Wednesday, August 19, 2009

Don't "Leave it to the Experts"

"In a press conference in May 1962, President Kennedy explained that the viewpoints to which we assign the common political labels no longer conform to modern realities. Rather than becoming impassioned partisans of the liberal, conservative, Democratic, or Republican positions, he said, we must recognize that the problems we face are technical ones. This means that they are "beyond the comprehension of most men." Galbraith could have written that himself. The ordinary citizen who accepts it understands that there is no point trying to fathom the intricacies of correlating the growth of the monetary base with that of M1, but fails to understand that if he accepts passively Galbraith's expertise he is also accepting his values. There is no value-free expertise." Idols For Destruction, page 194

If governmental economic policy is too complex for the average man on the street to understand, the chances are that the enterprise is of dubious morality.

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