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Bonus Quotation of the Day…

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… is from page 189 of the 2008 Third Edition of the late Vincent Ostrom’s 1973 book, The Intellectual Crisis in American Public Administration [2]:

In taking the perspective of an “omniscient observer,” an economist confines his or her use of an individualist calculus only to market structures and relies on an assumption that general policies¬†affecting social welfare can be determined by an omniscient and omnicompetent despot who can maximize social utility by taking account of all utility preferences.

DBx: Amazingly, the use of this wholly unscientific and unjustified assumption about the knowledge and abilities possessed by government officials remains commonplace among economists.

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