The Era of Expert Failure
By Arnold Kling
I also have a new essay for Cato.
Ironically, whenever government experts fail, their instinctive reaction is to ask for more power and more resources. Instead, we need to step back and recognize that what we are seeing is not the vindication of Keynes, but the vindication of Hayek. That is, decentralized knowledge is becoming increasingly important, and that in turn makes centralized power increasingly anomalous.
This is one of those essays that I wrote in one sitting and that I think I will like for a long time. It hits some of my favorite themes. Another excerpt:
elected officials want results. They turn to experts who promise results. The experts cannot deliver. So the experts must ask for more power.