The title of this post is pretty self-explanatory. Why do we do what we do? Why do criminals choose the non-legal way? Why do politicians give benefits to interest groups? Why are politicians corrupt? Why do bankers give subprime mortgages?
INCENTIVES... its the ever present answer to why do peolpe do things, according to the economic theory. Because benefits from doing something are higher than the costs, just that easy.
So if we want to achieve better outcomes, we've got to start thinking how to give better incenctives to decision takers. We've got to look how is it going to be that the best public policy decisions will be taken. Better institutions is probably the way out.
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