Two out of Three Ain’t Bad or Is It?
March 18th, 2009
I agree with Milton Friedman’s assesment, but might disagree which choice is more important. Unfortunately Indonesia always only has one of them, if at all, to show for. For the next few years growth is more important than distribution. We can divide the pie once we have the pie.
The basic objectives, shared, I am sure, by most economics, are political freedom, economic efficiency, and substantial equality of economic power. Thes objectives are not, of course, entirely consistent…. I believe–and at this stage agreement will be far less widespread–that all three objectives can best be realized by relying, as far as possible, on a market mechanism within a “competitive order” to organize the utilization of economic resources…