Advice

"Be wary of giving advice," begins an old saying, "wise men don't need it and fools won't heed it."

There are not too many wise men or women in the race for President this (or any) year, but John Stossel offers them all some advice, cribbed from Hayek: Presidents Can't Manage the Economy

The candidates see the global economy as an arena in which countries compete against one another -- an economic Olympiad with winners and losers. Politicians love to promise they will keep America No. 1, as if that matters in a worldwide marketplace.

America as a nation does not compete against China or South Korea or Japan. American companies compete against companies in other countries, but that's something else. The purpose of production is consumption, and American consumers prosper when foreigners compete successfully with American companies.

A president who sees the global economy as a competition among nations will be tempted to intervene on behalf of the "United States" and create "good American jobs." That's how governments mess up economies.

The wise man here is Rep. Ron Paul (who says I never say anything nice about him?) and the fools are, well, everyone left who has a chance, and Governor Huckabee.

It's a great and succinct piece worth reading in full. Hat-tip: Everyday Economist

2008 Posted by jk at February 22, 2008 2:16 PM