WELCOME Economy-World

How to Regulate the Economy

Some people think that the economy does best when it is left alone. It is a self-regulating system. Others disagree; they think that the opposite is true. Markets should not be left alone; governments should regulate them, as they always did. And many of us think that too much regulation is likely to be as bad as too little. One does not have to be an economist, or political scientist, to accept this point of view. My problem is not with the "to regulate or not to regulate;" it is with the "how to regulate" question. What is essential, I think, is that regulators should be (a) honest and (b) highly knowledgeable. The first point is obvious; regulators should control the economy for the benefit of the entire society, not for their own enrichment.

The second point becomes obvious when one realizes that economies are very complex. Millions of things can be changed but random changes are likely to do more harm than good. Those who are not experts, and who are not able to understand experts, should not control economies. Economists and political scientists can be compared to social engineers; their qualifications are as important as qualifications of those who design and maintain cars, bridges, refineries, and power plants. Structures made of free human beings, however, are much more difficult to control than those made of inanimate components.

That is why expecting economists, who are political scientists, to be as effective as physical scientists is rather unrealistic. Political scientists are like medical doctors; their abilities to control events are often limited by absence of understanding. Sometimes they must decide on the basis of intuition rather than on the basis of knowledge. Medicine, some doctors say, is half art and half science. The same can be said about "military science." In both of these cases reliance on intuition is often more useful than doing nothing.

Societies are far from perfect and constant improvements, in the area of production, distribution, and consumption of goods, are always needed. Governments should protect us from greedy individuals and selfish organizations. They should try to minimize injustice and poverty. How can this be done? By employing experts who generate ideas. The ideas should be discussed and tested, on a small scale, before being implemented. Evolutionary progress, by small reversible changes, is likely to be more productive than a sudden revolutionary change--as in 1917, when too many untested proposals were implemented by Bolsheviks at the same time.For more information on job description visit Economist Salary,School Nurses Job DescriptionandGenetic Counselor Job Description

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