Great Quotes

Robin Hanson:

Like democracy fans who insist the only acceptable solution to democracy’s failings is more democracy, for many school fans the only acceptable solution to school failings is more school.

A variant on this is Arnold Kling‘s:

The other camp argues, “Markets fail, and that’s why we need government.” The idea is that markets are prone to excesses and imbalances and need the thoughtful, steadying hand of government to protect consumers and investors from flaws and uncertainties of the market. This camp believes that wise technocrats can and will bring order to the markets.

Markets fail; but they learn from their failures. That’s why we need markets.

 

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