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Bonus Quotation of the Day…

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… is from page 191 of Arnold Kling’s outstandingly good new book (2016), Specialization and Trade: A Re-introduction to Economics [2]:

The degree of specialization poses a challenge for regulators.  Regulators cannot be expected to understand every process as well as the specialists themselves understand it.  That incomplete understanding makes it almost impossible for regulators to correctly anticipate problems.

The problem that Arnold here identifies is ubiquitous – and would be widely recognized as such were it not the case that so many proponents of regulation by government work, usually unawares, with the wholly irrational, unscientific, and detached-from-reality superstition that the state is god-like.

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