BY WALTER E. WILLIAMS
RELEASE: WEDNESDAY, FEBRUARY 18, 2009 AND THEREAFTER
The idea that even the brightest person or group of bright people, much less the U.S. Congress, can wisely manage an economy has to be the height of arrogance and conceit. Why? It is impossible for anyone to possess the knowledge that would be necessary for such an undertaking. At the risk of boring you, let's go through a small example that proves such knowledge is impossible.
Imagine you are trying to understand a system consisting of six elements. That means there would be 30, or n(n-1), possible relationships between these elements. Now suppose each element can be characterized by being either on or off. That means the number of possible relationships among those elements grows to the number 2 raised to the 30th power; that's well over a billion possible relationships among those six elements...
Dr. Williams does an excellent job explaining the ecomomics of our economy! If you are one who thinks that Congress and The President did the right thing with the "stimulus," then you REALLY need to read this article!
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