Reading this in bits and pieces.
The economists write:
The standard theorems about the efficiency of the market were developed under the assumption of full information; with imperfect information—in particular, with one person having information that others do not, which is what is meant by secrecy and lack of transparency—the economy is not in general efficient.6 One party can and often does take advantage of another. That is why all countries have fraud and disclosure laws on consumer product contents, securities, etc., with stiff penalties to ensure that the disclosures are truthful.
Well, penalties ensure nothing. If they did, we would not still be inundated with lies. Penalties are applied AFTER the fact. And that is what the economists are still leaving out of their consideration — time. While it is true that some people have false or incomplete information because other people lie (transparency is not a corrective because looking through or at something does not reveal function), the reality is that complete information is only available AFTER something has been experienced by an aware person. People who aren’t paying close attention don’t “get” function. Function is change over time and, probably because it cannot be seen, is inaccessible to people who rely primarily on superficial optics. It is also not available to people who ignore the passage of time, as traditional economists have been wont to do. And Stiglitz is apparently still doing. Reducing transactions to dollars whose quantity can be fixed at a certain point in time does not take care of the problem that the trade and exchange of goods and services is a dynamic system that, like the weather, never holds still.
Yes, it is presumptuous to disagree with world-renowned economists. However, I said decades ago their assumptions were wrong and they have now admitted it. Only, they are still not admitting structural impediments and blaming other people’s moral deficits (a penchant for secrecy and/or deception) for their inability to acquire “complete information.” Even if they were all knowing, the dynamic system would escape their apprehension because they have left time out of their equations. Change over time. I don’t know how it would be modeled, but that’s what has to be included.
So, I’m reminded of two things in response to the revelation that Sessions, et al, were dealing with Russians during the transition:
Non-governmental U.S. enterprise has always looked upon the governmental sector as a cash cow, a source of income requiring no effort. In the beginning, the income/benefits were composed mainly of land and natural resources to exploit and take to market for a profit. More recently, as much of the continent has been allocated as private property and the federal treasury is the only source of currency, the entrepreneurs are after plain old cash. The view with envy any money that doesn’t flow into their hands.
If Georgia’s marshlands and coastal wetlands are to avoid being paved over and turned into heat sinks, then the Brunswick metropolitan area needs a public transit system to safely convey both local residents and visitors between work, commerce and recreational sites.
This in the very week that Congress downgrades ethics investigations and considers exempting the President from Constitutional restrictions. Fact is that money and the law are the primary tools whereby the majority of the citizenry have been stripped of their natural and human rights, as well as the necessities of life. Evidence can be found in the decreasing life spans of the majority populations despite ever increasing health care expenditures.
Money and the law make it possible for humans to engage in vile behavior against their own kind and Mother Nature even as they reject any responsibility for the consequences of their acts. Subterfuge! At least Pontius Pilate had the courage to wash his hands in public.
The editor selected the last sentence for the title.
Why do we send dollars to Washington? Since all dollars originate in the federal Treasury, isn’t that like carrying coals to Newcastle?
I have been thinking that I need to write something about the survival of car culture in this backward neck of the woods. It surprised me to be hearing from the Georgia Department of Transportation bragging that truckers think the state has the finest roads. Truckers zipping through doesn’t
do the residents much good.
Though island residents occasionally complain of heavy traffic, the abundance of car lots seems not to get much notice.