Thursday, October 2, 2008

Buffett Catching Himself

Warren Buffett has made millions (billions?) through "understanding" government welfare. Here is an example. What is the lesson I take from his remarks? Economic regulation is a form of economic calculation: economic calculation - a planned economy - is not even theoretically possible; too complex: economic valuations are done by individual actors with subjective valuations. But if regulation is not possible, what are the regulators other than political cronies put in place to engineer the public behavior in a manner designed to perpetuate power for someone/some class?

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