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Why does anyone believe that success in business qualified someone to make economic policy? […]
A businessman can slash his workforce in half, produce about the same as before, and be considered a big success; an economy that does the same plunges into depression, and ends up not being able to sell its goods. Nothing in business experience prepares one for the paradox of thrift, or even the inflationary impact of increases in the money supply (which is real when the economy isn’t in a liquidity trap.)
And I haven’t even mentioned the fact that presidents need to work with Congress, and face far more limits on their authority than CEOs.
The idea that what America needs now is an executive type is just foolish.
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Full Article: Businessmen and Economics
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