CONTEMPLATIONS on child-like faith in government from Q and O.
Some of my summer reading (e.g., David Warsh’s Knowledge and the Wealth Of Nations
and Ludwig Lachmann’s The Market As an Economic Process
) has explored issues with the non-rivalrous nature of information: The “supply” of a newspaper article, a paper in a scientific journal, a painting, or a sunset is not used up as more people “consume” it. This is unlike, say, a doughnut, a gallon of gas, or an hour of a surgeon’s time. I suspect that those whose occupations revolve around the production of non-rivalrous goods may simply have less firm of a grasp on the hard realities imposed the forces of supply and demand.
Posted at 8:11 am, July 17th, 2007 | Link