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Non-pathological markets require non-pathological institutions — and America has neither as Russ Roberts explains. Note well: Hayekian analysts were pointing to many of these pathologies and others before the crisis hit. Non-pathological markets also require a non-pathological class of regulatory, political, and scientific elites. Institutions won’t change until the intellectual and moral pathology of . . . → Read More: Russ Roberts — Government Pathology Powered The Housing Finance Trainwreck
One of the great economists of our time, Hernando de Soto, explains how markets and capitalism depend on public documentation, and how the publicly undocumented derivatives industry has thrown sand in the global system of capitalism: If you think about it, everything of value we own travels on property paper. At the beginning of the . . . → Read More: property: Hernando de Soto on Derivatives & The Function of Publicly Available Property Documentation
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