Arnold Williams (notebuyer) wrote,
Arnold Williams
notebuyer

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
Subscribe

  • Summing up....

    "Patriot Post US" occasionally has the most fun with news...

  • The Constitution and "Reasonableness"

    Reid et al. are looking into regulating burning Korans. Because some obscure guy burned one and some loony people (Muslims, not condemned by other…

  • Airlines: It was a nice trip.

    Inspired by this piece, and the letter from UCSF about problems with radiation in TSA applications and the incapacity of TSA to distinguish what…

  • Post a new comment

    Error

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 0 comments