What Happened in Hong Kong

[IdahoCopper]

See:
http://www.fee.org/the_freeman/detail/the-man-behind-the-hong-kong-miracle#axzz2txhxNZZu

"Ever since the days of John Maynard Keynes, economics has been cursed by the notion that human action should be distilled into numbers, which then become a “pretense to knowledge” for central planner types. In many collegiate economics courses, it’s hard to tell where the math leaves off and the actual economics begins. To Cowperthwaite, the planner’s quest for statistics was anathema. So he refused to compile them. When Friedman asked him in 1963 about the “paucity of statistics,” Cowperthwaite answered, “If I let them compute those statistics, they’ll want to use them for planning.”

[Hawkeye]

Interesting article. Thanks for posting it. I'll have to do a little more research on Cowperthwaite - sounds like my kind of guy.

[TXSTARFIRE]

Great article, well worth reading.

tt

[plus1hdcp]

Makes a lot of sense, doesn't it?