15 June 2011

Economic reform and local institutions

Bill Easterly says [at about 1 hr 3 min]:
The art of economic reform is really figuring out a way in which you apply Econ 101 to local conditions, where you need to have someone who's really knowledgeable about local conditions.
The End of Abundance says [page 10]:
Good water management requires that one understand local customs and solutions while looking for outside ideas that can be modified and implemented with a creativity that drives at the goal while bending to social, economic and political realities.
and [page 150]:
Prices rise with scarcity and fall with abundance, reliably matching supply and demand. Local conditions determine the exact means of slaking thirst, but the underlying mechanism of adjusting prices has worked for millennia.
I'm glad to be in such good company. You can be too. Buy the book here :)

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