Who Can Fix This?

“Who Can Fix This?” de Peter Boettke

F. A. Hayek once remarked that the unfortunate fate of the economist was to be called upon more than any other scientists for his opinion on public policy only to have that advice dismissed almost as soon as it is uttered. If an economist of the skill of F. A. Hayek had his words dismissed, then it should be no surprise when those who are his less skilled followers don’t even get an initial hearing among the power elite. But part of that reason is that the message that Hayek and pre-Keynesian economists offered was one that challenged the presumption that whoever the President was could be in control of a complex economic system. An individual or a party (either one) cannot fix our economic problems.

Instead, government must instead get out of the way of market adjustments. Government is NOT a corrective. More often than not, it is the source (as in this case) of our economic difficulties. No bailouts, eliminate regulations, certainly no nationalizations, no priming of the pump with easy money, just allow firms to be weeded out that made imprudent decisions, allow capital to be reallocated, and permit prices to adjust to the new market realities.

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