20.6.06

QUOTE OF THE DAY. Market Power's Phil Miller, riffing off this.
I don't think I'd be a good policy economist since my advice to policy-makers would usually (not always) be something on the order of "It's probably best to largely leave people alone. Sure, people are fallible and they make mistakes (competition is largely trial and error), but they're pretty darned good at figuring out what they want and how to get it."
Which would frustrate a policy-maker who wants to Solve A Problem no end. Trade-offs frustrate policy makers also. Given a choice between two good things, their tendency is to want both.

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