A huge problem is that attempts to mitigate externalities over the course of a couple centuries has created too many dials, each one adjusting something slightly different, and sometimes each other, creating an economic policy situation so complex that nobody can actually get a handle on what's going on or what to do. And we're stuck tha…
A huge problem is that attempts to mitigate externalities over the course of a couple centuries has created too many dials, each one adjusting something slightly different, and sometimes each other, creating an economic policy situation so complex that nobody can actually get a handle on what's going on or what to do. And we're stuck that way because for every dial, there are people with a vested personal interest in the existence of the dial and what it's set to.
A huge problem is that attempts to mitigate externalities over the course of a couple centuries has created too many dials, each one adjusting something slightly different, and sometimes each other, creating an economic policy situation so complex that nobody can actually get a handle on what's going on or what to do. And we're stuck that way because for every dial, there are people with a vested personal interest in the existence of the dial and what it's set to.
Or perhaps the theory of externalities is just a fig leaf covering what “public servants” really have in mind?