I find Boettke's claims about mainstream economics to be very wrong, but he's obviously got a lot of good discussion in the article. The guy is a student of the market economy, so while I may disagree with 95% of what he says about the economics profession, I agree with a ton of what he says about the economy - and we should never lose sight of that. Later in the article, he gives us one of my favorite quotes from WN:
“What is the species of domestic industry which his capital can employ [ie what he should invest in], and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him. The statesman, who should attempt to direct private people in which manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.”
For the Weekend...
1 hour ago