The “Great Mind Fallacy,” or GMF … has two aspects. Its first is to believe that there is some person or group of people who possess enough information, and is endowed with sufficiently superior character, that we can safely entrust with the authority of crafting policy for citizens. Its second aspect is to endorse public policy that could succeed only if such people were in charge of administering the agencies and mechanisms required to effectuate the beneficial results we hope from them.
-James Otteson (Seven Deadly Economic Sins)
So even here in NH, when Governor Sununu (an MIT grad) took over the entire economy, firstly dividing everyone and every business into “essential” and “non-essential” camps and then began declaring which actions were allowable and not. The end result is a question: how many businesses were shuttered and how many people lost everything as a result of our “free” trial of Socialism?
Ottenson is right – the few, or even the “a whole lot”, can never manage any sized economy that 1.4 million people do with their 100s of millions (or more) economic decisions daily. They are all acting in their own self-interests in purchasing and selling those things that fulfill their needs and wants. How would a “Great Mind” even know even a 1% of all that?
It’s impossible and the idea that it is even possible is a “Great” example of hubris. Heck, I can’t even predict what TMEW wants from day to day (the Grandson, on the other hand, is still at the age where it’s “I want this, I want that”; all parents have undergone this.
Pffft – anyone trying to do so is just telling us outright that they can’t do it just by being stupid enough to take the job.
(H/T: Cafe Hayek)