Saturday, April 08, 2006

Quality is a Market Notion

Latest Mises.org article:http://mises.org/story/2090
Quality is a Market Notion
by Jim Fedako
[Posted on Friday, April 07, 2006]

For generations, products have advertised themselves as "new and improved." We are too quick to dismiss this phrase as a promotional boilerplate. The market really does generate unrelenting improvements in our living standards. Meanwhile, the public sector is forever promising to improve its services and products but every attempt creates only conflict and eventual stalemate.

For example: the proposed solution to the ills of public education is for government to raise the quality of teachers by increasing salaries and certification requirements. The belief is that a better workforce will lead to better educational outcomes and an improved economy.

Of course the adjective better has no agreed upon definition. Every pressure group and political faction has its own definition of better. Mostly these disparate definitions contradict each other. Regardless, the call for better continues to grow louder each election cycle.

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