Markets fail, so we need to rely on government sometimes (or often) to set things straight. — That’s probably the single most comical piece of commonplace insanity in the world today. All kinds of people fall for it, even those who seem otherwise capable of coherent cognitive processing.

Chris Edwards puts together an impressive short (and implicit) demolition.

Fernandez’ summary of the Edwards post is even better (so I’ve left the link to him):

Chris Edwards at the Cato Institute believes there should be a National Museum of Government Failure. He argues that the displays at the Smithsonian would pale into insignificance if set beside the awe-inspiring sight of such things as the “$349 million on a rocket test facility that is completely unused“, the Superconducting Collider whose ruins include nearly 15 miles of tunnel and the ex-future Yucca Mountain nuclear waste site. Yet these artifacts, whose scale would surpass many a Lost City, are far from the worst failures. The biggest fiascos by dollar value are the various government programs designed to win the war on drugs or poverty which after having spent trillions of dollars fruitlessly, lie somewhere in an unmarked bureaucratic grave.

A price tag doesn’t do justice to these calamities, which are not only wasteful, but positively and perversely harmful, but it’s a start. The category of ‘waste’ itself fails here, because it would actually be less culturally toxic for all the resources squandered on social programs to be simply annihilated into hyperspace without remainder. Ruinous dependency incentives would then be hugely lessened.

Of course, the idea that dysfunctional political institutions will cooperate with their own public humiliation is also a piece of lunacy (and this time, one that beltway libertarians are peculiarly prone to).

ADDED: Highly relevant.

January 20, 2015admin 11 Comments »
FILED UNDER :Political economy , Uncategorized

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11 Responses to this entry

  • Failure | Neoreactive Says:

    […] Failure […]

    Posted on January 20th, 2015 at 11:12 am Reply | Quote
  • vxxc2014 Says:

    Yes that’s asking Bugsy Siegel to reform Meyer Lansky.

    And in truth both of them would be far better governance than what we have.

    The Mafia/Mob/Organized Crime is better than Chaos looting as fast as it dares [for it is cowardly chaos].

    Organized Crime has discipline, business orientation and long term outlook.

    [sweeties I didn’t learn that from the Internet].

    They also – yes they, organized crime – have VALUES. Because without VALUES you don’t last. Hell many of them are church/mosque/Temple going folk. YES, YES THEM TOO.


    Posted on January 20th, 2015 at 2:04 pm Reply | Quote
  • Mark Yuray Says:

    Political economy, in the sense of economics taking into account politics (in the sense that politics is an analysis of violent power relations), is the only sane form of economics. Libertarianism/anarcho-capitalism is a thought-experiment that deletes violence from the human personal economy. The reality is that all economic decisions are always made in tandem with political decisions — should I pay for this, or can I just take it by force? More accurately, all political decisions are decisions about violence, and violence is an economic good. Every good has at least two currencies that will purchase it: gold and force. Can I hand over enough cash to pay for this good? Can I mete out enough violence to pay for this good?

    “Of course, the idea that dysfunctional political institutions will cooperate with their own public humiliation is also a piece of lunacy (and this time, one that beltway libertarians are peculiarly prone to).”



    Posted on January 20th, 2015 at 2:25 pm Reply | Quote
  • vxxc2014 Says:

    Admin the Market no longer exists.

    Nor does governance unless we define it strictly as predation growing into slow but accelerating rapidly genocide through indirect means, only because they’re cowards who can’t lead or trust their Force.

    Their Force coming from the target population of Americans anyway.

    Here is American Regulation in Telecommunications – and not Finance. Now all American governance since the early 90s has always been a farce, a Kabuki so as to exert pressure to extort or seize more. Including precious GOP, esp John McCain. John McCain has had his hands up Telecommunications Asses since the 80s. He’s the spear/water carrier and beneficiary for the Baby Bells, esp Ameritech. Which by the way then merges into Southern Bell/SBC, which then buys AT&T and it’s name.

    Basically everything but Verizon nee Worldcom nee MCI/Worldcom [a very corrupt merger] nee MCI nee nemesis of Ma Bell aka AT&T.

    That’s just my Trade. Civilian Trade.

    It’s a uniform phenomenon.

    Except for Uniformed Force. Because Progs are cowards and shirkers. With Force they adopt same policies they adopted for police – lawyers, DOJ, reporters, witch-hunts etc. Because they’re cowards. It never really took on us, although it claimed some unwary scalps. We actually adapted, just not publicly. No we can’t turn Afghans into SWPLs. But we don’t lose battles, nor wars defined in terms of Force. Just impossible political, social, and yes religious objectives of turning reactionary Muslim Tribesmen into modern [secular] Protestants.

    And it just stopped working on the NYPD as well [a miracle in Blue].

    [And perhaps you should answer certain Rhetorical questions I posed over on Twitter on very subject of Force…Dear Sir…]


    Posted on January 20th, 2015 at 2:30 pm Reply | Quote
  • John Says:

    But but…who is going to make everything fair?


    Posted on January 20th, 2015 at 3:10 pm Reply | Quote
  • Failure | Reaction Times Says:

    […] Source: Outside In […]

    Posted on January 20th, 2015 at 3:59 pm Reply | Quote
  • pseudo-chrysostom Says:

    the problem is that it is infact meet and right for some things to fail, fall by the wayside, or be destroyed all together, yet here the nominalistic mind can only think of life or death, and things like death, failure, and so forth give ungoodbellyfeels, so often it chooses ‘life’ (though sometimes you get their similarly myopic twins in the anti-natalists [or the emos]).

    there is an interesting extension here for those of the master-of-the-universe bent among us, the character of manipulation then also becomes the preselection of that which also merits failure and destruction. for those virtuous nobles who can more clearly perceive the essence of beings motions as they reach their ends, why not preempt the inevitable result and skip the messy parts of the process? i dare say theres nothing that gets prog panties bunched quicker than thoughts like these (‘literally hitler’), im sure many here would also balk at least a little.

    such a perspective in fact is at the heart of gentlemans agreements: ‘we both know how this is going to end now, so the one shall concede to avoid irreparable damage’. such things are what civilization is made of, and constitute the chief difference between sacral warfare in its various guises, and its more degenerate modern forms (it is only natural for a simple ideology to render all forms of war down to total war).

    self-contained processes, games, that serve as proxy for gods will. but a proxy is not being of course, and so not just anyone can interpret the results, or perceive its purpose, or succeed in its spirit. the nominalist sees the spirit not, games the system when it can, petulantly flips the table then it cant.


    Posted on January 20th, 2015 at 5:02 pm Reply | Quote
  • NRx_N00B Says:

    “He seriously proposed to end unemployment by hoaxing an alien invasion in order to spend money repelling it.” —–“If we discovered that space aliens were planning to attack, and we needed a massive build-up to counter the space alien threat, and inflation and budget deficits took secondary place to that, this slump would be over in 18 months.”
    A obvious textbook case/example here is the capture and subversion of climate-science—which could pretty much be spun into something analogues to a form of globalized Military Keynesianism; packaged and sold with a progressive SJW-ish flair.


    Posted on January 20th, 2015 at 8:04 pm Reply | Quote
  • peppermint Says:

    Markets fail, so we need to rely on government sometimes (or often) to set things straight.

    is simply true. Individuals have incentives to create externalities that the government needs to ensure are paid for. For an example of a market failure, look at the time the algae thought they could get away with producing as much oxygen as they liked because the ocean would just absorb it all. Individuals also have incentives to take risks that would create externalities, and the government needs to create liabilities for them so they can be monitored by insurance companies.

    This is just basic facts.

    The real question is, why does the xenosystems guy think it’s fun to deny that markets fail when he actually cares about rejecting socialism?


    Kwisatz Haderach Reply:

    Read again, good sir, and you will find that admin has nowhere denied that markets fail.


    The market has failed? Why, the market has never been tried!


    admin Reply:

    “… admin has nowhere denied that markets fail …”

    Thank you.


    Posted on January 21st, 2015 at 4:19 am Reply | Quote

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