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> Worse governments are horribly inefficient at doing things that individuals are efficient at (given their fiduciary responsibility to the tax payers) Governm
by anamax 15y ago
> Worse governments are horribly inefficient at doing things that individuals are efficient at (given their fiduciary responsibility to the tax payers)
Governments don't have fiduciary responsibility to tax payers.
Fiduciary responsibility has liability, as do all meaningful types of responsibility. Govts are liable for certain types of errors and omissions but other than that....
- srl 15y agoDemocratic governments are "liable" in the sense that they can loose their jobs for screwing up. Or looking like they screwed up. Or getting accused of screwing up. Or because they just got unlucky.
- guynamedloren 15y ago> they can loose their jobs I think you meant "lose".
- guynamedloren 15y agoWhy the downvote? It's a common misspelling and I merely intended to educate...
- srl 15y agoThe down-vote was not mine, and I consider it unjustified. Thank you for pointing that out.
- anamax 15y ago> Democratic governments are "liable" in the sense that they can loose their jobs for screwing up. Can, but don't. At best, a random staffer loses her job. Moreover, you wouldn't say that McDonald's is "liable" for serving a hamburger that I don't like because I can refuse to buy their hamburgers and that's a greater consequence, so why would you say that govts are liable because they're subject to even less consequence? Governments aren't liable. That's a problem. They're both socialized and systemic risk. That's a bigger problem. And, they're usually much larger than any "too big to fail" private company.