The spontaneous emergence of social cooperation—the emergence of a system vastly more complex, responsive and efficient than any government could organize—is not universally acknowledged or appreciated. It discomforts a certain political sensibility, the one that exaggerates the importance of government and the competence of the political class.
Government is important in establishing the legal framework for markets to function. The most competent political class allows markets to work wonders that government cannot replicate. Hayek, a 1974 Nobel laureate in economics, said, "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." People, and especially political people, are rarely grateful to be taught their limits. That is why economics is called the dismal science.
Thursday, September 18, 2008
How Little Men Know Of What They Imagine They Can Design
George Will on Russ Roberts' new book, The Price of Everything: