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Strategies & Market Trends : Asia Forum
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To: Frodo Baxter who wrote (5798)8/24/1998 10:44:00 AM
From: Robert Douglas  Read Replies (2) of 9980
 
Lawrence, The Barron's piece you quoted contained the statement:

''The revisionists' doom-and-gloom prophecies could not have been more wrong,'' Cato Institute researchers Brink Lindsey and Aaron Lukas conclude in a recent report. ''All their errors trace back to a common source: an inability to understand and appreciate the power of free markets.

Don't you think this is being too kind? I would have put it this way: All their errors trace back to a common source: an intense hatred of free markets and an intellectual dishonesty that blinds them to reality. This has not been limited to the "love affair" with Japan that took place in the 80's. You have also had spells of infatuation with The Soviet Union, Sweden and the "European Model", all of whose heralded superiority has proved fleeting.

I place a harsh standard on economists and writers. If their predictions fail then their thinking was wrong. This is the free market approach to economic theory.

-Robert

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