The Darwin Award for Economics

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September 11, 2012 by Ish

Today at Defining Ideas, Richard A. Epstein takes President Obama to task for his incredible failure to understand even basic economics. I am reminded of an analogy I read some years back, comparing two very different schools of thought that end up in a very similar place.

The first school of thought is that of the advocates of Intelligent Design. These folks do not understand how humanity could have been developed into its present form by unguided, uncontrolled evolutionary process, and insist that some controlling authority must guide the process. These people are routinely mocked.

A similar school of thought does not understand how something as complex as an iPad or as simple as the price of a lightbulb could have been created by a unguided, uncontrolled process, and insist that a centralized authority be given control of the process. These people are routinely elected to public office.

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