that benefit themselves and their families—and not some abstract social ideal. That one point should dim the mindless optimism behind new regulations, and hopefully encourage people to think about deregulation as a way to reduce administrative costs and improve incentives for productive behavior." Some thick reading in there, but a glance over the whole article is worth it.
Posted on: Wed, 04 Sep 2013 23:27:08 +0000
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