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Pundits and politicians act as if government can solve almost any problem. At the slightest hint of trouble, the ruling class reflexively assumes that knowledgeable, wise and public-spirited government regulators are capable of riding to the rescue. This certainly is the guiding philosophy of the Obama administration.
So how remarkable it is that this year's Nobel Memorial Prize in economics was shared by Elinor Ostrom, whose life's work demonstrates that politicians and bureaucrats are not nearly as good at solving problems as regular people. Ostrom, the first woman to win the prize (which she shared with Oliver Williamson of UC-Berkeley),...
A Nobel Prize for Showing That Freedom Works
And any country that has the right to protect you from your own stupidity also has the same right to determine where you should live, where you should work, what eductation you should have, and whom you should marry. After all, aren't most accidents at home? And isn't there...