----------------- HES POSTING ----------------- On re-reading John Stuart Mill, I am awed by the richness of his analysis. Section 15 of chapter 11 of book 5 (Principles of Political Economy, 1848) begins as follows: << 15. The same principle which points out colonization, and the relief of the indigent, as cases to which the principal objection to government interference does not apply, extends also to a variety of cases, in which important public services are to be performed, while yet there is no individual specially interested in performing them, nor would any adequate remuneration naturally or spontaneously attend their performance. Take for instance a voyage of geographical or scientific exploration. The information sought may be of great public value, yet no individual would derive any benefit from it which would repay the expense of fitting out the expedition; and there is no mode of intercepting the benefit on its way to those who profit by it, in order to levy a toll for the remuneration of its authors. Such voyages are, or might be, undertaken by private subscription; but this is a rare and precarious resource. Instances are more frequent in which the expense has been borne by public companies or philanthropic associations; but in general such enterprises have been conducted at the expense of government, which is thus enabled to entrust them to the persons in its judgment best qualified for the task. Again, it is a proper office of government to build and maintain lighthouses .... >> There truly is much to be learned from the classics. And this wisdom is not protected by copyright! The entire text of Mill's 1848 volume is available on the web at http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/mill/prin/index.html My apologies for slighting the British classical economists. Samuelson stood on the shoulders of giants. Larry Willmore UN ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]