JOSEPH HEATH ~ THE EFFICIENT SOCIETY

~ PWCITPOMFTIHD ~ People Who Could Improve The Performance Of Machines Found Themselves In High Demand

~ TEOHR-UCOFAE-TTGM-NL-DATUAOL ~ The Exercise Of Human Reason, Under Conditions Of Freedom And Equality, Tends To Generate More – Not Less – Disagreement About The Ultimate Aims Of Life

~ WIAITMEMP-IDNNPACOTIE ~ When Individuals Act In The Most Efficient Manner Possible – It Does Not Necessarily Produce A Collective Outcome That Is Efficient

~ THDPAAWODWO ~ Trade Has Developed Primarily As A Way Of Dealing With Outsiders

~ CMWW-TIARS-WLU-CHATTGOOH ~ Competition May Work Well – But It Always Requires Supervision – When Left Unattended – Competitions Have A Tendency To Get Out Of Hand

~ WKACHINTGIOTC-BTSORTCTC ~ What Keeps A Competition Healthy Is Not The Good Intentions Of The Competitors – But The Set Of Rules That Constrain The Competition

~ ISR-IDTIAMTMOTUDOC ~ Industry Self-Regulation – It’s Difficult To Imagine A More Total Misunderstanding Of The Underlying Dynamic Of Capitalism

~ MANMATWNSAOP-TWPOUVSIC ~ Markets Are Not Magical, And They Will Not Solve All Our Problems – They Work Properly Only Under Very Specific Institutional Conditions

~ ‘BOTIH’ ~ “Backside Of The Invisible Hand”

~ MFITB-IITFC ~ Market Failure Is The Baseline – It Is The Fundamental Condition

~ TGWOTMSSFTVLROGTTSOPRAT ~ The Greatest Weakness Of The Market System Stems From The Very Limited Range Of Goods That The System Of Property Rights Applies To

~ MESUGWPE-ASBS ~ Market Economies Systematically Underproduce Goods With Positive Externalities – And So Beauty Suffers

~ TINAPRTTTPSBWBMETPSB ~ There Is No A Priori Reason To Think That Private-Sector Bureaucracies Will Be More Efficient Than Public-Sector Bureaucracies

~ C-DBTFSOTC-AAASOMF ~ Corporations – Despite Being The Foremost Symbol Of Triumphant Capitalism – Are Actually A Symptom Of Market Failure

~ BTASVTM-TVMOIPASTTMF ~ Because They Are So Vulnerable To Manipulation – The Vast Majority Of Insurance Products Are Subject To Total Market Failure

~ IMIGIATDGASMETTPS ~ In Many Instances Government Is Able To Deliver Goods And Services More Efficiently Than The Private Sector

~ MPASTTSOO-MOUWRNLIASTATDOUTSOFTD ~ Most People Are Sensitive To The Suffering Of Others – Most Of Us Would Rather Not Live In A Society That Allows The Disadvantaged Or Unfortunate To Starve Or Freeze To Death

~ TSOOEWMAATTOOATTCAOW ~ The Saturation Of Our Environment With Media And Advertising Threatens To Overwhelm Our Ability To Think Critically About Our World

~ TPWSIITIGACOPWSTBFTPOSB ~ The Problem With Social Inequality Is That It Generates A Class Of People Who Stand To Benefit From The Production Of Social Bads

~ OFBTARIOASTTRIAGIAILTITOEOTE ~ Opposition From Business To A Regulation Is Often A Sign That The Regulation Is A Good Idea And Is Likely To Improve The Overall Efficiency Of The Economy

~ NWITOAMOWTDW ~ Not Working Is The Oldest And Most Ostentatious Way To Display Wealth

~ PIIUU ~ Patenting Ideas Is Ultimately Unworkable

~ TINESFTROL ~ There Is No Effective Substitute For The Rule Of Law

~ TWSEFAFTPE ~ The Welfare State Exists First And Foremost To Promote Efficiency

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