Thanks Justin. This does clarify what you were talking about. I am not sure that
I agree. It just extends the problem of designing incentives.
And I will despite Carrol's protestations continue to talk about designing
institutions. My political career such as it is has included, union organizing,
worker's cooperatives. housing coops, consumer's coops, intellectual work,
education. And in all of those areas, the designing and reform of institutions
has been crucial. Matching incentives and goals is main problem of all political
work.
Rod
[EMAIL PROTECTED] wrote:
>
> Of course they are different. Part of the problem is INCENTIVES to obtain
> ACCURATE INFORMATION. And other part of the problem is INCENTIVES to
> _produce_ accurate accurate information. Theese are not the same thing, but
> we will not have accurate information without these sets of incentiveds.
> Maybe you are confusing incentives TO WORK HARD with incentives TO GET
> ACCURATE INFORMATION. Sometimes in these contexts people tend to assume that
> the only economically relevant incentives are to work hard. They forget the
> other thind is no less important. That was Hayek's great insight. --jjks
--
Rod Hay
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The History of Economic Thought Archive
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