Gresham's Law is that "bad money drives good money out of circulation." In fact, though, this is true only if government insists that citizens treat the bad and the good as equivalent legal tender. If people are free to choose, the good money will become the dominant medium of exhange.
So it is in politics. If the government rewards the base metal of favor-seeking, subsidies, and crony capitalism, then these will drive out the gold of actions that make the economy, the market, and the political system actually work better.
And we are there. Politico says, in "New Groups join climate lobby fray", that 1,160 businesses and groups and 2,780 individual lobbyists are working on climate change, including such newcomers as Campbell Soup, plus 170 alternative energy reps.
And every one of these is trying to twist any legislation to corporate advantage, without looking at the issue whether the whole enterprise is a bubble that is on the verge of bursting.
My bet is that it is a bubble -- as the government has become more active, it has become much better at creating bubbles, as in the housing market via Fannie and Freddie and in the financial markets with a host of misguided requirements. The climate change bubble will make it a hat trick.
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Posted by: HELENqN26 | January 10, 2010 at 05:44 PM