To read the full article goto:

http://rainmakereconomics.blogspot.co.uk/2012/10/auctioneers-curse-indian-invention.html

About Rainmaker Economics

An attempt by a Professor of Finance to reconcile Dickens with Friedman.

As Dickens once said, "The poverty of our century is unlike that of any other. It is not, as poverty was before, the result of natural scarcity, but of a set of priorities imposed upon the rest of the world by the rich. Consequently, the modern poor are not pitied but written off as trash. The twentieth-century consumer economy has produced the first culture for which a beggar is a reminder of nothing." And as Friedman famously remarked "is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system."