A great article. Either you haven’t read it, or you don’t understand it, since most of the article runs counter to your doctrine of faith that money is all that matters in economic decision-making.
“Economics is the study of human motivation but with all the interesting variables set to zero, other than greed or prudence. Everything else is set to zero.
“I would argue that the problem with using the price mechanism or legislation is that they are universal blunt instruments.
“Now, the thing about using the price mechanism is that in some cases, it’s unacceptable. It’s also unfair to certain groups. If you take the group of people I was talking about (electricity users), who you’re encouraging to use their dishwashers late in the evening, it’s a nice idea, but it’s also unfair to people who work nights. The great thing about persuasion, versus pricing or legislation, is that if you have a good reason not to play ball, you’re free to go your own way.
“Essentially, you should try persuasion first, bribery second, and legislation third.
What say you?