Mark Thorma: Efficiency Versus Equity
As Thorma says, the best thing about markets is that, when they work, they are efficient - much more so than a planner or the like. But - setting aside the fact that markets often don't work - efficiency isn't the only thing we seek in politics and economy; there are ethical concerns as well.
In this particular blog post Thorma talks about equity and the need for the state to guarantee provision of certain goods. Something that markets on their own don't do.
I've written before about this with respect to health care and Thorma mentions health care too. What I found interesting was the list of other goods that he thinks fall into the same category.
Friday, May 25, 2007