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Laissez-faire as doing nothing because of knowing nothing

December 7th, 2015 · No Comments

https://www.jacobinmag.com/2015/12/venezuela-elections-hugo-chavez-maduro/

We have had a lot of intermittent discussions here of economic theory, and the gist was mostly the illusions of ‘economic science’. There is no such science, and noone really knows how to really construct, analyze, or modify economies. It looks like this isn’t true, but a close look at cases such as Venezuela shows how the external commentariat and internal economic leaders were without a clue as to how to proceed. What we call ‘laissez-faire’ compounds this: it sends the suggestion that doing nothing is the only approach. That isn’t true, and ‘knowing nothing’ is the real culprit.

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