… is from page 143 of the final volume (2016) – Bourgeois Equality – of Deirdre McCloskey’s ingenious trilogy on the essence and role of bourgeois values in modern life (original emphasis):
To correct “market imperfections” (few of which have been shown to be very large) by calling in the regulatory state is to assume that the state’s intervention is cheaper than the “imperfection.” Often it is not, and in any case one would not want simply to assume that the state performs its regulations well….
