Re: cl question:
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Posted by Nidal on July 18, 19100 at 09:03:40:
In Reply to: cl question posted by kate on July 18, 19100 at 02:56:46:
: Adam Smiths invisibel hand operates in the free market system with active competition that aligns the self-interests of individuals with the public interest. What is the government role in the public interest?
---------
Adam Smith did not say (as I recall) that competition aligns
private interest with public interest. Rather, he encouraged all
to act selfish without any regard to the public interest. In so
doing, he argued, the public interest will be served as well.
As for the government rule, this is mainly to remedy some of
the failuires of the market system, mainly:
1- Natural monoploy (hydro)
2- Externalities (pollution)
3- Providing public goods (defence)
4- Income redistribution
Nidal
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