the IMF has a point. The Free Market works best if absolutely all aspects of human life conform to the assumptions of the Walras-Arrow-Debreu model.
But the world will never fit into this straight-jacket, not only because of such matters as fundamental uncertainty and production (left out of the WAD model) but because people are people, not commodities. On 7/20/05, Michael Perelman wrote: > All market failures are really failures to fully adopt market rules. When > Reagan's > the economy was tanking despite Reagan's "reforms" Jack Kemp explained that > the > problem was that the US had failed to adopt the gold standard. -- Jim Devine "Science is the belief in the ignorance of the experts" -- Richard Feynman
