When you get the facts and the theory wrong, bad policy conclusions are likely to follow.
How many market participants are required to assure competition?
One.
How much policy is required to assure optimum competition?
None.
I hadn't heard about this MP's proposal, but this article just reinforces the view I have held for some time, that we need to raise politicians' wages to Singaporean levels because we are stuck in a pay-peanuts-and-get-monkeys vicious circle.
How many market participants are required to assure competition?
One.
How much policy is required to assure optimum competition?
None.
I hadn't heard about this MP's proposal, but this article just reinforces the view I have held for some time, that we need to raise politicians' wages to Singaporean levels because we are stuck in a pay-peanuts-and-get-monkeys vicious circle.