Proverbs 16 -- Institutions and Markets
[11] A just weight and balance are the LORD's: all the weights of the bag are his work.
When teaching principles of economics, I spend a fair amount of time reviewing with students the important unseen infrastructure behind market transactions. The amount of trust that goes into even relatively simple daily activities is phenomenal, especially when that trust is given to strangers. This is only possible because of a complicated and interrelated systems that we have developed and continue to develop. Whether or not one thinks that Sarbanes-Oxley, for example, is good policy, it is legislation that arose out of a concern with trust in market-supporting institutions.
An Often Misquoted Verse that People Don't Realize Is a Bible Verse
[18] Pride goeth before destruction, and an haughty spirit before a fall.
When teaching principles of economics, I spend a fair amount of time reviewing with students the important unseen infrastructure behind market transactions. The amount of trust that goes into even relatively simple daily activities is phenomenal, especially when that trust is given to strangers. This is only possible because of a complicated and interrelated systems that we have developed and continue to develop. Whether or not one thinks that Sarbanes-Oxley, for example, is good policy, it is legislation that arose out of a concern with trust in market-supporting institutions.
An Often Misquoted Verse that People Don't Realize Is a Bible Verse
[18] Pride goeth before destruction, and an haughty spirit before a fall.
Posted by William T. Bogart on
Friday March 16, 2007 at 9:55am