Friday, March 17, 2006

A Simple Rule for a Complex World

Don Boudeaux at Cafe Hayek continues to hit the economic nail on the head.

"'Let the market handle it! Let the market handle it!' Don't you tire of muttering this simplistic formula?" So ended an e-mail that I received from a reader.

It's true that all of us sometimes are tempted to avoid thinking hard about complex issues and, instead, to fall back lazily upon simplistic mantras. We should guard against this weakness, in ourselves and in others.

At the same time, though, we shouldn't confuse consistency with simplicity. The two are different. Just because I instruct my eight-year-old son to be always truthful does not mean that I'm a simpleton offering simplistic advice; it means, instead, that truthfulness is a virtue that should be pursued consistently -- even if in a handful of instances my son might be made better off by telling a lie.

I admit that my proposed solution for many public-policy problems is to say "Let the market handle it." But this response is neither naive nor lazy. It's realistic. It reflects my understanding that almost any problem you name -- rebuilding the Katrina-ravaged Gulf Coast, providing excellent education for children, reducing traffic congestion on highways -- is most likely to be dealt with efficiently, fairly and effectively by the market rather than by government." Rest here

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home

Powered by Blogger