The Money Illusion (Scott Sumner): Progressive wishful thinking
Progressive bloggers have many admirable characteristics. They try to rely on real science, not junk science. They look for public policies that reduce suffering. But when it comes to government they often become slightly unhinged, adopting the sort of “faith-based” reasoning that they tend to deride in conservatives. Recently I’ve noticed three blog posts by Greg Mankiw that (directly or indirectly) challenged progressive faith in big government. All were derided by progressive bloggers, but in each case Mankiw was clearly right. ...
Interesting post. I've never understood how a strong faith in the providential power of government is somehow an antidote to strong faith in the providence of "invisible hands" in the market.
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