Pageant of Ignorance

by Don Boudreaux on July 18, 2008

in Myths and Fallacies, Politics, Prices

Here’s a letter that I sent on Monday to the Washington Post:

Re Robert Novak’s “Oil Paranoia” (July 14): We humans have a long and embarrassing history of blaming devils for distressing aspects of reality that we don’t understand.   Droughts, floods, plagues, and erupting volcanoes have all been ascribed to the machinations of unseen super-powerful entities – as ill-defined as they are ill-intentioned – who manipulate a reality to which they are immune but to which we mortals must inevitably bend.

Today’s witch hunt for speculators who allegedly are driving oil prices to heights unconnected with the realities of supply and demand is just the latest entry in this pageant of ignorance.

Sincerely,

Donald J. Boudreaux

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