Prophet & Loss System?

From Feb 6, 2013 post in Investor’s Business Daily, Thomas Sowell, discusses how CBO projections regarding tax revenues are most regularly wrong, yet this doesn’t stop them from giving cover to politicians and their policy making.

Favorite quote from the article:

Their intellectual superiority to others may well have given them the confidence to venture into areas where no human being has what it takes to make prophecies that lead to policies overriding the plans and actions of millions of other human beings.

As John Stuart Mill said, back in the 19th century, “even if government were superior in intelligence and knowledge to any single individual in the nation, it must be inferior to all the individuals of the nation taken together.”

I believe the American intelligentsia, in academia and politics, either doesn’t believe or doesn’t want to believe, that the collective intelligence of free individuals from all walks of life, and all strata of micro-cultures and micro-classes, always trumps their “superior” intelligence.¬† To have the humility to understand and believe this undermines the one tool they have for¬†measuring their self worth, their own individual IQ, the use of which has served them well in the academic and political worlds, not the real world.

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