When economists see an outcome they do not like, they are most likely to blame:
incentives, and try to change costs or benefits. motives, and try to change goals. ignorance, and try to educate people. government, and try to get good people elected.
Adam Smith believed that actions based on self-interest would:
never be in the public interest. be in the public interest only if guided by the hand of government. be in the public interest only if constrained by property rights and competitive markets. always be in the public interest.
