Public versus private risk: Heed the lesson from Greece

posted by
June 30, 2011
Cato Institute
by Jagadeesh Gokhale  
Posted in Commentary

"With the twin spiral of imploding private and public sectors, it's difficult not to sympathize with Greek demonstrators. This is a problem created not by them, but by their elected officials. Yet in its outcome, it is very similar to the situation that proponents of government service and insurance provision fear and wish to protect against: a steep and economywide recession from distant and uncontrollable economic shocks and market failures. We need to acknowledge the significant possibility of government failure and understand how Greece got there." (06/29/11)

http://www.cato.org/pub_display.php?pub_id=13250  

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