Saturday, January 07, 2006
Kay on Markets
The Truth About Markets, John Kay
Allen Lane, 2003
"If ever a country has been run by economists it was New Zealand. From 1984 to 1999 New Zealand followed policies of privatization and deregulation, and pursued labour market flexibility and reductions in social benefits. during this period the country experienced the worst economic performance of any rish state. Its decline was bleakly symbolized in January 1998 when the supply cables of the unregulated Mercury Energy failed, blacking out the Central Business District of Auckland. Seven weeks elapsed before regular power supplies were restored with the aid of the New Zealand army."
Kay also quotes on p 78 Karl Marx in Capital as writing: "From each according to his abilities, to each according to his needs. I'm sure this is the description, from the Acts of the Apostles, of the way the early Christians lived.
Allen Lane, 2003
"If ever a country has been run by economists it was New Zealand. From 1984 to 1999 New Zealand followed policies of privatization and deregulation, and pursued labour market flexibility and reductions in social benefits. during this period the country experienced the worst economic performance of any rish state. Its decline was bleakly symbolized in January 1998 when the supply cables of the unregulated Mercury Energy failed, blacking out the Central Business District of Auckland. Seven weeks elapsed before regular power supplies were restored with the aid of the New Zealand army."
Kay also quotes on p 78 Karl Marx in Capital as writing: "From each according to his abilities, to each according to his needs. I'm sure this is the description, from the Acts of the Apostles, of the way the early Christians lived.
