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| Liberal Economic dilemmas |
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| Written by Giles Wilkes |
| Tuesday, 18 August 2009 16:10 |
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I'm browsing through the Liberal Democrat policy paper ("A fresh start for Britain"). I won't attempt to critique the individual ideas, but flicking through brings to mind some of the dilemmas faced by liberal economists. On the one hand, I don't think you can put that description on your business card if you believe that problems with the economy can always be solved by government intervention guided by a superior understanding of what is just and efficient. This would directly contradict the idea that the information and preferences that matter are widely distributed, personal, liable to change in the face of clunking interventions - dynamic. I believe that Hayek used the phrase "catallaxy" to describe it. Of course there are externalities, asymmetric information, natural monopolies: all of which can justify interventions. Public goods won't be provided by private markets because of free-riding. And the ability to do well in a market-situation does not always align rewards with our natural sense of justice: is it fair that Joe should earn 100 times less than Bob because Bob is brilliant at tax law while Joe's forte is providing nursing care? Unfortunately, this list of problems facing the fair performance of free markets is sufficiently long and vague as to provide a limitless excuse for meddling: virtually anything can be redescribed as an externality, hardly any market is really free in the textbook sense, and there always seems to be room for public goods over their superficial private counterparts: is it easier to argue that Britain has enough hospitals or enough iPods? This leaves the door wide open for special interests to march in and demand that the government fights the market. So, in my humble view, the liberal economist should start from a position of scepticism: "it would be nice if the government could fix this, but I need to hear a darned strong case". On the other hand: people do not go very far in politics without thinking (a) there's a lot wrong with the way the world has allowed things to fall and (b) I have a darned fine idea for how to fix it. (a) + (b) does not necessarily add up to government-anti-market intervention: take, for example, one of my favourite pieces of radical liberal thinking, Tim Leunig's In my back yard: this aims to correct a woeful planning system by an improved alignment of incentives, not through some bureaucratic mechanism that claims to know how to divert resources best. But a lot of the time (a) + (b) does add up to what might be melodramatically called an assault on economic freedom, or what I'd term "a worrying move away from decentralised autonomous decision making". Here I come to the Lib Dems document. Glancing through, a frequent use of the word "local" might lead one to think it is all about decentralised thinking. But also:
Each idea may have merit - together, they give an impression of policymaking that is worryingly comfortable with dirigisme. Some are closer to a liberal approach: providing loans for green improvements (but you make the decision); providing incentives for renewables; road-pricing, etc. But, on the same subject of the state's relationship with the economy, I found BERR's "New Industry, new jobs" a little more nuanced and, dare I say it, liberal:
4.2 However the way the Government sees its own role in the market needs to change in order to deliver a more coherent and effective approach. Government can promote investment, growth and jobs in Britain through more policy consistency across departments, greater regulatory certainty, smarter public procurement and a readiness to intervene where necessary. This involves Government acting creatively and pragmatically in new ways to supplement the market, not the Government substituting itself for the market." On another topic: Mervyn King may be considering negative interest rates- something that has been discussed by monetarists for a while. It has also emerged that he actually wanted room for even more QE than before. Given the higher than expected inflation figures, this is becoming a puzzle.There is a post bubbling up within me about whether monetarist solutions alone really can solve an economic collapse, as the likes of Tim Congdon assert. I am not sure it will see the light of day.
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| Last Updated ( Wednesday, 19 August 2009 20:50 ) |
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