“When an economic function is turned over to the government, social cooperation replaces personal self-interest.” Is this statement true? Why or why not? What is the short-sightedness effect? How does...

“When an economic function is turned over to the government, social cooperation replaces personal self-interest.” Is this statement true? Why or why not?

What is the short-sightedness effect? How does it influence the attractiveness of government borrowing? Explain.