Three Expensive Milliseconds

You may object that this can’t be right, that the invisible hand of the market ensures that private returns and social returns coincide. Economists have, however, known for a long time that when it comes to speculation, that proposition just isn’t true.

… [and now for the kicker, the following statement is one in which Krugman pretty much distills Krugman down to a single sentence …]

It’s the whole financial industry, not just [fill-in-the-blank-with-a-specific-but-egregious-]piece, that’s undermining our economy and our society.

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