QUOTE OF THE DAY
Keynesians on the left are eager to dismiss Intelligent Design (ID) as the creationist afterthought to evolution, but just as eager to embrace its analog in economics. Disciples of Adam Smith know better. Darwin, after all, read Smith. As the late naturalist Stephen Jay Gould wrote, “the theory of natural selection is a creative transfer to biology of Adam Smith’s basic argument for a rational economy: the balance and order of nature does not arise from a higher, external (divine) control, or from the existence of laws operating directly upon the whole, but from struggle among individuals for their own benefits.”
Once we come to discover not only that the economy is an ecosystem — but that the laws of ecosystems are very different from the laws of machines — we’ll resist our urge to fix things from the top down. We’ll realize that economic growth is a holistic process that happens by virtue of countless adjustments and adaptations within the system itself. That’s why economic planning is, and always has been, a form of hubris.
(I changed the juxtaposition of the two paragraphs. I think the concepts flow better that way in this context.)
Kinda a Kevin Baker kinda QOTD.
Er… yes. About like that. ::grin::