« Manufacturing and the recession | Main | Sincerity, ego & liberalism »

January 29, 2010


Rainer Unsinn

"All we have is an ill-founded assertion - that government, somehow, knows better than us."

Which, as we all know, has been totally disproven by the current Govt.


Markets go wrong because governments believe that can improve their outcome. Hayek demolished this notion in his essay 'the Use of Knowledge in Society'' when he said that no one person knows everything, so it is better to disperse. Socialist planning is impossible because the planning committee can not know more than the millions of people who work in the market.


Markets go wrong because people, and particularly those in the "Finance Industry", are entirely ignorant of what money is.
They do not understand its composition.



I am sure he would say the same of you Chris. :o)

Fed up with Socialism

I agree with you on Osborne, and I have no faith in the Tories at all. However, I would vote for a party comprised entirely of donkeys, nay even plankton, if it could conceivably unseat the unspeakable Gordon Brown and Labour.


Markets never go wrong. You might not like what they tell, you, but boo hoo - suck it up.

Osborne is the latest in a long line of arrogant fools who thinks he knows better.

Markets reflect the waxing and waning of crowd psychology - in that much, no, they are not at all rational - but there is no bigger crowd, no bigger consensus-following organisation than government itself.

Government *always* acts too late, solving last year's problem (think Maginot Line, the reintroduction of Glass-Steagall) and so invariably exacerbates the problem they propose to solve.

John Terry's Mum

"Markets go wrong because governments believe that can improve their outcome."

irrastional exuberance, anyone, anyone?


To paraphrase an an old folk song "I don't know where I'm going, or who's going with me". See the 1945 film which involves an ancient curse.


"He seems to think that irrationality is something to which only the little people are prone, and that it can be corrected by politicians and experts who are above such imperfection."

He should be in the Labour Party.

Trevor Brown

Blogging is all part (letting off steam harmlessly) of the system. Articulate and intelligent people write inconsequentially of injustices and stupidities, but DO nothing.....like the guy on the couch in front of the telly!

Stop being part of the problem (elections are decided by voters who are not bloggers)and unite with others to DO something.


So wait... experts in decision science tells us that experts often get it wrong... and this proves... whatever Chris wants it to prove?

alanm crisps

Well Osborne has read Nudge.

I can accept the libertarian paternalism argument that says people can be influenced by non-monetary factors and that this nudging is better than coercing.

My issue with all this is that it says 'how' but not 'why'. Where is the political ideology?

What are we trying to achieve once the no brainers like 'eat fewer pies' are done with.

The comments to this entry are closed.

blogs I like

Blog powered by Typepad