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The main political problem is how to prevent the police power from becoming tyrannical. This is the meaning of all the struggles for liberty.-- Ludwig Von Mises March 23, 2003Check out my latest: La-LaCheck out my latest: La-La Land Economics Recently, the professor of my economics class discussed the “flaws of markets,” claiming, “markets are only more efficient than state run intervention when they approach perfect competition.” She then addressed public choice theory, the idea that government bureaucracies are inefficient because bureaucrats tend to care mainly about their budget and job security rather than the function they are supposed to perform. She dismissed the idea as “la-la land” and claimed that bureaucracies could be efficient as long as bureaucrats acted in the “best interests of the country…”more Posted by David at March 23, 2003 11:38 PM | TrackBack
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