Meditations and Learnings

Meditations and Learnings

"National Priorities" Are Misguided

A government makes a fundamental mistake when official policy establishes national priorities. To declare any single product more important than another ignores that priorities require context. Water is crucial for life, but a person with ample water to be comfortable would understandably choose something superfluous, such as a football, if choosing between it or more water. An efficient price-adjusted economy allows for such incremental trade-offs. Any categorical priority list will fail because it ignores the surrounding variables.