Samuelson: A Cap on Candor, Trading Away Common Sense

Outstanding, bracing dash of reality today from Robert Samuelson of The Washington Post, “Selling The Green Economy,” expressing skepticism about the political prospects of radically reworking the U.S. economy based on theory and computer models.

The selling of the green economy involves much economic make-believe. Environmentalists not only maximize the dangers of global warming — from rising sea levels to advancing tropical diseases — they also minimize the costs of dealing with it. Actually, no one involved in this debate really knows what the consequences or costs might be. All are inferred from models of uncertain reliability. Great schemes of economic and social engineering are proposed on shaky foundations of knowledge. Candor and common sense are in scarce supply.

Read the whole thing.

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