I’ll Spend Your Money More Frivolously and Carelessly than I Spend My Own Money

by Don Boudreaux on September 2, 2014

in Other People's Money

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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