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Government Does Not Know Better (Or Even As Well)
Posted By Don Boudreaux On January 25, 2009 @ 3:41 pm In Complexity & Emergence,Current Affairs,Great Depression,Hubris and humility,Seen and Unseen,The Profit Motive | Comments Disabled
Economist Bill Shughart (a former GMU colleague, by the way) has this excellent op-ed in today's Washington Times ; it's on the folly of even small-scale government 'industrial policy.' Here are Bill's concluding paragraphs:
Keep this in mind when Congress and the White House are selecting economic stimulus projects to fund this year.
If highly successful private firms like Toyota – with their
extraordinary market research and years of savvy and experience -
sometimes embark on projects that turn sour, how can we expect
politicians, most of whom have no such business know-how, to pick
There is a difference, however. Companies usually risk their own money. In Washington, the politicians will be risking ours.
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 Economist Bill Shughart (a former GMU colleague, by the way) has this excellent op-ed in today's Washington Times: http://www.washingtontimes.com/news/2009/jan/25/folly-of-incentives/
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