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Crony capitalism – how big players spoil social cooperation

Again and again, I hear managers ask government for stability. You can’t make plans for capital investment and business without expectations about the future. Government sets up big players in society which not only set expectations through tax and regulation, but which can change their minds, spoiling people’s plans, often at considerable expense. Roger Koppl’s Big Players and the Economic Theory of Expectations makes a study of that theme. Koppl demonstrates, with extensive reference to other scholars, that investment and all other […]

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The truth is out about politics, politicians, officials and bureaucracies – the IEA publishes a primer on Public Choice Theory

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With the fuel scare over the last week, we saw how a few people in power can shift peoples’ expectations radically and drive them in large numbers to take the same actions. In technical if graceless terms, we have seen how big players shift economic expectations to produce herding. Of course people are responsible for their own actions but politicians and officials influence how people think and therefore what they do. Now, with the release of the IEA’s short primer […]

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