Jinn of Current Events (2004-Jun-25)


Jinn?
According to critics, an eavesdropper, constantly striving to go behind the curtains of heaven in order to steal divine secrets. May grant wishes.

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2004-Jun-25 [this day]

Free markets and innovation

Tim Worstall: So while I congratulate Burt Rutan and Paul Allen on their achievement I'm also remembering the advice of Frédéric Bastiat to economists: always look for the hidden. What is important about Spaceship One is not that a private organization has done it once, but that now that it has been done once free markets will continue to make it better, faster, cheaper and someone, one amongst our fellow humans, will work out what to actually do with it, in a manner that none of us today has any inkling of. That's why free markets are important, that's why the first private space trip is important and that's why Paul Allen has done a great deal more than fund a rich man's toy. [this item]

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