Today's Quote of the Day

Comes from Ball State University economist Steve Horwitz, who writes on Facebook:

The question remains: why do we want to leave "essential services" in the hands of people operating under institutional incentives that put their self-interest at cross-purposes with providing the essential services in question? When your whole manner of raising and allocating funds is completely separate from actually providing those services, you are at the mercy of third parties with their own interests at stake.

Food is pretty essential, but Kroger doesn't "shut down."
Clothing is pretty essential, but Lands End/Eddie Bauer etc don't "shut down."
Amazon doesn't "shut down."

If you really think services are "essential," why would you leave them in the hands of people whose incentives are primarily, if not exclusively, political, rather than oriented toward service provision?

The great virtue of the market process is it turns self-interest toward the greater good. The great vice of politics is it turns self-interest against the common good.

Jon Murphypublic choice