“The gap between what one knows and what one thinks one knows may be higher in the ranks of the elite. The result is supposedly-clever government interventions, introduced with excessive confidence, leading to disastrous results.” ThinkingKnowsMayGovernmentResultsHigherCleverGapsElitesInterventionGovernment Intervention Author:Arnold Kling
“I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.” MayDoeMatterProblemGovernmentJobsPoliticalEconomyWiseLimitsFundamentalsCompetitionInsightIdiotOfficialsBetter JobsMiltonPolitical Economy Author:Arnold Kling
“I am worried about climate change. In one respect, I may be more worried than other people. I am worried because I have very little confidence that we know what is causing it....One of my fears is that we could reduce carbon emissions by some drastic amount, only to discover that-oops-it turns out that climate change is being caused by something else.” PeopleKnowsMayLittlesTurnsAmountClimateClimate ChangeWorriedGlobal WarmingCarbonEmissionsDrasticCarbon Emissions Author:Arnold Kling
