Sowell On Letting "The Smart People" Control Things
Thomas Sowell writes on the government of the supposedly wise few for the many:
One of the ideas that has proved to be almost impervious to evidence is the idea that wise and far-sighted people need to take control and plan economic and social policies so that there will be a rational and just order, rather than chaos resulting from things being allowed to take their own course. It sounds so logical and plausible that demanding hard evidence would seem almost like nit-picking.In one form or another, this idea goes back at least as far as the French Revolution in the 18th century. As J.A. Schumpeter later wrote of that era, "general well-being ought to have been the consequence," but "instead we find misery, shame and, at the end of it all, a stream of blood."
The same could be said of the Bolshevik Revolution and other revolutions of the 20th century.
The idea that the wise and knowledgeable few need to take control of the less wise and less knowledgeable many has taken milder forms- and repeatedly with bad results as well.
One of the most easily documented examples has been economic central planning, which was tried in countries around the world at various times during the 20th century, among people of differing races and cultures, and under government ranging from democracies to dictatorships.
...It is hardly surprising that conservatives, such as Prime Minister Margaret Thatcher in Britain and President Ronald Reagan in the United States, opposed this approach. What is remarkable is that, after a few decades of experience with central planning in some countries, or a few generations in others, even communists and socialists began to repudiate this approach.
As they replaced central planning with more reliance on markets, their countries' economic growth rate almost invariably increased, often dramatically. In the largest and most recent examples- China and India- people by the millions have risen above these countries' official poverty rates, after they freed their economies from many of their suffocating government controls.
Thomas Sowell for president!
David M. at July 28, 2010 4:03 AM
Ah, he probably can't afford the pay cut.
I R A Darth Aggie at July 28, 2010 7:37 AM
Oh PUHLEEZE. Obama's had 8 vacations since taking office. His wife and daughters, all of whom will have taxpayer-provided health care until the day they die, have had 10. I'm all for bitter sarcasm, and perhaps my sensitivities have been ruffled by events in Bell, California this month, but let's not pretend the problem with government employees is that they're not paid enough... Especially in the presidency.
Crid [CridComment at gmail] at July 28, 2010 11:16 AM
Do Smart People Run The Market?
Academics and politicians routinely pose a question: Do you want us to provide rational, insightful, far-seeing management of your life and resources, or do you want to leave this to the unregulated, unplanned, hit-or-miss results of the market? They are smug in their belief that there is only one smart answer, that rational planning has to beat random action every time.
Of course, they spin the question to get their desired answer. The better question is: which do you choose as the primary way of dealing with the problems of life and offering you methods and choices?
The choice is not between government planning or market non-planning.
The choice is between
(1) Government planning by the few through politics, or
(2) Market planning by millions with the knowledge and experience to create more value than they use up.
Andrew_M_Garland at July 28, 2010 11:26 AM
Good writeup, Andrew. Another way of stating it is: "Who do I want planning my life? The choices are:
(1) Me
(2) Some government bureaucrat who doesn't know me, has never met me, doesn't live where I live, and probably doesn't give a damn about me.
I can tell you which one I want!
Cousin Dave at July 28, 2010 8:18 PM
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