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Old 09-01-2011, 03:15 AM
jimM47 jimM47 is offline
Join Date: Apr 2007
Posts: 459
Default Re: Booze and Money (Tim Fernholz & Megan McArdle)

Originally Posted by Starwatcher162536 View Post
It get a little old how much it is asserted that humility in what is knowable means we should do nothing. It's like there is some weighting function in conservatives that weights any harm done by the state 100 times more then any harm done by the market. I suppose you could reply with a rejoinder the same weighting function exists among the left but it weights harm done by private individuals more then the state. This is true I suppose, but that one is only 20 instead of a 100. :/
That's a conversation to have, perhaps, but it's not what the dispute was about. The issue is recognizing that outcomes are produced by the design of institutions, setting realistic expectations for those institutions, and making trade-offs in those institutions. Tim acts like by simply setting high expectations of an institution, you will get the outcomes you desire, and at no collateral cost.

I'm sure there are more and better things to be said in elaboration, but since it is late, I am just going to resort to argument by Game of Thrones. http://www.youtube.com/watch?v=h94nCIYPgGs
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