Re: Rebates OP-ED (544 Views)
Posted by:
Chuckles_the_Clown2 (IP Logged)
Date: March 09, 2004 07:44PM
Smith is turning over in his grave over the notion that the "invisible hand" may have an application to parimutual horseracing? I don't understand. Not that I'm certain the premise is correct because the government is involved in horseracing. In regard to that fact I think Smith's oft cited quote has to be considered:
"Virtue is more to be feared than vice,
because its excesses are not subject to
the regulation of conscience."
The free market and invisible hand may ultimately work for the economic best if they are not restrained by forces they can't resist. The virtue to be feared more than vice is often the government. Its the same whether you're talking about parimutual concerns, health care or Iraq. Just try getting goverments hand out of the pie once they are very hungry and have tasted the revenue.
By the way Smith burned his clothes:
"About a week after I was made a Commissioner of the Customs, upon looking over the list of prohibited goods (which is hung up in every Customhouse and which is well worth your considering), and upon examining my own wearing apparel, I found, to my great astonishment, that I had scarce a stock [neck cloth], a cravat, a pair of ruffles, or a pocket handkerchief which was not prohibited to be worn or used in Great Britain. I wished to set an example and burnt them all."
More governmental free market at work, don't count on it in horseracing.
"We live in a wheel
Where everyone steals
But when we rise its like strawberry fields"
CtC
Post Edited (03-09-04 19:57)
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