My old Michigan Senate staff colleague (now professor of economics at Hillsdale) Gary Wolfram has this excellent piece in The Detroit News on the folly of thinking that political action can improve the situation we face in the market for gasoline.
Unless, of course, “action” means undoing various impediments to the operation of the free market. There is plenty to be done there.
Most politicians want us to think that they have the ability to make everything better and after propagating that colossal misconception for generations, they’ve gotten to the point where the first thought in the minds of most Americans is “What should the government do?” The great virtue of the Constitution’s delegation of very limited power to Congress was that it answered that question, at least for the federal government: Nothing.
