RE: RE: Re: RE: Re: Re: RE: Enron's Success Story

["Devine, James" <jdevine@xxxxxxx>]

Gene writes:
> Max, I read the big push to define the Enron affair as
> criminal as an effort to
> suggest that there is nothing wrong with the functioning of
> the market, just
> some bad apples who everybody thought were good apples...

Max writes:
> You could read it that way, but whether or not
> the affair does point to an inherent problem with
> markets is another matter.  Choice and imperfect
> law creation/enforcement make illegal acts possible;
> that doesn't mean the underlying arrangement isn't
> the best available.

Perhaps it's impossible to write a perfect law (or to enforce it) when
dealing with imperfect/asymmetric information (etc.) combined with rapacious
profit-seeking?
Jim Devine