By Arnold Kling
Thomas Sowell writes,
What is called “planning” in political rhetoric is the government’s suppression of other people’s plans by superimposing on them a collective plan, created by third parties, armed with the power of government and exempted from paying the costs that these collective plans impose on others.
That is from Thomas Sowell’s latest book, Economic Facts and Fallacies, p. 31-32. I think that this might be a good book for an introductory economics course. The book is an unrelenting attack on what Jonah Goldberg would call fascism, and what Masonomists prefer to call the people’s romance.
The quote is from a chapter on “urban facts and fallacies,” and it discusses the impact of housing policy. One reason that it is difficult to determine if house prices reflect a bubble is that in many high-priced areas prices are artificially held up by land-use regulation.