Government should never be able to do anything you can't do. If you can't steal from your neighbor, you can't send the government to steal for you.
A good way to do econometrics is to look for good natural experiments and use statistical methods that can tidy up the confounding factors that Nature has not controlled for us.
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A good way to do econometrics is to look for good natural experiments and use statistical methods that can tidy up the confounding factors that Nature has not controlled for us.
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Growing economies are built by billions of actors behaving according to their own interests, coordinated through institutions that no one in particular created.Realizing this requires humility, a trait that is in short supply among would-be dictators, politicians, and bureaucrats, which is precisely why these groups are the proven enemies of prosperity in all times and places.
There is only a certain amount of wealth in the world, this thinking goes. Economics is a matter of acquiring and allocating, not creating. This was the view of the world__ smartest people, all top philosophers and not stupid people, for many thousands of years before the age of the enlightenment. It still is.