The evidence in Ms Postrel’s piece suggests little scope for policymakers to stop speculative bubbles from occurring. Perhaps the government can make bubbles less severe, but that would involve knowing in advance exactly how much capital a new technology requires. If the market cannot predict that, how can we expect policymakers to?
Ou, ainda, Stpehn Horwitz (via O Insurgente):
So the big news today is that the governor of Illinois has been caught doing explicitly what most politicians do with more subtlety every single day: selling off their power to the highest bidder. I can't help but note that yet another politician is indicted on corruption charges at the very same time we are handing over unprecedented power to the political class as we partially nationalize the banking system and, apparently, the Big Three auto companies.
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