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Greedy-Bastard Economics – Gary Galles

October 14, 2009

In reality, scarcity is the cause of many of the difficult choices individuals face. However, governments prefer to find “greedy-bastard” bogeymen to blame. This allows governments to play as saviors rather than as the parasites causing the problems in order to benefit favored constituencies at others’ expense. But government has no power to eliminate scarcity.

Government, beyond its role of defending voluntary arrangements against force and fraud, only makes the effects of scarcity worse. It substitutes decisions by people with worse information and incentives, backed by the power of coercion, for decisions by people with better information and incentives. That is why it is actually government “solutions” that increase the influence of greedy bastards in society. After all, “greedy bastard” is an excellent description of someone who demands power over others without cost or their willing consent; and falsely blames others to gain it.

Be sure to read the full article:

Socialism’s greatest success is effectively blaming Capitalism for all of its faults.

Now if only I could find a really good scapegoat for all the moronic things I’ve done… Unfortunately, nothing can repel buffoonery of that magnitude. :)


“The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.” 
-Thomas Sowell


Posted via web from Andrew Colclough

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