Arrogance Surplus Leads to Government Excesses: Commentary by Amity Shlaes

The problem for all is that business isn’t an identifiable person, group or company. Good policy is what might be called humble policy. It starts with admitting what we don’t know. That includes who will lead growth in 2011 or 2012, where that person lives, and how he or she will get capital. Humble policy then goes on to concentrate on trying to let our economy become that broad space that future businesses and industries still unknown, might find inviting.

Humble policy is, of course, hard for a U.S. Congress to get its head around. Policy, in lawmakers’ minds, is all about knowing and crafting smarter law. Lawmakers are arrogant in their certainty that voters will never accept policy that doesn’t reward voters like Pavlov’s dogs. Lawmakers are also certain that they shouldn’t be seen to write law that will help the rich in the future. But again, there is that mistake: they are assuming they know who the rich will be.
http://www.bloomberg.com/news/2010-07-14/arrogance-surplus-leads-to-government-excesses-commentary-by-amity-shlaes.html