Macro, Markets And Regulation

Some links on markets and regulation

Competition is a discovery procedure (a letter to WSJ):

What markets need is a stable regulatory environment, in which every dip in the market does not produce a new set of rules.  Unfortunately, there is little evidence that Rep. Frank and his comrades on the House Financial Services Committee understand this, making it virtually certain that they will rush to “solve” the banking crisis with new legislation. The best assistance Rep. Frank could offer would be to commit his committee to resolute inaction for an extended period of time, offering both banks and investors the assurance that the rules of the game would remain unchanged and allowing them to learn from their experience in the market place.

Five Macro Myths:

On the one hand, it's difficult to screw up all these well-intentioned people by crafting bad policy, but, on the other hand, it is of course entirely possible to do so. And once things are broken, they are much harder to fix. For example, all those doomsayers predicting a recession will get their wish if taxes are suddenly raised, new productivity-strangling regulations are enacted, the U.S. turns against free trade, or some combination thereof. Otherwise, we should expect 3% real growth, based on 2% increases in productivity and 1% population growth. This economy is fundamentally sound.

So we have to be careful that we don't believe everything we read in the papers.

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受け入れについて、同省の４月の調査では、全国５７２の市町村?一部事務組合が前向きな回答を寄せたが、放射性物質の影響を懸念する声が各地で上がり、１０月の調査では５４市町村?事務組合に激減した。

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