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Sunday, February 11, 2007

Best quote I've heard in a while

"A market doesn't simply shut down when its goods become contraband, it just becomes more profitable for the people willing to operate in it"

This is from Michael Lewis's Book The Blind Side: Evolution of a Game, and as featured in Russ Robert's EconTalk Podcast.

It suddenly become very clear how things operate in my own industry; especially the kind of incentive systems that it has evolved.

The podcast also discusses Lewis' Moneyball: The Art of Winning an Unfair Game.

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10:38 pm

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Comments to Best quote I've heard in a while

Yes, great quote.

And here is a corollary:

Centrally planned economies (be it schools which ban junk food, or countries where a few people decide what and how much to produce) get some of efficiency from these operators.

posted by Blogger Ramnath 

10:28 am, February 12, 2007
 

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