In Politics, Manipulating Reality Can

Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

I Think There's A Lot Of Merit In An International Economy And Global Markets, But They're Not Sufficient Because Markets Don't Look After Social Needs.

However, You Have To Recognize That Regulations Will Never Be Completely Successful And They Will Always Be Full Of Holes. You Must Constantly Be Ready To Fill New Holes. Actually Regulation Should Be Kept To A Minimum, But There Has To Be Some Cooperation Between Market Participants And Authorities - As Was The Case In The Early Postwar Years. The Bank Of England Was A Very Successful Regulator By Cooperating With Market Participants. This Cooperative Spirit Was Broken By The Market Fundamentalists.

Studying Economics Is Not A Good Preparation For Dealing With It.

The Prevailing Wisdom Is That Markets Are Always Right. I Take The Opposite Position. I Assume That Markets Are Always Wrong.