Government economics
Thirty years ago, I had two economics teachers. Outwardly and inwardly, one was left-leaning, the other right-leaning. You couldn’t imagine a starker contrast. It’s striking, then, that they both agreed on the following points:
- Prediction works best in hindsight.
- Economics isn’t an exact science.
- Government intervention has no positive effect on the economy.
Isn’t it strange, then, that governments make decisions based on the opposite of these points?