November 21, 2013

Misguided Control Freaks In White House, Washington DC


[From article]
The biggest challenges in any system, whether it's an economic, biological or ecological system, are information, communication and control.
[. . .]
Oblivious to the huge information problem in the allocation of resources, the people in Washington have great confidence that they can run our health care system better than we, our physicians and hospitals. Charles Darwin wisely noted more than a century and a half ago that "ignorance more frequently begets confidence than does knowledge." Congress exudes confidence.
[. . .]
Politicians really don't care about what Joe thinks is best, because they arrogantly think they know what's best and have the power to coerce.
Hayek said, "The curious task of economics is to illustrate to men how little they really know about what they imagine they can design." We economists have failed miserably in that task.

http://jewishworldreview.com/cols/williamns111313.php3#.Uoisut00jDo

Jewish World Review
Nov. 13, 2013/ 10 Kislev, 5774
Does Washington Know Best?
By Walter Williams

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