Jens 'n' Frens
Idle thoughts of a relatively libertarian Republican in Cambridge, MA, and whomever he invites. Mostly political.
"A strong conviction that something must be done is the parent of many bad measures." -- Daniel Webster
Thursday, July 29, 2010 :::
... what economists call "market failure", which is basically situations where individual rationality does not lead to group rationality, and I offered reasons, some of which my son has just suggested, why in the political system market failure is the norm. If you think of the political system as a marketplace, it's a marketplace in which we cannot expect individual rationality to produce group-rational results.