As with every other government regulation, a one-size-fits-all policy is crude and unjust and usually causes more harm than good. Hayekian “local knowledge” is needed in order to address this issue and this is something government is most unlikely to be able to provide.
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Unless we start teaching the ABCs as opposed to BLM, American students will continue their descent into the dumbed-down, hate-filled hellhole that has been carved out for them by radical activists. And, ironically and infuriatingly, hardworking mainstream American taxpayers are subsidizing the revolution. This is simply outrageous.
Bad emotions, bad parents, and bad feedback have more impact than good ones, and bad information is processed more thoroughly than good… Bad impressions and bad stereotypes are quicker to form and more resistant to disconfirmation than good ones.
Experts concede they cannot achieve intelligent risk assessment of the population. And that’s the whole point. That needs to be left to individuals. Central planning does not work for all the reasons that F.A. Hayek explained: the necessary knowledge to make intelligent decisions is decentralized and not available in useful forms for elite overseers or anyone else.
Products take time to produce; it takes time to develop a network of customers; it takes time for the entrepreneur to develop awareness, it takes time to find the market error that can be turned into an opportunity, and finally, it takes time for the market to adjust to changes in consumers’ tastes, preferences, and perceptions. Entrepreneurs do not acquire human capital in just one day, nor were economic systems created in one day.
The economic way of thinking brings into sharp focus a world otherwise invisible! It sees through Pelosi, and Biden, and Cuomo, and Newsom, and other such people, in Washington and in state capitals, who routinely parade in plain view their raw ambition, their delusions of possessing supernatural powers, and their lack of ordinary human decency.
How can the devastation still be running so rampant — and have segued, unchecked, from deadly disease to economic disaster? Our diagnosis, not as medical experts but as students of leadership, is that many leaders stumbled in the fundamental step of determining the nature of the challenge they faced and identifying the different kinds of thinking that had to be brought to bear on it at different points.
Should the political class that helped depress the economy be empowered to centrally plan its revival? The revival plan amounts to politicians passing around the trillions of others and just adds to the Twilight Zone nature of today’s economic discussion. The economy is weak, so hand trillions to Nancy Pelosi and Mitch McConnell to revive it with.
You may object that ideas are a dime a dozen and that to make them fruitful we must start with adequate physical and human capital and good institutions. But the root cause of enrichment was and is the liberal idea, spawning the university, the railway, the high-rise, the internet and, most important, our liberties.
In violation of “all international medical guidelines” “every deceased person who had tested positive for the virus entered the official records as a coronavirus victim”. When deaths are counted properly, Reiss and Bhakdi argue, it becomes evident that only those with serious underlying conditions are at risk of dying.
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