Professor Barry Brownstein has written an excellent piece for the Foundation for Economic Education, titled “The Last Thing We Need Is a Brilliant President.”
He writes that in the midst of America’s current race for the White House, people are promoting the brilliance of their preferred candidates, arguing that the right leader will help get the country back on track. But Brownstein questions this argument, citing Friedrich Hayek’s famous essay, “The Use of Knowledge in Society“:
If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the problem which remains is purely one of logic.“]
But none of that is really possible.
In reality, it’s not brilliant or educated individuals who make our lives run smoothly, but the unplanned, spontaneous order of markets which communicate all the dispersed information we need.
You can read the whole article over at FEE’s website. For more about the shortcomings of central planning, check out Learn Liberty’s video on the subject: