Word: marketization
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...invisible hand emerge as the one idea from Smith's work that everybody remembers? Mainly because it's so simple and powerful. If the invisible hand of the market really can be relied on at all times and in all places to deliver the most prosperous and just society possible, then we'd be idiots not to get out of the way and let it work its magic. Plus, the supply-meets-demand straightforwardness of the invisible-hand metaphor lends itself to mathematical treatment, and math is the language in which economists communicate with one another...
...Smith was also onto something that many free-market fans who pledge allegiance to him miss. The world is a complicated place. Markets don't exist free of societies and governments and regulators and customs and moral sentiments; they are entwined. Also, while markets often deliver wondrous results, an outcome is not by definition good simply because the market delivers it. Some other standards have to be engaged...
Though the commercial real estate market in Boston and the nation is currently in crisis, Lapp said the economic climate will not deter Harvard’s goals in leasing its unoccupied properties...
...simplicity of the plan is that the government has a very limited ability to obstruct or intervene when it comes to who can donate to or benefit from the plan. Money for school and basic expenses are met using a simplified investment vehicle not perishable to the vagaries of market forces and unscrupulous human behavior...
Assessing which portfolios are guaranteed to bring returns is a tricky task. The way the local and global economy works is such that market forces allow prices to fluctuate. The value of anything is subject to market forces, even a college education. In some countries’ economies, going to college is actually a disadvantageous thing to do. But because we value a university education so much in America, it is a premium. The more prestigious the school and the more degrees one racks up, the higher the probability that they are going to land that cushion job that they...