Rockford’s Fatal Conceit
My latest column has been posted at the Rock River Times, check it out:
To many people, it seems natural to think that an elite group of central planners can accomplish more than free people pursuing their own interests. When there is a problem in the economy, they reason, government action is the best way to solve it. This is often called Keynesian economics, after the economist John Maynard Keynes, who believed that government should spend tax dollars to stimulate the economy. More than that, this belief embraces the notion that a very small number of politically-connected individuals know where, when, and how the rest of us should spend our money as well.
Economist F.A. Hayek called this notion a “fatal conceit,” because no one person or group of people can ever hope to manage the complexities of a modern economy. Unfortunately, the predictable results of government intervention in the economy is that government grows even larger than before, a few well-connected people get rich, public debt increases, and the average citizen is left out of the process. More unfortunate still is the fact that the Rockford political class, and politicians in Winnebago County generally, seem to be enamored with this top-down approach.
Read the entire column at the Rock River Times
Posted on May 2, 2012, in Columns and tagged buffer-zones, Central Planning, Economic Development, F.A. Hayek, Fatal Conceit, Government Spending, John Maynard Keynes, Keynesian Economics, Rockford, Tax and Spend, Winnebago County. Bookmark the permalink. Leave a comment.