In today’s Wall Street Journal, economist Brian Wesbury has a magnificent article on the merits of laissez faire economic policy versus the inevitable blundering when politicians decide to direct things. Read it here.
The crucial difference is that when we ordinary individuals make decisions, we do so with our own money and stand to lose if we’re wrong; when politicians make decisions, they’re playing with other people’s money and rarely suffer any loss if they’re wrong. (Consider Jimmy Carter’s energy fiascoes.)
Please spare us from politicians who have grandiose plans for reforming the country. They inevitably make things worse.
