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Quotation of the Day…

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… is from page 170 of Roger Koppl’s important – and (I repeat) especially relevant – 2018 book Expert Failure; (the quotations within this quotation are from Alfred Schutz) (link added; original emphasis): Each of us has a different place in the division of labor. Therefore, each of us knows different things and has different sensibilities to events around us. We have different stereotypes and recipes to guide us in us in our daily lives. Each person’s “prevailing system of interests” determines which elements of his “stock of knowledge” are relevant to him. DBx: Yep. This truth is another that is completely lost on proponents not only of full-on socialism, but also of industrial policy. Proponents of such schemes think, mistakenly, that reality is no more complex than is the array of

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is from page 170 of Roger Koppl’s important – and (I repeat) especially relevant – 2018 book Expert Failure; (the quotations within this quotation are from Alfred Schutz) (link added; original emphasis):

Quotation of the Day…Each of us has a different place in the division of labor. Therefore, each of us knows different things and has different sensibilities to events around us. We have different stereotypes and recipes to guide us in us in our daily lives. Each person’s “prevailing system of interests” determines which elements of his “stock of knowledge” are relevant to him.

DBx: Yep. This truth is another that is completely lost on proponents not only of full-on socialism, but also of industrial policy. Proponents of such schemes think, mistakenly, that reality is no more complex than is the array of details that they have in their minds.

How childish. How foolish. How arrogant.

…..

Pictured above is Alfred Schutz, whose works I was introduced to 40 years ago by my fellow NYU grad student and friend Roger Koppl.

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Don Boudreaux
He is a professor of economics at George Mason University in Fairfax, Virginia. Previously, he was president of the Foundation for Economic Education.

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