Deep thought of the Day
Dec. 14th, 2015 10:34 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsThis "value maximization" perspective cannot be extended from the market to politics since the latter does not directly embody the incentive compatible structure of the former. There is no political counterpart to Adam Smith's invisible hand. -- James Buchanan. Nobel Prize Lecture, 1986.
"There's no spoon!"
