The gap between what one knows and what one thinks one knows may be higher in the ranks of the elite. The result is supposedly-clever government interventions, introduced with excessive confidence, leading to disastrous results.
Arnold KlingThe prescription for better health care is more freedom to innovate, not remote-control surgery from Washington.
Arnold KlingI call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.
Arnold KlingWhen the government pays, health care's lack of affordability becomes a self-fulfilling prophecy. In health care, as in other things, government is the high-cost producer.
Arnold KlingI am worried about climate change. In one respect, I may be more worried than other people. I am worried because I have very little confidence that we know what is causing it....One of my fears is that we could reduce carbon emissions by some drastic amount, only to discover that-oops-it turns out that climate change is being caused by something else.
Arnold Kling