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Comments on: Quote 14: Milton Friedman on policy prescriptions http://www.tvhe.co.nz/2009/02/15/quote-14-milton-friedman-on-policy-prescriptions/ The Visible Hand in Economics Sun, 15 Feb 2009 19:34:09 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2009/02/15/quote-14-milton-friedman-on-policy-prescriptions/#comment-14457 Sun, 15 Feb 2009 19:34:09 +0000 http://www.tvhe.co.nz/?p=2853#comment-14457 “I worry that we do harm sometimes by focusing on the myriad ways markets can fail rather than the majority of things they get right.”

I suppose this is an incentive issue with the discipline – we are rewarded based on finding “interesting outcomes” rather than strictly practical things.

]]> By: Cambridge Double Bathroom Vanity | Bathroom Vanities http://www.tvhe.co.nz/2009/02/15/quote-14-milton-friedman-on-policy-prescriptions/#comment-14391 Sun, 15 Feb 2009 11:14:54 +0000 http://www.tvhe.co.nz/?p=2853#comment-14391 […] Quote 14: Milton Friedman on policy prescriptions | TVHE […]

]]> By: Eric Crampton http://www.tvhe.co.nz/2009/02/15/quote-14-milton-friedman-on-policy-prescriptions/#comment-14263 Sat, 14 Feb 2009 22:13:37 +0000 http://www.tvhe.co.nz/?p=2853#comment-14263 I’m on Friedman’s side here, except for a caveat (of course). Suppose A is first best. A’ is what would be implemented if economists stumped for A, and A” is what would be implemented if economists stumped for A”. If A>A”>A’, then push for second best. I’m thinking here of optimal tariff arguments in international trade. Give them a blackboard example that applies in 1% of cases, and the politicians will apply it in 80% of cases and claim that economists support it.

I worry that we do harm sometimes by focusing on the myriad ways markets can fail rather than the majority of things they get right.

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