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Woods's Law Cited in India


Tags Free MarketsInterventionism


Although not generally a vain person, I once named a law after myself: according to Woods's Law, "whenever the private sector introduces an innovation that makes the poor better off than they would have been without it, or that offers benefits or terms that no one else is prepared to offer them, someone — in the name of helping the poor — will call for curbing or abolishing it."

A Calcutta newspaper cites my law here, in the course of a discussion of Wal-Mart's potential effect on India's poor.

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