Audio Clips

28 September 2011

Gene Epstein: Sure, All Institutions Fail, But Government Fails the Worst

I read Gene Epstein every week in Barron's and I have his book Econospinning so when I saw that Reason did an interview with him at FreedomFest I jumped at it.  It's an interesting 5 minute interview and I love that he calls Paul Krugman a crackpot, (Hear, hear!)  but I especially liked his insight in the last few seconds where he berates Joseph Stiglitz for winning a Nobel Prize for pointing out that asymmetry in the markets causes institutions to fail.  Yeah, no kidding.  What Mr. Epstein then so brilliantly points out is that, yes, that's true, but to then put your faith in government is folly of the worst sort since the asymmetries cause governments to fail even more spectacularly that private institutions.  Bravo, Mr. Epstein!

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