Re: Conservation principles

[Herbert Gintis <gintis@xxxxxxxxxxxxxxx>]

>FROM:  Paul Davidson
>...if rent seeking is a "cautionary (oops I almost
>said Canterbury) tale, why has there never been any scandal regarding
>Federal Reserve bureaucrats who could make a fortune by playing their
>inside information on open market operations?  Perhaps there are some
>bureaucrats who have a sense of civic responsibility that tempers there
>own self-interest.

	I don't understand your allusion to Canterbury tale, so I
won't comment on it. As for the rest, the fact that there are
situations in which people do not behave in a rent-seeking manner does
not mean that they never do, or that they infrequently do. It is
integrity that must be explained theoretically here, not rent-seeking,
which is easily explained.

Herb gintis@xxxxxxxxxxxxxxx