Dan Kaganovich and Jeremy England respond to a claim that the story of Joseph in the bible makes the case for central planning as being necessary to smooth out the business cycle. They point out that it actually led to the enslavement of the people of Egypt to the state. I would just point out that Joseph had inside information based on his dreams. If he had only gone public, private speculators would have saved just as he did but the power would have been decentralized and competitive rather than centralized through the state and exploitative.
Next post: Quotation of the Day…
Previous post: Cataloging Our Progress: Basic Lawn Care
