defending the right to innovate
Monopoly corrupts. Absolute monopoly corrupts absolutely.
Copyright Notice: We don't think much of copyright, so you can do what you want with the content on this blog. Of course we are hungry for publicity, so we would be pleased if you avoided plagiarism and gave us credit for what we have written. We encourage you not to impose copyright restrictions on your "derivative" works, but we won't try to stop you. For the legally or statist minded, you can consider yourself subject to a Creative Commons Attribution License.
Here's an interesting post, which is linked to at the www.divisionoflabour.com blog.
[Comment at 09/30/2008 04:51 AM by Bill Stepp]
I hope you are wrong.
I like the stallion analogy, because it is appropriate. However, as ranchers and cowboys know, you work with the horse and eventually develop a trust and rapport with the horse. Controlling the stallion without the trust and rapport never works. Further, sometimes the stallion will go off in unexpected directions. The appropriate response is to gently reassert your leadership, not beat the horse or put it into a smaller corral.
Unfortunately, it is our government that refuses to learn the new tricks, not the stallion. Regulation can be good and useful, particularly when there are a pattern of abuses, but over-regulation merely makes things more unpredictable and in the current case delays market response to actual economic conditions.
The moral of the story: The current market correction is necessary and healthy, and the government should avoid stepping in unless there is an actual crisis instead of a made-up one.
[Comment at 09/30/2008 05:30 AM by Lonnie E. Holder]
The link provided by Bill to "Scapegoating Markets" is a good article. What troubles me is that if we want a free market to work effectively we need to have responsible self-control.
The article correctly notes that greed has existed forever and analogized it to gravity. The obvious implication, greed is a perpetual force that we have to live with. But there is a difference, an improperly designed airplane will not fly. Greed on the other hand can be designed to be hidden. So our financial system was able to fly (using innovative accounting) for a while, before the house-of-cards was exposed and collapsed.
I doubt any of us want a socialist economy, however it continually astonishes me that most free market advocates (despite the mantra of responsibility) never actually call for self responsibility. The unintended consequence of not acting responsibly when those actions hurt citizens is the imposition of State control on your actions. Much like a parent taking away the keys to the car when a teenager gets too many tickets.
One could also say that the financial institutions, in their unfettered greed, killed the goose laying the golden eggs.
[Comment at 09/30/2008 05:42 AM by Steve R.]
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