Market Quotes - page 70
The path away from economic freedom is, as Hayek long ago demonstrated, the road to serfdom. The road may be a long one: the pace may be swift or slow: but the destination cannot be changed. State ownership, state monopolies, state regulation and state planning, through the centralisation of economic power, inevitably lead to economic failure. They inevitably increase both the temptation and the scope for abuses of political power until freedom itself is threatened. The planned economies, the controlled societies which socialism requires, pervert what are truly economic decisions for the market into political decisions for the politician or the bureaucrat. The fruits of centralised economics are corruption, poverty and servility-and in the socialist society the only medicine which may be prescribed is heavier doses of the same socialist poison.
Norman Tebbit
The proposition that markets drive economic efficiency is central to much of economics. Adam Smith illustrated that the "invisible hand” of the market drives efficient allocation of resources in a system of division of labor. Friedrich Hayek illustrated the central importance of the price system as an information processing mechanism more powerful than any centrally planned system could ever be. Kenneth Arrow and Gerard Debreu illustrated that complete and perfect markets deliver a Pareto-efficient equilibrium, in which no one person can be made better off without making someone else worse off. And the development of the efficient- market and rational- expectations hypotheses suggested that financial markets are in fact efficient, and that the conditions required for efficiency and for rational and stable equilibria apply even in contracts between the present and the future, which financial markets provide.
Adair Turner, Baron Turner of Ecchinswell
Imperfect markets are different. (...) Similarly, in Paul Krugman's neat adaptation, "all perfect markets are perfect in the same way: all imperfect markets imperfect in their own different way.” But truly perfect markets exist only in economists' models; in the real world, markets are imperfect. But within imperfect markets there is a range from those that work well enough for a laissez-faire approach to be broadly valid to those for which market failure or imperfection is extreme and inherent. The market for restaurants works pretty well. The best way to ensure a range of restaurants that provide us with variety, incentives for good service, and enjoyment of changing ambience and menu is to let entrepreneurship do its business-let thousands of flowers bloom, some to succeed and some to wilt.
Adair Turner, Baron Turner of Ecchinswell
Large number of tribes, Dalits and Backward Castes have a historical food culture of beef. The anti-beef agenda has been in the Brahmanical fold. It began with the South Indian Brahmins and then spread to the North and became part of the Gandhian movement. My question is, how can the state impose a certain food culture on people? The state has nothing to do with food. They can give certain food to people depending on the market, but cannot impose that you can or cannot eat certain food items. If beef eating is bad for Brahmins or Baniyas or certain upper castes, then the state is imposing that on the rest of the society. So the state is actually becoming a theocratic state.
Kancha Ilaiah
