… is from page 124 of Deirdre McCloskey’s lovely 1996 book, The Vices of Economists – The Virtues of the Bourgeoisie (bold emphasis added; underlined emphasis original to McCloskey):
Instead of social engineering, with its promise of detailed steering of the economy, help the economy devise non-damaging institutions and then let them work…. Lay off the levers of steering. Be modest. Know above all that you do not know.
DBx: For industrial policy and other forms of socialism-lite – no less than for socialism in full – to work as advertised, government officials would have to gain access to knowledge and information that could be conveyed to them only by a miracle. Assuming that miracles will occur is a terrible basis upon which to build public policy.
…..
Deirdre Nansen McCloskey was born on this date, September 11th, in 1942. Happy Birthday to one of the greatest liberals not only of our day, but of all time.
