Would you ever hand a complex problem to Congress to solve?
A post on the energy "crisis" from Art De Vany, one of my favorite economists:
How is it that we have come to expect our candidates to offer comprehensive solutions to problems that cannot be solved through massive government involvement in the economy? The collapsing socialist economies of the past and present clearly show that centralized planning and restrictions on individual freedom do not solve problems. We are watching our own economy crumble under the burden of needless restrictions and self-serving manipulation by politicians.
The Gang of 10 proposed energy legislation is an intrusion on our freedom and of markets to solve what is a simple problem of energy supply and demand. Both Presidential candidates are light weights in energy and how markets function. Because they and the Congress do not understand economics they are doing what political figures always do, they are substituting their decisions and political objectives for the superior rationality of the market.
Would you ever hand a complex problem to Congress to solve? These days, too many people seem to say “yes” to that question.
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We are watching our own economy crumble under the burden of needless restrictions and self-serving manipulation by politicians.
I would like to see him elaborate on this claim. Because in the recent past I have often read that under- rather than over-regulation in the financial industry is responsible the big problems there, which is right now the biggest "burden", or at least the most prominent.
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