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The Wisest Course of Action

One of my favorite economists, Russell Roberts, wrote a commentary in the Wall Street Journal today that suggested the best policy for the government, rather than further action, might be to do nothing.  In his analysis he compared our current turmoil to 1932 when Herbert Hoover's administration was, like this one, desperately trying to get the economy moving.  Their actions and those of FDR following did not succeed in avoiding a continuation of the depression.  Likewise today, inaction may be the best policy.  Let the markets be free or at least freer than they would otherwise be with further government intervention. 

Comments

( 2 comments — Leave a comment )
john_j_enright
Nov. 1st, 2008 06:37 pm (UTC)
Nothing?!

And, what, let the producers and consumers work it out for themselves?!

Like, they might make better accumulated decisions than top government players?!

Good idea.
jwhend49
Nov. 1st, 2008 09:27 pm (UTC)
Too good an idea for politicians to consider - our loss as a result.
( 2 comments — Leave a comment )

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