One of Russ’s classic essays is this contribution to the May 18, 1995, edition of the Wall Street Journal; it’s entitled “If You’re Paying, I’ll Have Top Sirloin.”
Keep Russ’s lesson in mind as you enjoy this photo taken in a restaurant by Texas A&M emeritus economist Steve Pejovich’s daughter Alexandra.
People of good sense understand that such a payment policy makes no good sense; it is a recipe for the wanton waste and needless destruction of resources. Yet such payment schemes continue to be endorsed as enlightened, humane, and progressive by “Progressives” – endorsed, ironically, by people who complain most loudly that free markets too often fail to internalize costs and benefits on decision-makers – endorsed, ironically, by people who plead most fervently for policies to better promote economic “sustainability.”
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