February 15, 2010
Regime Uncertainty: STILL Unclear on the Concept

I swear to you, this stuff writes itself. Why has private investment not recovered? Why has hiring not picked up? Because no one in the business world know what the rules will be next month. Astute readers will recognize that I could have written this post during any randomly selected week of the Obama administration.

Posted by Noel Campbell at 11:45 AM

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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