Jeffrey Sachs, economics professor and director of the Center for Sustainable Development at Columbia University. Freakonomics Radio is produced by Stitcher and Dubner Productions. Our staff also contains Alison Craiglow, Greg Rippin, Harry Huggins, Zack Lapinski, Daphne Chen, and Corinne Wallace; we had assist this week from James Foster.
Once the state goes past rules that facilitate personal ordering and legislates social targets, the rule of law is eroded, for with changing circumstances the rules enforced on people should change erratically to be able to meet these objectives. I do not attempt a full survey of Hayek’s arguments here, and a fortiori I do not attempt to assess the total vary of his arguments. With respect to a group of individuals, to maximin is to make the position of the worst-off individual as advantageous as possible (or in other phrases, to maximize the minimal useful resource holding of the worst … Read More