Arnold Williams (notebuyer) wrote,
Arnold Williams

Economics: Missing Which Point?

As pointed out by non-economist Hernando de Soto, the key question for economics is this: "Given your theory, the entire world should be developing rapidly -- or, for Efficient Market types, it should already be developed, returning the maximum efficient price for all goods. As demonstrated in countries like EGYPT and MEXICO, the reality is far otherwise. Labor is available. Capital is available. Natural resources are available, and, in some cases, more common. Yet development occurs only within a fairly narrow range of countries, with a fairly narrow range of property rights available to citizens. How do we change that?"

Tom Bethell used to explore these ideas, too: and notes that wealth is something that has to be created, not just moved around the board. What implications should these ideas have for US foreign policy, especially in diplomacy to countries whose institutions are basically kleptocratic?
Tags: economics

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