Wednesday, January 28, 2009

200 Economists Oppose the Bailout

We now have a little bit of help on the way. 200 economists have signed up to oppose the instantiation of the Keynesian broken windows fallacy, also known as Obama's bailout package.

Included in the list of 200 economists is Nobel Prize Laureate James Buchanan (the economist, not the president). Mr. Buchanan won the Nobel Prize for Economics in 1986 for his work on public choice theory, which basically exposed how political leaders' self-interest gets the better of them and negatively affects their policy decisions, to the detriment of us all. Oh, how fitting.

I doubt Obama will ever see or hear of this advertisement. He is probably too busy to be reading the ads in The New York Times. But the mere fact that these dissenters are pushing their message (and pushing it quite well) is a very good sign. This is but a small symbol of the slowly building rise toward post-politics in society. Progress-minded people like us should recognize events like these and embrace them wholeheartedly.

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