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Thursday, March 30, 2006

Harvard MBA

Which Harvard MBA, in trying to explain the beauty of the self-regulatory marketplace, described it as follows:
One of the most –– one of the most pure forms of democracy is the marketplace, where demand causes something to happen. Excess demand causes prices to –– the supply causes prices to go up, and vice versa. That stands in contrast to governments that felt like they could set price and control demand.
Of course, the correct answer is that noted economist and great thinker, G W Bush.

I'm not sure what he actually said, as the syntax is even more garbled than GHWB at his most obtuse. Setting aside the confusion of political systems with economic ones that most right wingers have (equating socialism with totalitarianism, which was true in the Soviet Union, but is not true in most of modern Europe, where free and fair elections are help on a regular basis, unlike, say, Belarus, Ohio or Florida), the economics itself is doubtful. It seems, though, that he believes that an increased supply causes prices to rise.

Adam Smith would, and not in the least bit respectfully, disagree.

And, if this is how a Harvard MBA thinks, no wonder our country's business sector is so screwed up (just like the government!)


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