Quangos and their (li)quiddity #
Posted Friday 11th April 2008 16:10 GMT
> what Ofcom loves most, because the bureaucratic carve up that results gives it "tax and spend" powers.
Adam Smith pointed out, you could do two things with money (aka capital). One was to risk it in a commercial enterprise which would hopefully make you a profit. The other was to take control of a resource (e.g. land) which you could lease to others in exchange for an income. The attraction of rents as opposed to profits is pretty obvious. There is much less attrition of capital, only war and Acts of God to worry about, and you control the T&Cs rather than "the market" imposing them on you (yesterday).
The apparent innate revulsion some have at the sight of the squiggles "Adam Smith" (and its auditory equivalent), or a disdain for dead thinkers, only serves to mask the widespread tendency of quangos and of institutions in receipt of public monies to turn themselves into rent-seekers who control the resource, impose their terms on it, decide who will and who won't be allowed in. Think universities. Think professions. Think Ofcom.
Think well. Think often.


