Posted on 06/11/2012 5:57:55 AM PDT by se99tp
Would unfettered markets maximize social wellbeing? This is where the weakness of the arguments for tighter financial market regulation lies. It is not in the thesis or the framing of the question, but rather in the conclusion that is reached. To a large extent, the argument for ever-increasing regulation is like the argument that in order to minimize the risk of being run over by a car, one should walk as little as possible, or, alternatively, that in order not to catch the flu, one should stay indoors. This argument is embodied in the EU’s so-called ‘precautionary principle’ which essentially means that, if some activity is suspected of being harmful to society, it should be regulated in advance to prevent any suspected harm from occurring....
(Excerpt) Read more at christianconceptsdaily.com ...
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