• Xerographica

    by Published on 04-15-2015 01:55 PM
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    The Nobel Prize liberal economist Paul Krugman recently argued that we need more government because people tend to make poor education/career decisions. Shortly after reading Krugman's case for bigger government, I read an article in the LA Times about how some people in the Philippines were lured to America with the false promise of high wages.

    Somewhat inspired by this very popular blog entry... A Week of Shorter Rod Drehers... I patched together some relevant snippets from Paul Krugman...

    Krugman: The world economy is a system -- a complex web of feedback relationships -- not a simple chain of one-way effects
    Krugman: Wages, prices, trade, and investment flows are outcomes, not givens
    Krugman: Wages are a market price--determined by supply and ...
    by Published on 01-10-2014 12:04 AM

    We have two completely different systems of representation...private and public. Which system is better?

    Elena uses society's limited resources to make an excellent Greek Salad. I give her my dollar votes because she represents my interest in good food. Elena is my representative...I value how she uses society's limited resources so I give her positive feedback.

    Elizabeth Warren is also my representative. I didn't vote for her though. Why bother voting? I'm supposed to vote for somebody who represents all my public interests? If this makes any sense why don't I also vote for somebody who represents all my private interests?

    With the private system of representation...I have a robust repertoire of representatives. Everybody I give my money to is my representative. And I give my money to a lot of different people because I have a lot of different interests. If I could replace all these representatives with a couple of people...then I could save all the time that I spend shopping.

    But there's a problem with trying to find one person to represent all my interests...nobody comes even close. So if I did give all my money to one person...I'd be really worse off. My interests would suffer incredibly. Especially if this one person also had to represent the interests of 100,000 other people. My interests would be lost like tears in rain.

    Continued in forum...
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