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Quotation of the Day…

… is from page 49 of Arnold Kling’s brilliant 2016 book, Specialization and Trade: A Re-introduction to Economics:

46-nirvana-fallacyThere are several fundamental concerns with the presumption of a wise, benevolent policy process.  It treats the knowledge embedded in an economist’s simplified model as though it were complete knowledge.  It ignores the ways that markets adapt to solve problems.  And it presumes that when the political process goes to work on problems, it arrives at solutions flawlessly.


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