Investor Business Daily
Many of the wonderful-sounding ideas that have been tried as government policies have failed disastrously. Because so few people bother to study history, often the same ideas and policies have been tried again, either in another country or in the same country at a later time — and with the same disastrous results.
One of the ideas that has proved to be almost impervious to evidence is the idea that wise and far-sighted people need to take control and plan economic and social policies so there will be a rational and just order, rather than chaos resulting from things being allowed to take their own course.
It sounds so logical and plausible that demanding hard evidence would seem almost like nit-picking.
In one form or another, this idea goes back at least as far as the French Revolution in the 18th century. As J.A. Schumpeter later wrote of that era, “general well-being ought to have been the consequence,” but “instead we find misery, shame and, at the end of it all, a stream of blood.”