Task of economics

Several comments in the blogsphere recently reflect an ongoing dialogue (which is always below the surface) centering on Hayek's assertion of the goal of economics:

Russ Roberts


So let’s have a contest for the best poster design that uses the Hayek quote with an illustration that you create or use with permission.

http://cafehayek.com/2010/11/poster-contest.html

Robert Schiller

He writes of current financial law making. This process and Schiller's view evokes the dichotomy Hayek encourages us to consider between law (the process/result of human action) and legislation (the process of human design)

http://www.nytimes.com/2010/11/14/business/economy/14view.html

CATO Unbound - Nov. discussion

Regulations on how, when, and by whom money can be spent are perennially popular, but just as often they encounter legal obstacles stemming from the First Amendment’s protections on speech and the right of petition. Money also shows a frustrating tendency to flow around regulations, frustrating their enactors’ intent.

A key problem is how to balance several conflicting goals: holding a clean, and clean appearing election; allowing all citizens to participate in campaigns as they think best; allowing citizens to know who supports or opposes various candidates and proposals; and guaranteeing the personal safety of those who choose to participate in the process.

This month, lead essayist Bruce Cain makes the case for semi-disclosure of campaign-related spending. Under semi-disclosure, the public would have access to aggregate spending data for groups, as well as data about individual donors, albeit stripped of personal identification data. Semi-disclosure might work a lot like the census, in which data is made available, but privacy is still protected.

Will Cain’s proposed compromise work? Will it satisfy all sides in the debate?

http://www.cato-unbound.org/issues/november-2010-following-the-money-the-law-and-ethics-of-campaign-finance-disclosure/