May 18 2011

My quote of the day

Posted by: Nick Shaxson in: Thoughts

From Dani Rodrik, an economic commentator whom I don’t always agree with, but who’s spot on with this one:

Well-functioning markets are always embedded within broader mechanisms of collective governance. That is why the world’s wealthier economies, those with the most productive market systems, also have large public sectors.

Economists who denigrate the value of democracy sometimes talk as if the alternative to democratic governance is decision-making by high-minded Platonic philosopher-kings – ideally economists!

Hah yes!

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