A Quote by Peter Thiel
I think that markets classically fail in cases where there are public goods that provide benefits that people cannot capture. The big debate is how big these public goods are, where they exist, things of that sort.
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To best serve the public happiness, government shouldn't do things it cannot do well - anymore than Wal-Mart should provide goods and services that people don't like.
One of the appeals of markets, as a public philosophy, is they seem to spare us the need to engage in public arguments about the meaning of goods. So markets seem to enable us to be non-judgmental about values. But I think that's a mistake.
The public subsidies provided to miners, loggers, and ranchers are as extravagant and as harmful to the public interest as the subsidies that the Federal Reserve and Treasury provide to the 'banks too big to fail.'
We're told we need this trade deal to open up vast markets to American goods, ... But the reality is that most Chinese workers cannot afford to buy the goods that even they make.
What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed.
I'm a liberal - I believe in subsidies for public goods and in regulations to curb harmful externalities, but neither of those things exist when it comes to parking.
The fundamental fact in the lives of the poor in most parts of America is that the wages of common labor are far below the benefits of AFDC, Medicaid, food stamps, public housing, public defenders, leisure time and all the other goods and services of the welfare state.
If I buy a car, I use the car, you don't, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often, these go under the heading of public goods.
A society - any society - is defined as a set of mutual benefits and duties embodied most visibly in public institutions: public schools, public libraries, public transportation, public hospitals, public parks, public museums, public recreation, public universities, and so on.
They seem to have forgotten that, and are back saying the only purpose of P2P networks is for illegal trading of owned goods. We claim part of the reason for P2P is for legal trading of what ought to be in public domain. And what is in public domain in many cases.
Markets work well with goods that economists call private goods.
I think that the public is in and the public is in big, and the public is not, I don't think going to pull out because the public knows what I said about 1987.
One of the gaps in our international development efforts is the provision of global public goods - that is, goods or conditions we need that no individual or country can secure on their own, such as halting global warming, financial stability and peace and security.
Modern 'public health' initiatives have moved well beyond what could reasonably be classified as public goods. Today, government undertakes all sorts of policies in the name of public health that are aimed at regulating personal behavior.
In a community where public services have failed to keep abreast of private consumption things are very different. Here, in an atmosphere of private opulence and public squalor, the private goods have full sway.
Listing rights generally involves enumerating things you may do without interference (the right to free speech) or may not be done to you without your permission (illegal search and seizure, loud boy-band music in public places). They are protections, not gifts of material goods. Material goods and services must be taken from others, or provided by their labor, so if you believe you have an absolute right to them, and others don't choose to provide it to you, you then have a 'right' to steal from them. But what about their far more fundamental right not to be robbed?
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