“Too Few Regulations? No, Just Ineffective Ones,” by Tyler Cowen in the New York Times. (May require registration with New York Times.)
If you believe that financial markets need more “regulation/control” by the state, you really ought to read this article
One Response to “If you believe that financial markets need more “regulation/control” by the state, you really ought to read this article”
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I couldn’t find any statement in the piece that free markets work. In fact, the financial mess was caused by government intervention, starting with the Fed.
Cowen is right that more regulation isn’t the answer, yet leaves the impression that wiser regulators would do the trick. But so long as we have central bank manipulation of credit we’ll have these crises.