The kind introductory remarks of Mr Judd provide a valuable framework for my topic. And his invocation of Frederic Bastiat offers an instructive, if unintended, way to frame this lecture. Bastiat harboured a deep suspicion of the power of government. Accordingly, he operated from the general presumption that government power should be restricted to controlling force and fraud – a view I certainly endorse. He also recognised that we need to consider exceptions to the general rules. But he warned that we do not want the exceptions to go so far that we find ourselves battling to resist the encroachments of socialism.