Giving Thanks

Al Gore and David Blood have written an essay:

"the basic building blocks of commerce and markets: accounting, disclosure, incentives, regulation and responsibility."

This is an important Economic point that many people don't understand. Are supply and demand for products and services the basic building blocks of commerce and markets? No. The basic building blocks are accounting and regulation.

The farmer down the road knows how to produce corn. I want to eat corn. Is that what leads to the creation of a farmers' market? No, that is a common misconception. What creates that vegetable stand are things like government taxes and agriculture subsidies. Like paying the farmer not to plant corn, for example. And accounting, of course. Farmers benefit from accounting and filling out paperwork for government bureaucrats because it helps bring in the harvest. This Thanksgiving, let us all give thanks for the government incentives, regulations and disclosure requirements that put food on our table and make our lives worth living. Bless you Al!

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