Growing Working Markets Is Hard
Megan McArdle knows a very valuable thing about economic institution design:
Megan McArdle: Markets are hard: After a little thought, I'm not sure that I made what I was thinking quite clear on my earlier post on McCain's healthcare plan: markets are hard. We used to think that, like Topsy, they "just growed". The experience of Russian shock therapy belies this. Once bad government regulation has screwed things up, fixing them is not always just a matter of removing the original bad law. Nor of simply willing, via legislative fiat, that a better one shall grow in its place.
