Comments on: Forecasts vs. Policies Property - Prosperity - Peace Wed, 24 Dec 2014 18:51:49 +0000 hourly 1 By: Wirkman Virkkala Sat, 16 Jul 2011 03:00:35 +0000 The efficacy of government policies for the political and functionary classes, as well as connected businesses, is obvious, I grant you. But I’m pretty sure they are only half-understood as productive in the way you specify. And, long-term — which may soon be short-term — they will be defeating to those classes, as the system comes tumbling down.

And at that point those useless wonks and their wanky half-measures may prove some good, as their purse-strings are cut, and their ties to the status quo plummet with that status itself. They may, in fact, be the most likely candidates for good, if any candidates there be.

So it makes sense, in my opinion, continually to engage with them. It does no good to dismiss them utterly. For all influence with them evaporates at that point.

Still, most of your points were spot on.

By: ORly Fri, 15 Jul 2011 21:01:44 +0000 There are more problems than that with this theory, such as the idea that there is any such thing as ‘inadequate monetary expansion’. This sort of wankiness is why EconTalk and FEE will always be dwarfed by Mises.
The government’s policies are not idiotic, not in the slightest. They may be suboptimal (almost all actions, post facto, are) but they are rational, predictable and productive for the people initiating them – the politicians. You know as well as I do that if they even do give a flying fuck about ‘the public good’ or whatever fantasy rubric they’ve constructive for interpersonal utility comparisons that they have completely rationalized it to be compatible with the maximization of their own power.
Policy wonking is stupid. The people who believe it are religious nuts immune to reason and we don’t control the bureaucrats, anyway. This sort of academic wheel-spinning is a product of government subsidized universities. Libertarian economists are just as useless as the rest of the Priests.